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With a CAGR of 3.1% between 2022 and 2032, the global coating binders market is expected to be worth USD 35,133 million in 2022 and USD 50,563 million by 2032.
Furthermore, coating binders produced approximately 40.1 kt in 2021, accounting for 23.5 percent of total binder production, and are expected to grow at a CAGR of approximately 2.8 % through 2032, with output reaching 48.7 kt.
Coating binders play an important role in keeping pigments in place, which is essential for the coating's protective properties. Furthermore, the optimal binder ratio in coatings improves durability and appeal. As a result, coating binders have been identified as the most important chemical in coating formulation.
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The highest consumption of coating binder was seen in architectural coatings. This is primarily due to increased urbanisation and a growing desire among homeowners to provide durability and protection to their exterior walls.
Furthermore, high adherence coatings are required for sports surfaces, so the binder is critical in providing a high build for tennis courts and other sports surfaces. As a result, the use of coating binders will skyrocket over the next decade as global athletics expand.
According to the most recent United Nations report, roughly 60% of the world's population, or 4.9 billion people, is expected to live in cities by 2030. Since 1999, there has been a 13% increase.
As the urban population grows, so will the demand for housing activities, propelling Asia's paints and coatings industry. Because coating binders are required to ensure good adhesion and a glossing effect on the exterior and interior of walls, an increase in housing activity will have a direct impact on binder consumption.
Key Takeaways:
· Europe's coating binders market will account for nearly 60% of global market share.
· Alkyd-based coating binders will dominate the product category, with a 3.2% CAGR by 2032.
· In 2021, the use of coating binders in architectural coatings accounted for approximately 43.1 % market share.
Growth Drivers:
· Increasing demand for chemicals that provide gloss retention, tint retention, and resistance to blistering, cracking, and flaking, which will drive coating binder production
· R&D on environmentally friendly binders to drive the growth of the coating binder market.
· The growing popularity of decorative coatings is driving up demand for coating binders.
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Key Segments
- By Product Type
- Alkyds
- Acrylics
- Epoxy
- Polyesters
- Vinyl-Acrylics
- Polyurethanes
- Others
- By Nature
- Synthetic
- Natural
- By Technology
- Waterborne Coating
- Solvent Based Coating
- Powder Coating
- High Solids
- UV Cure
- By Application
- Architectural Coating
- Automotive Coating
- Wood Coating
- Industrial Coatings
- Others
- By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Competitive Landscape
The global coating binders market is partially consolidated, with a few major players controlling the lion's share of market value. Furthermore, players have gained market share through a combination of organic and inorganic growth strategies such as product development, innovation, and collaboration.
Key Players in the Coating Binders Market Include:
- Arkema sa
- ASHLAND GLOBAL HOLDINGS, INC
- BASF SE
- Evonik Industries AG
- H.B. Fuller company
- Koninklijke DSM N.V.
- Shin-Etsu Chemical Co., Ltd.
- Stephan company
- Synthomer plc
- The Dow chemical company
- THE Lubrizol corporation
Tags:
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