Resins In Paints And Coatings Market - Forecast(2023 - 2028)

Report Code: CMR 23105 Report Format: PDF + Excel

Resins In Paints And Coatings Market Overview

Resins in paints and coatings market size is forecast to reach US$50.5 billion by 2026, after growing at a CAGR of 4.3% during 2021-2026, owing to the increasing demand for resins in paints and coatings across various end-use industries such as automotive, aerospace, construction, marine, industrial, and more. The demand for paint and coating resins such as saturated polyester, acrylic acid, vinyl acetate, and more are on an upsurge in these end-use industries because of the various benefits it provides, such as improved longevity, power, dirt resistance, abrasion resistance features, and more. The rapid growth of the automotive and aerospace industry has increased the demand for resins in paints and coatings; thereby, fueling the market growth. Furthermore, the flourishing architecture industry is also expected to drive the resins in the paints and coatings industry substantially during the forecast period.

COVID-19 Impact

Import policies play a very important role in the determination of paint prices, as around 30% of the raw materials such as saturated polyester, acrylic acid, vinyl acetate, and more have to be imported from foreign countries. Any change to the import tax regime will therefore have an impact on costs. The paint industry needs a lot of working capital because the manufacturer has to buy raw materials from different suppliers. As a result, a company with a very robust vendor and distribution network will benefit greatly from it. COVID-19 pandemic has severely impacted the paints and coatings industry. The paint and coating industry has seen demand dive in an unprecedented manner in the last few months. Although production at most of the paints and coatings units has resumed staggeringly, the continuing increase in the number of cases and the falling demand has caused anxiety among the leading resin producers.

Resins In Paints And Coatings Market Report Coverage

The report: “Resins In Paints And Coatings Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the resins in paints and coatings Industry.

By Resins: Epoxy, Polyester, Acrylic, Phenolic, Alkyd Resins, Polyurethane, Vinyl Ester, Polybutadiene based Resins, Polyvinyl Chloride (PVC), Polyethylene, Cellulose Acetate Butyrate (CAB), Amino Resins, Vinyl Versatate, Polyanhydrides, Polyvinyl Acetate (PVA), and Others
By Resin Form: Solid, Liquid, Emulsion, and Dispersion
By Coating Technology: Waterborne, Solvent-borne, Powder Based, Radiation Cured, High Solids, and Others
By Substrate: Wood, Metal, Paper, Plastic, Concrete, Glass, and Others
By End-Use Industry: Architectural Coatings (Residential Buildings, Commercial Buildings, Industrial Buildings, Infrastructure), and Industrial & Protective Coatings (Automotive OEM, Automotive Refinish, Marine, Aerospace, Locomotive, Water and Waste, Mining, Wind Power, Thermal Power, Chemicals & Petrochemicals, Furniture, and Others)
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

  • Asia-Pacific dominates the resins in paints and coatings market, owing to the increasing aerospace industry in the region. According to Boeing's Commercial Market Outlook 2018-2037, China would need 7,690 new aircraft worth US$1.2 trillion over the next 20 years.
  • Saturated polyester resins provide resistance to hydrolysis, good weather resistance, excellent gloss, and color retention, particularly for exterior applications. They also have other characteristics, such as clarity, UV resistance, and the high capacity of color for coating solutions. All of which is projected to increase the market growth.
  • Vinyl resins is a copolymer of vinyl chloride and vinyl acetate, and are economical products that find extensive usage in interior architectural paints and caulks, adhesives and sealants, paper and textile binders, engineered fabrics, and pigment dispersions. Its wide application is anticipated to boost the market growth. 
  • Due to the Covid-19 pandemic, most of the countries have gone under lockdown, due to which the projects and operations of various industries such as construction and automotive are disruptively stopped, which is hampering the resins in paints and coatings market growth. 

Figure: Asia-Pacific Resins In Paints And Coatings Market Revenue, 2020-2026 (US$ Billion)

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Resins In Paints And Coatings Market Segment Analysis – By Resins

The acrylic segment held the largest share in the resins in paints and coatings market in 2020. Acrylic resins are based on acrylic acid, methacrylic acid, cyanoacrylic acid, and their esters as well as acrylonitrile and acrylamide Acrylic resins are based on acrylic acid and are used in various coatings market categories including architectural, protective, decorative, and more. The main benefits of acrylic acid-based industrial coatings are ease of use, physical properties, and low costs. They are resistant to fungi, have a longer pot life, and provide excellent moisture protection. World exports of acrylic resins were worth US$13,490,819 thousand in 2016 and US$15,291,934 thousand in 2017, according to the International Trade Centre (ITC), which increased further to US$17,152,076 thousand in 2018. Their longevity, combined with their ability to minimize the monthly energy bill, is two of the acrylic resin's key advantages. Thus, all these factors are boosting the demand for acrylic resin-based paints and coatings during the forecast period.

Resins In Paints And Coatings Market Segment Analysis – By Coating Technology

The waterborne coatings segment held the largest share in the resins in paints and coatings market in 2020. Water-based coatings disperse a resin using water as a solvent, making them environmentally friendly and simple to apply. The main benefits of using water-based paint and coatings are that they are excellent primers and have decent heat and abrasion resistance. Due to low VOC levels and HAP emissions, they also have excellent adhesion, low toxicity, and flammability, allowing coating manufacturers to comply with clean air regulations. Due to the presence of toxic volatile organic compounds (VOCs) and dangerous air contaminants (HAPs) such as toluene, xylene, ethylbenzene, and methyl ethyl ketone in solvent-based industrial coatings, water-based resins are the a preferred formulation for paints and coatings. Currently, due to the COVID-19 pandemic, various other manufacturers who have also planned to expand their production across Asian countries have postponed due to lockdown and other issues, due to this, the growth of water-based decorative coatings seems to be low, which tends to constrain the growth of the market.

Resins In Paints And Coatings Market Segment Analysis – By End-Use Industry

The industrial and protective coatings segment held the largest share in the resins in paints and coatings market in 2020 and is growing at a CAGR of 5.6%, owing to increasing usage of resins in paints and coatings in the industrial industries such as steel, ceramic, power generation, agriculture, and others. Resins are most commonly used to protect steel, which is then used in these industries. The drivers for the market in this segment are improved standard of living, infrastructural development, global GDP growth, and growth of the construction sector. The demand for motors, generators and transformers, agricultural equipment, and other industrial equipment is increasing globally, which is driving the demand for paint and coating resins in general industrial coatings applications.

Resins In Paints And Coatings Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the resins in paints and coatings market in 2020 up to 43%, owing to the increasing demand for resins in paints and coatings from the steel and power generation industry in the region. According to India Brand Equity Foundation (IBEF), India was the world's second-largest producer of steel with 111.2 million tonnes (MT) of production in 2019. Domestic availability of raw materials such as iron ore and cost-effective labor has powered growth in the Indian steel sector. India's consumption of finished steel rose to 100 MT at a CAGR of 5.2 percent during FY16-FY20. India's crude steel and finished steel production increased in FY20 to 108.5 MT and 101.03 MT, respectively. In addition, it is projected that solar energy will contribute 114 GW by 2022, followed by 67 GW from wind power and 15 GW from biomass and hydropower. The renewable energy goal has been raised to 227 GW by the year 2022. Thus, with the expanding steel and power generation industry in the region, the demand for resins in paints and coatings will also subsequently increase, which is anticipated to drive the market growth in the APAC region during the forecast period.

Resins In Paints And Coatings Market Drivers

Increasing Automotive Production

Resins in paints and coatings are used to coat automotive surfaces, and they represent cutting-edge technology capable of producing long-lasting surfaces, exceeding customers' standards in terms of appearance, optimizing quality, and complying with environmental regulations. According to the Korea Trade & Investment Promotion Agency (KOTRA), there is an upsurge in the demand for commercial vehicles in the country. And the Saudi Arabian commercial vehicle (CV) sales reached 82,027 units in 2018 and expected to amount to 97,188 by 2023. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), the production of light commercial vehicles increased from 2002284 in 2019 to 2151347 in 2020, an increase of 7.4% in China. Thus, increasing automation production will require more resins in paints and coatings, which will act as a driver for the market during the forecast period. 

Expanding Architecture Sector

The resins are extensively utilized in the formulation of paints and coatings to protect the architectural surfaces while enhancing their aesthetics. It protects masonry, stucco, concrete, drywall, and wood, from weathering, yellowing, moisture, efflorescence, staining, and more. The architecture sector is expanding in various regions owing to the increasing population, and per capita income of individuals. Total construction was at a seasonally adjusted annual rate of 1,366,697 in February 2020, according to the US Census Bureau, which is 6.0 percent higher than the rate of 1,288,951 in February 2019. According to the International Trade Administration, the Chinese construction industry is projected to develop at a real-terms annual pace of 5% between 2019 and 2023. The European Construction 2020 Action Plan also aims to improve investment conditions in Europe. Thus, the expanding architecture sector acts as a driver for the market growth during the forecast period. 

Resins In Paints And Coatings Market Challenges

Fluctuation in Prices of Raw Materials

Paint prices are primarily based on the cost of raw materials. About 30% of the raw materials of paints and coatings are petroleum-based derivatives. As a result, any increase in crude oil prices would result in a change in the price of raw materials. The price of crude oil has risen dramatically in recent years, putting pressure on painting companies' profit margins. As a result of the recession and subsequent drop in demand, the pressure increased even further. Titanium dioxide, phthalic anhydride, and canarithrithol are the primary raw materials. They account for roughly half of the total expense. Titanium dioxide accounts for 30% of the total cost. The raw materials, such as linseed, castor, soya bean oils, etc., contribute up to 70% of the overall cost of the raw material. Thus, paint prices are very much dependent on raw materials, and any increases in the price of raw materials would eat up the company's profits. 

Resins In Paints And Coatings Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the resins in paints and coatings market. Major players in the resins in paints and coatings market are Arkema, BASF, DSM, Allnex Netherlands B.V., Dow, The Sherwin-Williams Company, Evonik Industries AG, Polynt-Reichhold, and Covestro.

Acquisitions/Technology Launches

  • In November 2020, PRIMALTM RN 1000V is a Bio-based Acrylic Emulsion made with carbon from plants to partially replace petroleum-sourced material in Latin America, according to Dow and Tito Pabón.
  • In July 2020, PHENODUR® PR 787/50MP, a new, environmentally friendly phenolic resin recommended for interior and exterior can coatings, was introduced by Allnex.

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1. Resins In Paints And Coatings Market- Market Overview
    1.1 Definitions and Scope
2. Resins In Paints And Coatings Market- Executive Summary
    2.1 Key Trends by Resins
    2.2 Key Trends by Resin Form
    2.3 Key Trends by Coating Technology
    2.4 Key Trends by Substrate
    2.5 Key Trends by End-Use Industry
    2.6 Key Trends by Geography
3. Resins In Paints And Coatings Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Resins In Paints And Coatings Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Resins In Paints And Coatings Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Resins In Paints And Coatings Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Resins In Paints And Coatings Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Resins In Paints And Coatings Market– By Resins (Market Size -US$ Million/Billion)
    8.1 Epoxy
    8.2 Polyester
        8.2.1 Saturated Polyester Resins
        8.2.2 Unsaturated Polyester Resins
    8.3 Acrylic
    8.4 Phenolic
        8.4.1 Novolac
            8.4.1.1 Phenol Formalin Novolac
            8.4.1.2 Phenol Formalin Resorcinol Novolac
            8.4.1.3 Alkylphenolic Novolac
        8.4.2 Resole
    8.5 Alkyd Resins
    8.6 Polyurethane
    8.7 Vinyl Ester
    8.8 Polybutadiene based Resins
    8.9 Polyvinyl Chloride (PVC)
    8.10 Polyethylene
    8.11Cellulose Acetate Butyrate (CAB)
    8.12 Amino Resins
    8.13 Vinyl Versatate
    8.14 Polyanhydrides
    8.15 Polyvinyl Acetate (PVA)
    8.16 Others
9. Resins In Paints And Coatings Market– By Resin Form (Market Size -US$ Million/Billion)
    9.1 Solid
    9.2 Liquid
    9.3 Emulsion
    9.4 Dispersion
10. Resins In Paints And Coatings Market– By Coating Technology (Market Size -US$ Million/Billion)
    10.1 Waterborne
    10.2 Solvent borne
    10.3 Powder based
    10.4 Radiation Cured
    10.5 High Solids
    10.6 Others
11. Resins In Paints And Coatings Market– By Substrate (Market Size -US$ Million/Billion)
    11.1 Wood
    11.2 Metal
    11.3 Paper
    11.4 Plastic
    11.5 Concrete
    11.6 Glass
    11.7 Others
12. Resins In Paints And Coatings Market– By End-Use Industry (Market Size -US$ Million/Billion)
    12.1 Architectural Coatings
        12.1.1 Residential Buildings
            12.1.1.1 Independent Homes
            12.1.1.2 Row Houses
            12.1.1.3 Large Apartments
        12.1.2 Commercial Buildings
            12.1.2.1 Educational Institutes
            12.1.2.2 Hotels, Restaurants, and Cafes
            12.1.2.3 Sports Stadiums
            12.1.2.4 Banks
            12.1.2.5 Shopping Malls & Supermarkets
            12.1.2.6 Office Buildings
            12.1.2.7 Airports
            12.1.2.8 Hospitals, Clinics, and Healthcare Institutions
            12.1.2.9 Others
    12.1.3 Industrial Buildings
    12.1.4 Infrastructure
    12.2 Industrial & Protective Coatings
        12.2.1 Automotive OEM
            12.2.1.1 Passenger Vehicles
            12.2.1.2 Light Commercial Vehicles
            12.2.1.3 Heavy Commercial Vehicles
        12.2.2 Automotive Refinish
        12.2.3 Marine
            12.2.3.1 Ballast Tanks
            12.2.3.2 Cargo Holds
            12.2.3.3 Cargo Tanks
            12.2.3.4 Decks
            12.2.3.5 Dry Docking
            12.2.3.6 New Build
            12.2.3.7 Others
        12.2.4 Aerospace
        12.2.5 Locomotive
        12.2.6 Water and Waste
            12.2.6.1 Water Treatment Facilities
            12.2.6.2 Water Distribution
            12.2.6.3 Potable Water Storage
            12.2.6.4 Others
        12.2.7 Mining
            12.2.7.1 Mining Processing Equipment
            12.2.7.2 Others
        12.2.8 Wind Power
            12.2.8.1 Foundations
            12.2.8.2 Turbines and Towers
            12.2.8.3 Substations
        12.2.9 Thermal Power
            12.2.9.1 Coal Power
            12.2.9.2 Nuclear Power
            12.2.9.3 Others
        12.2.10 Chemicals & Petrochemicals
            12.2.10.1 Onshore Oil and Gas Facilities
                12.2.10.1.1 Refineries and Petrochemical Plants
                12.2.10.1.2 Chemicals Processing Plants
                12.2.10.1.3 Tank Terminal Facilities
                12.2.10.1.4 Pipe Line
            12.2.10.2 Offshore Oil and Gas Facilities
                12.2.10.2.1 Floating Production (FPSO, LNG, and FLNG)
                12.2.10.2.2 Offshore Production and Storage Platforms
                12.2.10.2.3 Drilling Rigs
                12.2.10.2.4 Subsea Equipment
        12.2.11 Furniture
        12.2.12 Others
13. Resins In Paints And Coatings Market - By Geography (Market Size -US$ Million/Billion)
    13.1 North America
        13.1.1 USA
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 Netherlands
        13.2.6 Spain
        13.2.7 Russia
        13.2.8 Belgium
        13.2.9 Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Australia and New Zealand
        13.3.6 Indonesia
        13.3.7 Taiwan
        13.3.8 Malaysia
        13.3.9 Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 Rest of South America
    13.5 Rest of the World
        13.5.1 Middle East
            13.5.1.1 Saudi Arabia
            13.5.1.2 UAE
            13.5.1.3 Israel
            13.5.1.4 Rest of the Middle East
        13.5.2 Africa
        13.5.2.1 South Africa
        13.5.2.2 Nigeria
        13.5.2.3 Rest of Africa
14. Resins In Paints And Coatings Market – Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Resins In Paints And Coatings Market – Market Share Analysis Premium
    15.1 Company Benchmarking Matrix – Major Companies
    15.2 Market Share at Global Level - Major companies
    15.3 Market Share by Key Region - Major companies
    15.4 Market Share by Key Country - Major companies
    15.5 Market Share by Key Application - Major companies
    15.6 Market Share by Key Product Type/Product category - Major companies
16. Resins In Paints And Coatings Market – Key Company List by Country Premium Premium
17. Resins In Paints And Coatings Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"