Protective Coating Resins Market size is forecast to reach $25 billion by 2025, after growing at a CAGR of 4.1% during 2020-2025. With rise in the various manufacturing industries the protective coatings resins market growth will increase in the near future. Protective coating resins are designed to meet anti-fouling, durability properties, and corrosion protection. So, growing public interest towards this will further enhance the overall market demand for Protective Coating Resins Market during the forecast period.
Protective Coating Resins Market Segment Analysis – By Formulation
Water Borne segment holds the largest share in the Protective Coating Resins Market. Water-borne coatings are based on emulsifying the binder, pigments, and additives with water. Single-component emulsion coatings are used to form films by solvent evaporation. To use a waterborne coating, a spray application equipment designed for waterborne coatings is required. The spray guns have to be designed with corrosion resistant materials, such as plastic or stainless steel. To use a waterborne coating, a spray application equipment designed for waterborne coatings is required. The spray guns have to be designed with corrosion resistant materials, such as plastic or stainless steel.
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Protective Coating Resins Market Segment Analysis – By Type
Epoxy segment holds the largest segment in the Protective coating resins market due to their low volatility and unmatchable corrosion protection properties. The rising demand of environmentally friendly or volatile organic compounds (VOCs)-free protective coating resins in countries such as Germany and France are expected to drive this market. Whereas Epoxy Resin Coating is also used for coating for inner and outer surface of concrete and metal tanks. We use these coatings for the more effective and high strength of the surface. These are available in different quantity packaging. It is high in demand due to unique features like long life, water resistant and non-toxic in nature. They can be easily applied. It is an aesthetic and protective epoxy resin coating which has been specifically developed to meet the ‘In service’ protection of concrete, metal, and Others.
Protective Coating Resins Market Segment Analysis – By End Use Industry
Automotive sector has been the primary market for Protective Coating Resins Market. Epoxy-based coating technology was introduced in the vehicle production process 30 years ago, providing great advantages in preventing rust and corrosion on vehicles’ body and key metal parts. In addition to the use in corrosion-resistant paints, epoxies are used in other key applications of the automotive manufacturing industry because of properties such as heat resistance, adhesion and mechanical strength. automotive designers are developing new applications, such as components of electric/hybrid vehicles, parts for suspension systems, drive shafts, various kinds of load-bearing structures of car bodies, and others which will drive the market growth for protective coatings resins market.
Protective Coating Resins Market Segment Analysis – Geography
APAC dominated the Protective Coating Resins Market with a share of more than xx%, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the aviation and automotive industriesAccording to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow.
Protective Coating Resins Market Drivers
Growing demand in various end use
Protective coating resins is used in various end use such as aviation, automotive, shipbuilding, construction and many others. The role of epoxy resins is to provide superior adhesion to metal and resistance to corrosive agents. Furthermore, epoxy enables the application of a thin, uniform coating directly onto the metal, even in very small spaces and cavities, creating a uniform texture. Epoxy resins are not only used in the automotive sector. Railways apply epoxies to replace steel in gear casings and other parts in order to reduce weight and improve service life by preventing damage from debris or corrosion. Epoxy provides excellent corrosion resistance that reduce the need for repair and maintenance in boats
Implementation of Stringent Environment Regulations
Implementation of stringent environment regulations towards using eco-friendly coating is driving the demand for protective coating resins market. Protective and industrial coatings cover the vast majority of the surfaces we touch, lean against and walk past in our daily lives. Less awareness of this, is the fact that some of these coatings use solvents that emit Volatile Organic Compounds (VOCs), which pollute the air we breathe. Switching to eco-friendly waterborne coatings is, therefore, a major trend in the coatings market, and providing the products that can facilitate these alternative formulations – while providing improved functionality and better performance – is one of the many ways in which it is actively contributing to building a more environmentally friendly world.
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Protective Coating Resins Market Challenges
High Price raw Material
Raw materials, in the form of individual chemical constituents that are incorporated into paints and coatings, represent an exceptionally diverse and vitally important sub-set of the overall specialty chemicals industry. They may either be added to a paint or coatings formulation during the product manufacturing process—or, in the case of multiple-component coatings systems—may be used to make coating components intended to be combined in the field to produce reactive, limited pot life products. Coatings raw materials can be grouped into four broad categories of chemical constituents: Resins, Pigments, Solvents, Additives. So, due to the high price of raw material the end product rate becomes higher
Impact of COVID 19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of international transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for protective coating resins.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Protective Coating Resins Market. Major players in the Protective Coating Resins Market are The Dow Chemical, Momentive Specialty Chemicals, Royal DSM, BASF, Arkema, Cytec Coating Resins, Electrolube, Alberdingk Boley Inc., Brenntag Specialties Inc., among others.
In July 2019, Arkema completed the acquisition of ArrMaz, a global leader in specialty surfactants for crop nutrition, mining and infrastructure markets. The acquisition of this profitable, resilient and low capital-intensive business, which has an accretive impact from the first year, is another milestone in Arkema’s growth journey towards specialties that contributes to further reinforcing the Group’s profile.
Asia-Pacific dominates the Protective Coating Resins Market owing to increasing demand of applications from various end use such as automotive, aviation and Others.
The growing popularity anti-corrosive coatings, is likely to aid in the market growth of Protective Coating Resins Market.
will increase the market demand for Protective Coating Resins Market in the near future.
COVID 19 pandemic will create hurdles for the Protective Coating Resins Market.
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