Coating Resins Market: By Type (Thermosetting, Thermoplastic and Amino Resins), By Formulation (Hot Melt Based, Powder Based, Radiation Cured, Solvent Based, Water Based and Others), By Application (Wood, Paper and Pulp, Marine, Industrial, Wood, Industrial Plastics, High End Flooring, Graphic Arts, Food Packaging, Decorative Paints, Consumer Electronics, Automotive, Architectural and Others) and Geography  

Coating Resins Market size was valued at USD 52,603.1 million in 2022 and is anticipated to grow at a CAGR of 6.1 % over 2023-2029. Coating resins are essential components in the formulation of coatings, paints, and varnishes. They are polymers that provide the binding, adhesion, durability, and protective properties necessary for the final coating to perform effectively. Coating resins are responsible for holding the pigments and other additives together, forming a continuous film on the surface being coated. This film offers protection against environmental factors such as moisture, UV radiation, chemicals, abrasion, and corrosion. Growing construction and infrastructure development significantly increase the revenues of the Coating Resins Market due to the substantial demand for coatings in various construction-related applications. As construction projects expand, there is a heightened need for coatings that provide both protective and aesthetic qualities, contributing to the overall appearance, durability, and longevity of structures. Coating resins play a pivotal role in formulating coatings that offer essential properties such as adhesion, weather resistance, corrosion protection, and UV resistance. This is particularly crucial in architectural coatings for buildings, bridges, roads, and other infrastructure. Moreover, the demand for protective coatings is particularly strong in the construction sector as structures are exposed to a range of environmental stressors, including weather, moisture, chemicals, and pollutants. In addition, the expansion of the automotive industry significantly drives the sales of coating resins due to the indispensable role they play in meeting the industry's stringent requirements for aesthetics, durability, and protection. Coating resins are vital components in the formulation of automotive paints and coatings, including primers, basecoats, and clearcoats. As the automotive sector grows, there is an increasing demand for coatings that not only enhance the visual appeal of vehicles but also provide essential protection against environmental factors, corrosion, and wear. However, a major restraint identified in the market is the growing raw materials prices that further result in extra investment in the production process of the resins. Meanwhile, the rising demand for high-performance coatings in industries such as aerospace, electronics, and marine creates significant opportunities for market expansion. Many key market players are developing innovative solutions to cater to several end-use industries. 

Coating Resins Market Key Developments: 

• In September 2022, allnex launched CRYLCOAT 2406-2, a versatile polyester resin for outdoor industrial applications.
• In July 2022, DIC Corporation acquired Chinese coating resins manufacturer Guangdong TOD New Materials Co., Ltd. to strengthen its product portfolio.