LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global coating resins market to grow at a CAGR close to 6% during the period 2018-2022, according to their latest report.
This market research report segments the global coating resins market into the following six major products (acrylic, epoxy, alkyd, polyurethane, polyester, and vinyl), five major applications (architectural coatings, automotive coatings, general industrial coatings, high-performance coatings, and wood coatings), and three major regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the following two market drivers that are contributing to the growth of the global coating resins market:
- Increasing demand for protective coating due to corrosion
- Rapid industrialization in the emerging economies
Rapid industrialization in the emerging economies
According to the data provided by the World Bank Group, in 2015, 53% of the world’s population existed in urban areas, and this is projected to increase to 58.5% by 2021. In addition, the urban population in APAC is anticipated to increase by 7% from 2010 to 2020. In other developing countries of Africa and Latin America, the urban population was estimated to increase by 6% from 2010 to 2020.
This large-scale development across the globe has resulted in a rise in the demand for urban residential developments, high-quality public infrastructure, and automobiles. With the economic growth in developing markets such as India, China, and others, purchasing power has been growing over the years. This, in turn, drives manufacturers to maintain the supply-demand balance.
According to a senior analyst at Technavio, “Countries such as China and India have a major influence among the high-performance coating manufacturing industries. China is likely to lead the market with the growth of its economy and the construction market in the country is projected to grow at a double-digit growth during the forecast period. In addition, the rapid urbanization and industrialization in the construction market have created the need for construction coatings and paints.”
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Global coating resins market segmentation
Of the four major products, the acrylic segment held the largest market share in 2017, accounting for nearly 32% of the market. The market share for this product is expected to increase nearly 1% by 2022. The epoxy segment is also expected to witness an overall growth of 1% during the forecast period.
APAC was the leading region for the global coating resins market in 2017, accounting for a market share of 42%. APAC is expected to register a positive growth during the forecast period.
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