Global Coating Resins Market Size:The Global Coating Resins Market growing at a significant CAGR over next seven years 2019-2025 due to growing demand from end user industries
Some of the key factors responsible for the market growth include development of bio-based coatings, high growth in emerging economies, durable coatings with better performance and aesthetics and demand for coating resins from the automotive industry. Moreover, growth of the construction and manufacturing projects offer lucrative opportunities for the players operating in the market. However, factors such as volatility in raw material prices and growing price-cutting measures are hindering the market growth.
Global Coating Resins market segmented on the basis of type, formulation, application and region.
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Powder Based Formulations Dominate the Global Coating Resins Market
Based on the formulation, global Coating Resins market segmented into Hot Melt Based, Powder Based, Radiation Cured, Solvent Based, Water Based and Others. The powder coating technology is projected to register highest CAGR among the technology segments in the global coating resins market. This technology is mainly used in automotive, appliance finishing, outdoor furniture manufacturing, and architectural & building industries. The major factors driving this growth is the growth of the powder coatings market due to increasing stringent environmental regulations for zero or non-VOC coatings.
Asia Pacific Leads the Global Coating Resins market
PBI’s global Coating Resins market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis. Asia Pacific accounted for larger revenue share in global Coating Resins market with considerable CAGR. The factors that are responsible for the market growth include rapid and growing construction activity, huge and growing addressable population base and increase in the number of automobiles, and wooden furniture. Compared to mature markets, the market in APAC is projected to grow at a high rate.
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Launch of newer products, frequent product approvals, and strategic alliances are the key strategies adopted by market players
Global Coating Resins market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For Instance, Arkema S.A. is a multinational company in the coating resins business. It has a strong global position and is expected to maintain its market share in the near future because of its organic and inorganic strategies. The company is planning to launch new products to maintain its leadership in the coating resins business.
Major Key Players Dominating the Market:
Key player’s profiles in the report are Aekyung Chemical Co. Ltd (South Korea), Allnex Group (Germany), Arkema SA (France), BASF SE (Germany), DIC Corporation (Japan), DowDuPont (US), Ferro Coating Resins (South Africa), Neville Chemical Company (US), Nippon Shokubai Co. Ltd (Japan), Royal DSM NV