The market for resins in paints and coatings is expected to grow at a CAGR of more than 4.3% during the forecast period. Major factors driving the market studied are increasing demand from emerging markets in Asia-Pacific, and the advent of environment-friendly resin.
- On the flipside, fluctuation in demand due to competition from other industries using Resin is likely to hinder the market
- The advent of bio-based resin is expected to grow during the forecast period.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Acrylic-Based Resins to Dominate the Market
- Acrylic-based resins are thermoplastic resins produced by the polymerization of acrylate or methacrylate monomers.
- Various acrylic resins can also contain vinyl monomers, such as styrene or vinyl acetate, to reduce cost.
- These resins provide resistance to hydrolysis, good weather resistance, excellent gloss, and color retention, particularly for exterior applications. They also have certain other properties such as transparency, UV resistance, and the high color ability for coating solutions.
- Acrylic resins find application in solvent-borne paints. Products made by solution polymerization can also lead to the formulation of water-borne acrylic dispersions and powder coatings for architectural applications.
- The solvent-borne coatings made of acrylic resins are extensively used in paints that form films by crosslinking.
- These resins are used in water-borne systems to reduce VOC emission. High surface hardness can be achieved with the application of these acrylic resins.
- They are used in various applications, such as walls, roofs, and decks, where acrylic coatings are used to provide elastomeric finishes so as to improve the UV resistance of the surface.
- The main application of acrylic coatings is found in the construction industry, for high-finishing in rods, bridges, floors, decks, and others. Other applications of acrylic-based paints and coatings include marine vessels & structures, electrical products, machinery, and other metal products.
- The water-based coatings are likely to dominate the market based on acrylic resins, owing to fewer environmental concerns, such as VOC emission, which affect the air quality.
China to Dominate the Asia-Pacific Region
- China is globally recognized for its architectural boom. The demand for low-cost housing and commercial housing is the reason for its growth in recent years.
- China’s real estate sector has been growing rapidly with increased investment by the government. The growth in construction is expected to positively affect the paints & coatings market in the country.
- The investments in the transportation sector increased in the near past. In March 2019, the government of China spends around USD 73 billion for constructing transportation projects, which include railways, highways, waterways, airports, and urban rail. The investment plan would enhance the country’s connectivity between the major cities, which helps for the wider economic and social development of the region.
- China accounts for almost 40% of the global furniture production. The production is further increased at a rapid rate, owing to the rising domestic demand, coupled with increasing export to European countries.
- The number of packaged cans in China is likely to expand by more 6% in the next few years. Additionally, major beverage-can manufacturer, such as Crown Holdings is likely to expand the beverage can production capacity in the country to meet the rapidly growing demand.
- These factors, in turn, are fueling the demand for reins in the paints & coatings market over the forecast period.
The resin in paints and coatings market is a consolidated market. The major companies include Arkema Group, BASF SE, Dow, Evonik Industries AG, DSM, among others.
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