The Coatings Raw Materials Market is being driven by Increasing demand for alkyd resins in paints and coatings
The Coatings Raw Materials Market is expected to grow at a CAGR of 5.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 24.39 billion. The global automotive industry is experiencing steady growth, driven by urbanization and rising per capita income in key markets, particularly in the Asia Pacific region. This expansion is set to boost demand for coatings raw materials, specifically resins, in the automotive sector. Resins, a significant type of coatings raw material, offer desirable properties such as superior initial gloss, strength, and exceptional gloss retention, even in challenging climatic conditions. These attributes make resins indispensable for automotive paints and coatings. Consequently, the increasing demand for resins in the automotive industry will propel the growth of the global coatings raw materials market.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
209 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.7% |
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Market growth 2025-2029 |
USD 24.39 billion |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
5.2 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Egypt, Oman, Argentina, KSA, UAE, Brazil, US, China, Japan, India, South Korea, UK, Canada, Germany, Brazil, and Australia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Coatings Raw Materials Market encompasses innovative solutions for protective coatings in construction, aerospace, and general industry. Performance testing is crucial for ensuring the properties of these coatings, including corrosion prevention, weatherability, and self-healing. Emissions and surface engineering are key considerations, with failure analysis guiding design. Anti-corrosion technologies include paint technology, formulation development, and application methods. High-performance materials, such as waterborne and powder services, are trending, with functional coatings for transportation, metal, nauticals, and resource extraction also in demand. Sustainable and green solutions, including weather-resistant coatings for decking, flooring, and capping and closures, are increasingly important. The automotive and durable coatings sectors also drive market growth.
The global specialty chemicals market encompasses businesses specializing in high-value-add chemicals for manufacturing various products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio, the market's size is determined by the consolidated revenue of these companies. Key growth drivers include the increasing preference for water-based, eco-friendly alternatives, the demand for UV-curable coatings with superior performance, and sustainability initiatives in the decorative, adhesion, and durability sectors. The market's expansion will be significantly influenced by the rising demand for specialty adhesives and sealants.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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