Coating Resins Market worth $37.9 billion by 2023 | Key Players include Arkema S.A., BASF SE, Royal DSM N.V., and Allnex Netherlands B.V.

According to recent market research "Coating Resins Market by Resin Type (Acrylic, Alkyd, Polyurethane, Vinyl, Epoxy), Technology (Waterborne, Solventborne, Powder, High Solids), Application (Architectural, General Industrial, Automotive), and Region - Global Forecast to 2023" The global coating resins market is projected to grow from USD 29.5 billion in 2018 to USD 37.9 billion by 2023, at a CAGR of 5.1%, between 2018 and 2023.

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There has been a wide acceptance of coating resins in various industries; such as building & construction, packaging, general industrial automotive, marine, aerospace, and furniture; which is expected to drive the growth of the coating resins market.

Coating resins bind the coating ingredients together and enable them stick to the surface to which they have been applied. They determine the coating’s performance and appearance characteristics, such as their water or scratch resistance, ability to protect against corrosion, and gloss or matt finish. The coating resins market size is estimated at USD 29.5 billion in 2018 and is projected to reach USD 37.9 billion by 2023, at a CAGR of 5.1%. The growth of end-use industries, such as building & construction, packaging, general industrial, automotive, marine, aerospace, and furniture, is a key factor driving the growth of the coating resins market.

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The coating resins market size is estimated to be USD 29.5 billion in 2018 and projected to reach USD 37.9 billion by 2023, at a CAGR of 5.1%. The rapid growth of the coating resins market is driven by the rise in end-use industries, such as building & construction, furniture, general industrial, and automotive.

The major players operating in the coating resins market include Arkema S.A. (France), BASF SE (Germany), Royal DSM N.V. (Netherlands), Allnex Netherlands B.V. (Germany), and DowDuPont (US). The key growth strategies adopted by these companies include investments & expansions and, mergers & acquisitions.

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Arkema S.A. operates through three business segments, namely, High Performance Materials, Industrial Specialties, and Coating Solutions. It offers coating resin through its Coating Solutions business segment. Arkema has 137 production sites across 50 countries. The company operates 3 R&D centers (France, China, and the US) and 11 technical centers. Strategically, the company has adopted organic strategies to increase its share in the coating resins market. For instance, in April 2016, Arkema increased the capacity of its powder coating resins manufacturing facility in North Kansas City, US by approximately 35 percent. This facility supplies polyester powder coating resins to the American market under its brand name REAFREE.

The business segments of Allnex include Paints & Coatings, Performance Applications, and Composites. Allnex produces coating resins under the Paints & Coatings segment and offers these products to consumer electronics & industrial plastics, industrial, packaging coatings & inks, protective coating, and other industries. The company operates in many countries of North America, Latin America, Europe, and APAC with 33 manufacturing facilities and 23 research and technology support centers, globally. Allnex has managed to penetrate the APAC market with the help of five joint ventures. Strategically, the company has adopted inorganic strategies to increase its presence in the coating resins market. In September 2016, Allnex Belgium SA completed the acquisition of Nuplex Industries, a manufacturer of resins used in decorative paints and industrial and performance coatings. This development is expected to help the new identity, Allnex, utilize the expertise of both the companies along with its complementary geographical footprints.

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