Marine is the fastest growing segment of the Coating Resins Market in the region by the end of 2023
Coating resins are polymeric compounds incorporated as key components during the manufacture of paints and coatings. These resins provide a finished and protective appearance to the substrate to be coated. Major raw materials required to manufacture coating resins include epichlorohydrin, bisphenol-A, maleic anhydride, phthalic anhydride, acrylates, and polyols. Production of coating resins involves processing hard polymer resins into granulated form. These are further used as emulsions, solutions, and suspensions. These polymerized solutions of coating resins are stabilized using suitable binders, initiators, and surfactants.
Different types of coating resins are available in Asia Pacific. Acrylics, alkyds, epoxies, unsaturated polyesters, and urethanes are the major product segments of the coating resins market in the region. Acrylics was the largest product segment in Asia Pacific and accounted for a share of over 25% of the coating resins market in 2014. Acrylics are manufactured by polymerization of acrylate monomers such as methyl methacrylate with small quantities of surfactants and initiators. Alkyds was the second-largest product segment of the coating resins market in Asia Pacific in 2014. These resins are derived from polyols and are generally used in the processing of oil-based coatings, especially for decorative use. However, urethanes is anticipated to be the fastest growing product segment of the coating resins market in Asia Pacific between 2015 and 2023. Urethanes are generally used to improve the aesthetic characteristics of finished coatings, thereby providing a protective finish to the base substrate.
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Coating resins are formulated using various processing technologies. The coating resins market in Asia Pacific has been segmented on the basis of technology into solventborne, waterborne, high solids/radiation cured, and powder. Solventborne was the largest technology segment of the coating resins market in Asia Pacific in 2014. This segment accounted for over 35% of the market in the region in 2014. Waterborne was the second-largest technology segment of the coating resin market in Asia Pacific in 2014. This segment is likely to capture a greater chunk of the market in the region by 2023, owing to growing environmental issues regarding the use of solvents. Moreover, it is expected to be the fastest growing segment in Asia Pacific during the forecast period.
Major end-users of the coating resins market in Asia Pacific include building & construction, automotive, marine, electronics, and furniture. Building & construction was the largest end-user segment, accounting for a share of over 35% of the coating resins market in the region in 2014. This segment is anticipated to continue to be the largest consumer of coating resins by 2023. Coating resins are used in the building & construction industry for decorative, protective, and exterior architectural coatings. Automotive was the second-largest end-user segment of the coating resins market in Asia Pacific in 2014. Coating resins are used in automotive industry for primer, clear coat, and base coat applications. However, marine is estimated to be the fastest growing end-user segment of the coating resins market in Asia Pacific by the end of 2023.
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Rise in building and construction activities in different parts of Asia Pacific is anticipated to be the major driver of the coating resins market in the next few years. Increasing population, rise in per capita income of consumers, and rapid urbanization are the key factors impacting the building & construction industry in Asia Pacific. Thus, demand for advanced construction materials, especially coating resins, is anticipated to increase by the end of the forecast period.
In terms of volume, China held the largest share of the coating resins market in Asia Pacific in 2014, followed by India and Indonesia. China is anticipated to be the leading market due to rapid development in the building & construction and automotive end-user industries. However, Vietnam and India are likely to be the emerging markets for coating resins by the end of 2023.
Key manufacturers of coating resins in Asia Pacific include Allnex Belgium SA/NV, Royal DSM N.V., Nuplex Industries Ltd., DIC Corporation, BASF SE, Evonik Industries AG, Arkema S.A., and Eternal Resin Co. Ltd.
Table of Content
2. Executive Summary
3. Coating Resins Market – Industry Analysis
4. Raw Material and Price Trend Analysis
5. Market Segmentation – Technology Analysis
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