Coating resins are highly viscous resins which are used to build tough, polished and corrosion resistant surfaces. They provide protective features such as weather, humidity and heat resistance along with providing excellent finish to the surfaces they are applied to. They can be used on a variety of surfaces to impart protective features to them. Coating resins are applied on wooden floors, decks, concrete porches, garages and metal surfaces. Additionally, they are applied on machinery, automotive and agricultural equipment. Acrylics, alkyds, vinyls, polyurethanes, epoxies, aminos and polyester (saturated) are some of the major types of coating resins. These resins are used in architectural coatings, traffic paints, adhesives, industrial & protective coatings and coatings for leather.
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Coating resins can be modified according to specific application needs. For instance, oil based alkyd resins are used for interior & exterior architectural finishes and for deck coatings. They provide excellent flexibility, gloss retention, quick drying times and tack free times. Such coating resins are also used as equipment enamels and maintenance paints. Silicone incorporated coating resins are called silicone modified coating resins. They provide superior weathering and gloss retention, film hardness, water and heat resistance. Silicone modified coating resins are used in electrical insulation coatings, bridge coatings and exterior tank coatings. Coatings provide protection and aesthetic properties to surfaces. They increase the shelf life of the surfaces they are applied to. Additionally, they provide processing and curing robustness.
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The growing demand for aesthetically appealing furniture and architectural structures has been boosting the coating resins market. The growth of this market can be attributed to the increasing need to protect wooden structures from humid conditions and pests such as termites. Wooden structures tend to swell in humid weather conditions. This can be controlled to a large extent by using coating resins. Furthermore, the growth of roadway networks necessitates the use of traffic signals and markings on roads. These markings are coated using coating resins to increase their weather resistance. Moreover the increasing demand for electrical wires for industrial, commercial and household needs employ coating resins which has been augmenting the coating resins market. These resins are derived from petroleum products, owing to which they are expensive and they have a fluctuating price trend. This is expected to hamper the market growth within the forecast period. The growing GDP of BRICS nations is expected to open new avenues of opportunities for the coating resins market within the forecast period.
Countries such as Brazil, India, China and South Korea are the leading consumers of coating resins. The flourishing electronics and electrical wiring industry in these countries have been driving the coating resins market. Additionally, the growing population in these countries with the consequent growth in residential and commercial spaces has been propelling the market of coating resins. This trend is expected to continue within the forecast period. Western Europe and the U.S. are mature markets for coating resins. These countries have a seasonal demand of coating resins, in order to protect the wooden surfaces. This industry is characterized by ongoing consolidation. Several top brands compete for the market share of coating resins.
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Some of the key companies in this market are Alberdingk Boley Inc, Arkema Coating Resins, Allnex, Celanese Emulsion Polymers, Chevron Phillips Chemical Co LLC, Dow Chemical Co, Dow Corning Corporation, DSM, Engineered Polymer Solutions (EPS), Evonik Industries, Lubrizol, Ranbar, Stepan and others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
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- Asia Pacific
- Rest of the World
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