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Chicago, October 26, 2021/PRNewswire/-This global coating resin market report contains in-depth analysis and data-driven insights on the impact of COVID-19.
It is expected that during 2020-2026, the coating resin market will grow at a compound annual growth rate of more than 5.17%.
The main highlights provided in the report:
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Coating resin market-segmentation
Coating resin market by formula
Coating resin market by coating type
Coating resin market by end use
Coating resin market-dynamic
Bio-based epoxy resin is a new type of bio-source resin produced using various renewable resources, such as vegetable oil (soybean oil, castor oil, linseed oil, rapeseed oil, kalanja oil, hemp oil, cottonseed oil, rapeseed oil, etc.) Seed oil and palm oil), sugars, isosorbide, terpenes, rosin, natural rubber, tannins and cardanol. Among all vegetable oils, soybean oil has become the most viable alternative to petroleum resources due to its unique composition of 51% linoleic acid, 25% oleic acid, 10% palmitic acid, 7% linolenic acid and 5% stearic acid. Therefore, the composition of soybean oil makes it a suitable raw material for the production of bio-based epoxy resins. In the past few years, the demand for bio-based epoxy resins in the paint and coatings industry is growing. Environmental issues such as the rapid depletion of fossil resources and the increase in greenhouse gas emissions have prompted more use of renewable raw materials.
The main driving factors and trends driving market growth:
Coating resin market-geography
North America is the fastest growing market for coating additives. This region is the second largest market for coating resins, accounting for 24.15% of 2020 revenue share. Growth in various end-use fields such as construction, automotive, aerospace, paper and furniture is driving the North American coating additives market. In 2020, the United States will become the largest coating resin market in North America. In 2019, US civil aviation exports were US$126.5 billion, a 4% decrease from 2018, while defense exports increased by 10.5%. However, the COVID-19 outbreak has adversely affected air trade. In addition, the decline in demand from passenger airlines has also affected production. However, as the country continues to invest in strengthening the military, the demand for defense aircraft has remained flat. Therefore, during the forecast period, the high demand for defense airlines is expected to accelerate the demand for coating resins in the aerospace sector.
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Coating resin market by region
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