The size of the Global Market was around USD 19.62 Billion by revenue, at the end of 2018. It is expected to grow at a CAGR of 4.32 % to reach close to USD 24.24 Billion in the forecast, as mentioned earlier period.The Protective Coating Resins Market has a decent growth pace in the global market, which is driven by the demand for epoxy resin in various application and from numerous end-user industries. The Protective Coating Resins Market is expected to reach a total of USD 24.24 Billion with a 4.32 % CAGR.
Wessex, a major resin & adhesives-based company, has announced to launch their new online store for ordering some unique range of bio-based epoxy, in Europe. This is expected to bring some dynamic shift to the protective coating resins market in this region.
Protective Coating Resins Market Drivers and Restraints:
The global market is mainly driven by the demand for epoxy resin in various application and from numerous end-user industries. Also, the rising demand in the infrastructure & construction industry helps in the growth of the global market.However, the costs associated may restrain the market in the forecast period. Also, the market concentration in regions like the Asia Pacific restrains the market expansion into regions like the Middle East and Africa.
Protective Coating Resins Market Segmentation Analysis:
Based on the type of resin, the global market is segmented into Epoxy, Alkyd, Acrylic, Polyurethane. Among the mentioned types of resins, the epoxy resin is estimated to be the largest segment in the global market and is expected to have the fastest growth rate in the forecast period. The growth is mainly attributed to the demand for the epoxy resin over other kinds of resins from many end-user industries for various applications.
Based on the formulation of the coating resin, the global market is categorized into Solvent-borne, Water-borne, and Powder. Of the mentioned formulations, the solvent-based resin is the largest and is expected to have the fastest growth rate in the proposed forecast period. The growth is mainly attributed to the hydrophobic nature of these kinds of resins, which makes it widely acceptable in numerous applications.
By End-Use Industry
Based on the end-use industries, the market is segmented into Industrial, Oil & Gas, Marine, Automotive, Mining. Of the mentioned industries, infrastructure & construction is the largest consumer of this market and is expected to have the fastest growth rate in the forecast period. The growth is mainly the result of the rising demand for commercial buildings and the need for the protective coatings in them.
Protective Coating Resins Market Geographical Analysis:
By geography, the market is segmented as Europe, Asia Pacific, Latin America, North America, and Middle-East & Africa. The Asia Pacific region holds the largest share of the Global Market in the year of 2018, in terms of value and volume. The regional advantages in this region, like the ease of company setup, cheap resources, and a large number of the skilled population are the major reasons for the fast-emerging industries in this region, hence the region’s position in the global market. Also, the fast-developing economies like India, Japan, and China are the main reason for the developing regional market. These reasons make this region the fastest growing regional market in the proposed forecast period.North America is next in the lead of the Global Protective Coating Resins Market by both value and bulk, as of 2018. The situation of most of the key players in the global market in North America is the main reason for its market position. This region has the second-fastest growth rate on a global scale.Europe is next in the lead of the global market in the year 2018. The presence of a considerable customer base in and around this region is helping in the growth of the Protective Coating Resins Market in this region. This region is the third fastest-growing region in the global market in the projected forecast period.On the other hand, the Middle East & Africa and Latin America regions, being in the slow-developing countries, have fewer opportunities for market growth. Hence, the market growth is at a slow pace in these regions.
Protective Coating Resins Market Key Market Players:
By the end of 2018 The Dow Chemical Company (US), The Valspar Corporation (US), Royal DSM (Netherlands), Allnex Belgium SA/Nv (Belgium), Bayer AG (Germany), BASF SE (Germany), Evonik Industries AG. (Germany), Arkema S.A. (France), Hexion Inc. (US), and Polynt SpA. (Italy) among others are the leading shareholders of the global market for Protective Coating Resins Market. There is a constant competition between these companies regarding the pricing and quality of the product.
Protective Coating Resins Market Research Report Key Highlights:
Protective Coating Resins Market
Protective Coating Resins Market