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Resins in Paints and Coatings Market Size (2024 - 2029)

The coating resins market is anticipated to experience growth over the forecast period, driven by increasing construction activities, particularly in the Asia-Pacific region, which is expected to dominate the market. Despite challenges such as competition from other industries and the impact of COVID-19, the market is recovering and expanding. The development of eco-friendly resins presents new opportunities for manufacturers, contributing to the overall market expansion.

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Market Size of Resins in Paints and Coatings Industry

Resins in Paints and Coatings Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 37.45 Billion
Market Size (2029) USD 48.05 Billion
CAGR (2024 - 2029) 5.11 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Resins in Paints and Coatings Market Major Players

*Disclaimer: Major Players sorted in no particular order

Paint & Coating Resins Market Analysis

The Resins in Paints and Coatings Market size is estimated at USD 37.45 billion in 2024, and is expected to reach USD 48.05 billion by 2029, growing at a CAGR of 5.11% during the forecast period (2024-2029).

The outbreak of COVID-19 brought several short-term and long-term consequences across various industries, which, in turn, affected the resins in paints and coatings market across the world. Restrictions on industrial activities, supply chain disruptions, and labor shortages negatively affected the market studied. However, the sector has been recovering since 2021 and witnessed growth in 2022 as well.

  • Over the short term, the major factor driving the market studied is the increasing construction activities in the Asia-Pacific region.
  • On the other hand, fluctuation in demand due to competition from other industries using resin is likely to hinder the market's growth.
  • The advent of eco-friendly resins is projected to offer numerous opportunities for manufacturers during the forecast period.
  • The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Paint & Coating Resins Industry Segmentation

Resins are solid or highly viscous organic compounds of plant or synthetic origin that can be converted into polymers. Various resins are used in the manufacturing of paints and coatings, which provide resistance to hydrolysis, good weather resistance, excellent gloss, and color retention, particularly for exterior applications. They also have other properties, such as transparency, ultraviolet (UV) resistance, and the high color ability for coating solutions. 

The global resins in paints and coatings market is segmented by type, end-user industry, and geography. By type, the market is segmented into epoxy, acrylic, polyurethane, polyester, polypropylene, alkyd, and other types. By end-user industry, the market is segmented into industrial, architectural, automotive, packaging, and other end-user industries. The report also covers the market size and forecasts for the resins in the paints and coatings market in 15 countries across major regions such as Asia-Pacific, North America, Europe, South America, and the Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).

Type
Epoxy
Acrylic
Polyurethane
Polyester
Polypropylene
Alkyd
Other Types
End-user Industry
Industrial
Architectural
Automotive
Packaging
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Resins in Paints and Coatings Market Size Summary

The coating resins market is poised for significant growth, driven by increasing construction activities, particularly in the Asia-Pacific region. The market, which experienced disruptions due to the COVID-19 pandemic, has been on a recovery path since 2021, with a notable resurgence in 2022. The demand for resins in paints and coatings is primarily fueled by robust construction and refurbishment projects in both commercial and residential sectors. The architectural sector, in particular, is witnessing a surge in demand for various types of resins, such as epoxy and polyurethane, due to the expanding middle-class population and their rising disposable incomes. This trend is further supported by the growing awareness of sustainability and the adoption of eco-friendly resins, which present new opportunities for manufacturers.

The Asia-Pacific region is expected to dominate the global coating resins market, with China and India leading the charge due to their rapid economic growth and urbanization. The construction sector in these countries is experiencing substantial expansion, driven by increased infrastructural spending and the presence of foreign companies. This growth is mirrored in the demand for paints and coatings, which is anticipated to rise significantly, thereby boosting the consumption of resins. The market is characterized by its fragmented nature, with major players like Arkema, BASF SE, Dow, Evonik Industries AG, and Covestro actively expanding their presence through strategic acquisitions and investments in research and development. These developments are expected to further enhance the market's growth trajectory during the forecast period.

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Resins in Paints and Coatings Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Construction Activity in the Asia-Pacific

    2. 1.2 Restraints

      1. 1.2.1 Fluctuation in Demand due to Competition from Other Industries Using Resin

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Epoxy

      2. 2.1.2 Acrylic

      3. 2.1.3 Polyurethane

      4. 2.1.4 Polyester

      5. 2.1.5 Polypropylene

      6. 2.1.6 Alkyd

      7. 2.1.7 Other Types

    2. 2.2 End-user Industry

      1. 2.2.1 Industrial

      2. 2.2.2 Architectural

      3. 2.2.3 Automotive

      4. 2.2.4 Packaging

      5. 2.2.5 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 ASEAN Countries

        6. 2.3.1.6 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle East and Africa

Resins in Paints and Coatings Market Size FAQs

The Resins in Paints and Coatings Market size is expected to reach USD 37.45 billion in 2024 and grow at a CAGR of 5.11% to reach USD 48.05 billion by 2029.

In 2024, the Resins in Paints and Coatings Market size is expected to reach USD 37.45 billion.

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