Coating Resins Market Trends

Growth Drivers

• Development of Paints & Adhesives– Coating resins are polymer intensifiers that are used in the manufacture of paints and coatings as they function as protective coatings and are solely utilized for corrosion, toughness, weather resistance, and stain resistance. Recent calculations revealed that the global paints and adhesives industry generated a revenue of approximately USD 160 billion in the year 2020.
• Growing Automotive Industry- The recent high demand for automobiles is anticipated to increase the demand for coating resins as are employed as additives to provide extra protective layers and to create a sleek, glossy appearance to the vehicles. As per recent statistics, the global automotive industry is forecasted to reach approximately USD 9 trillion by 2030.

Challenges

• Stringent Regulatory Policies by Government - The government is adopting new regulatory policies across the world and all the manufacturers must cope with the new policies periodically. The industry negotiators wish to see regulations on the air quality standards or emission limit values so they are left with the selection of control options. The products which do not meet the regulations of the government are not allowed into the European Market.
• Fluctuation in Prices of Raw Materials Such as Petrochemicals and Natural Resources
• Safety and Health Concerns of the Workers