A number of developing countries, including China and India are registering strong economic growth, because of which, the government is becoming more inclined towards spending on building world class infrastructure. The disposable income of people is rising as well, thereby allowing them to migrate to urban cities. Ascribed to all this, the construction industry across the globe is growing rapidly, as large number of commercial and residential buildings are being built for facilitating the increasing number of people coming to urban areas. A large number of products are utilized during the construction process, hence, the expansion of the industry is creating demand for these products as well.
Coating resins is one of the materials that are utilized for providing finishing touches to different kinds of products. In addition to this, these organic compounds also protect surface of materials from extreme environmental conditions. Other than the construction industry, coating resins are also used in automotive, marine, and furniture industries. The swift expansion of the automotive industry is also a key factor that is driving the demand for coating resins. The production of vehicles around the world is increasing, as a larger number of people are now focusing on buying private vehicles, thereby driving the growth of the global coating resins market.
There are various types of coating resins, namely saturated polyester resins, acrylic, polyurethane, vinyl, unsaturated polyester resins, amino, and epoxy. Out of these, the demand for acrylic coating resins has been considerable up till now, which can be attributed to the high elasticity, solubility, and versatility of these coating resins. In addition to this, acrylic coating resins are water resistant and non-toxic in nature, which makes them the preferred choice. In terms of technology, coating resins are further of different types, including high solid, water-borne, radiation cured, solvent-borne, and powder coating, among which, the demand for water-borne coating resins is predicted to rise considerably in the years to come.
This is owing to the rising demand for these products from furniture and automobile manufacturers, as they are cost-effective and exhibit superior adhesion properties. Among the key applications areas, including vehicle refinishes, architectural, automotive, marine, and industrial, the demand for coating resins was considerable high for applications in the architectural sector. This is because of the rising requirement for residential construction across the globe. Geographically, Asia-Pacific (APAC) emerged as he largest coating resins market in the past because of the increasing need for repair and renovation of commercial buildings, schools, houses, and malls in the region. Furthermore, the rise in foreign and government investments is also driving the growth of the market in APAC.
In conclusion, the demand for coating resins is growing due to the expanding construction and automotive industry across the world.