The global coating resin market size will reach US$37.9 billion in 2023

According to relevant market research reports, the coating resin market is expected to grow at a compound annual growth rate of 5.1% from 2018 to 2023, from US$29.5 billion in 2018 to US$37.9 billion in 2023.

Growth in end-use industries such as construction, packaging, general industry, automotive, marine, aerospace, and furniture is a key factor driving the growth of the coating resin market.

1. Polyurethane resin is expected to account for a large share of the coating resin market during the forecast period

Polyurethane resin has a wide range of applications. The main terminal industries of powder polyurethane are home appliances, such as refrigerators, dryer drums, etc. The high cost of polyurethane is offset by the high performance properties of polyurethane, such as its ability to cure at lower bake temperatures, which results in the reduction of volatile organic compounds.

2. Powder coatings are expected to become the fastest growing application field in the coating resin market

Powder coating technology is mainly used in the automotive, home appliances, outdoor furniture manufacturing and construction industries. The main factor driving this growth is regulatory and standard requirements. China accounts for about 30% of the global coatings market, and environmental regulations and standards appear frequently.

For example, the General Administration of Quality Supervision, Inspection and Quarantine and the National Standardization Administration Committee approved the release of the GB/T35602-2017 "Green Product Evaluation-Coatings" national standard, with an implementation date of July 1, 2018. The standard aims to establish a unified green product system and vigorously Developing green products and promoting the transformation of consumption patterns is an important step in the national ecological strategy and promoting supply-side reform. This standard stipulates the terms and definitions, product classification, evaluation requirements, evaluation methods, etc. for green coating product evaluation. It is suitable for green product evaluation of coating products such as water-based coatings, powder coatings, radiation-curable coatings, high-solid coatings, and solvent-free coatings.

The State Council’s “Notice on Issuing the Three-Year Action Plan to Win the Blue Sky Defense War” (Guofa (2018) No. 22) requires that “by the end of 2019, complete the mandatory national VOCs content limits for coatings, inks, adhesives, cleaning agents and other products. "Standard formulation work", prohibiting the construction, production and use of solvent-based coatings, inks, adhesives and other projects with high VOCs content in key areas. In order to complete this task, the Environmental Planning Institute of the Ministry of Environmental Protection took the lead, jointly with the China Coatings Association, China National Petroleum Corporation and China National Petroleum Corporation. The Chemical Industry Federation, CNOOC Changzhou Paint Chemical Research Institute Co., Ltd. and other units have applied for the national standard plan project "Technical Requirements for Coating Products with Low Volatile Organic Compound Content". This standard is under the jurisdiction of the National Coatings and Pigments Standardization Technical Committee and will be published by the end of 2019. Completed and implemented in July 2020, the "Technical Requirements for Low Volatile Organic Compound Content Coating Products" will clarify the concept of low volatile organic compound content coating products and their varieties, including water-based coatings, powder coatings, radiation-curable coatings, high-solid coatings, Solvent-free coatings, etc. The introduction of this standard is bound to further promote the growth of water-based resins, high-solid resins, UV light-curing resins, especially powder resins.

3. The application of architectural coatings will account for a large share of the coating resin market during the forecast period

​ Architectural coating resins accounted for a large share of the entire coating resin market in 2017. Booming global construction activities, rising awareness of environmentally friendly products and green regulations, and rising per capita consumption of coatings will drive the growth of architectural coating resins.

4. The coating resin market in the Asia-Pacific region will continue to grow during the forecast period

The coating resin market in the Asia-Pacific region is divided into China, Japan, India, South Korea, Thailand, Indonesia, Singapore and other regions in the Asia-Pacific region. Factors such as the region's large and scalable population base, rapidly growing construction activities, and growing consumption of automobiles and wooden furniture have significantly boosted the growth of the Asia-Pacific region.