Sarasota, FL -- (SBWIRE) -- 03/06/2019 -- Zion Market Research has published a new report titled "Coating Resins Market by Type (Acrylic, Alkyd, Polyurethane, Vinyl, and Epoxy), by Technology (Waterborne, Solvent Borne, High Solid, Powder Coating, and Radiation Cured), and by Application (Architectural, Industrial, Protective & Marine, Automotive OEM, Vehicle Refinish, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025". According to the report, the global coating resins market was valued at approximately USD 30.20 billion in 2018 and is expected to generate around USD 43.06 billion by 2025, at a CAGR of around 5.2% between 2019 and 2025.

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Coating resins are coverings applied on an object's surface to achieve hardness and develop resistance to weather, corrosion, and stain. These resins offer gloss retention, quick drying times, and superior weather protection. Furthermore, they are also used in traffic paints, industrial coatings, maritime industry, construction products, inks, and products of graphic arts, among others. The growing demand for architectural coatings is the major factor to positively drive the coating resins market globally in the future. These coatings' consumption has been increasing since the last few years owing to the growing residential and commercial constructions. Moreover, the increasing demand for environment-friendly coating systems for architectural designs is anticipated further to drive the global coating resins market in the upcoming years. However, the fluctuating raw material prices and depletion of petrochemical reserves may hamper the resin coatings market.

By type, the coating resins market is segmented into alkyd, vinyl, polyurethane, acrylic, and epoxy. The polyurethane segment held a major market share in 2018 and is anticipated to dominate in the upcoming years, owing to its high-performance characteristics, such as the ability to obtain reduced VOCs (volatile organic compounds) content. Powdered polyurethanes are used in refrigerators, range cabinets, and dryer drums. It also offers balanced chemical and mechanical properties. By technology, the market is segmented into solvent-borne, high solids, waterborne, radiation cured, and powder coating. The radiation cured segment is estimated to show the highest CAGR over the forecast time period, owing to their lower volume of VOCs (volatile organic compounds) content. Moreover, they are also used to manufacture impact, abrasion, scratch, mechanical, and chemical resistant coatings. On the basis of application, the market is categorized into industrial, architectural, protective and marine, vehicle refinish, automotive OEM, and others. The architectural segment is projected to show the highest CAGR during the forecast time period, owing to the growing architectural coatings demand due to the increasing residential and commercial construction activities.

By region, Asia Pacific dominated the global coating resins market in 2018 and is anticipated to show the highest CAGR over the forecast period as well. This growth can be attributed to the region's industrial development and progressing economic conditions. The growth in the infrastructure industry is majorly seen across the developing countries, such as China and India, which is expected to further drive this market. North America and Europe are estimated to contribute considerably to this market in the upcoming years.

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Some major players operating in the global coating resins market are Dow Chemical, Arkema Coating Resins, Westlake Chemical Corporation, Momentive Specialty Chemicals, Inc., BASF, PCCR USA, Allnex, Royal DSM N.V., Nippon Shokubai Co. Ltd., Aekyung Chemical Co. Ltd., Evonik, Bayer A.G., Ferro Coating Resins, and Nuplex Industries Limited.

This report segments the global coating resins market into:

Global Coating Resins Market: Type Analysis

Acrylic
Alkyd
Polyurethane
Vinyl
Epoxy

Global Coating Resins Market: Technology Analysis

Waterborne
Solvent Borne
High Solid
Powder Coating
Radiation Cured

Global Coating Resins Market: Application Analysis

Architectural
Industrial
Protective and Marine
Automotive OEM
Vehicle Refinish
Others

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Global Coating Resins Market: Regional Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa