Coating Resins Market to Reach $42 Billion by 2023: MarketsandMarkets

摘要

The Coating Resins Market is expected to grow from $32.9 billion in 2018 to $42 billion by 2023 according to a report from MarketsandMarkets.The primary factor driving the market is the high demand from the growing end-use industries such as building and construction,packaging,general industrial,and automotive.The marine,aerospace,and furniture end-use industries also support the growth of the coating resins market.The acrylic resin segment accounted for the largest share of the overall coating resins market in 2018.The market for this segment is also projected to witness the highest CAGR during the forecast period.Acrylic is a low-cost material which is used in different applications for water and chemical resistance,better adhesion and blocking(strap down),and better blistering.It finds extensive usage in several industrial processes such as injection molding,compression molding,or extrusion.The increase in the disposable income of people in developing economies has fueled the demand for passenger cars.Automotive manufacturers are establishing manufacturing facilities in these developing economies where labor cost is low,raw materials are easily accessible,and regulatory laws are favorable.These factors are driving the growth of the automotive industry and,subsequently,fueling the market for coating resins in this segment.