The product finds major applications in the construction, mining, power generation, aerospace,
industrial, and marine industries, among which the construction segment accounted for the largest
share in 2015. The growing infrastructure development in emerging countries such as India, Brazil,
and China are anticipated to drive the demand for the product during the forecast period.
The key restraints for the growth of the industry include the stringent government regulations,
especially in the U.S. and European countries, regarding the volatile organic compound (VOC)
emissions and increasing cost of raw materials. The rising demand for raw materials in the other end-
use segments may negatively impact the growth of the industry during the forecast period.
Resin Type Insights
In terms resin types, the industry has been segmented into acrylic, epoxy, polyurethane, alkyd, and
polyester. The epoxy coatings segment dominated the overall industry revenues in 2015, accounting
for revenues of over USD 9 billion. The growing demand for high operational efficiency in key
application verticals can be considered the primary factor driving the product growth.
The alkyd resins segment is expected to observe a significant growth during the forecast period,
driven by the growing application scope in segments such as automotive, construction, and oil & gas.
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Product Insights
In terms of products, the industry has been categorized into water-borne, powder-based, and solvent-
borne. In 2015, the solvent-borne segment accounted for revenues of nearly USD 8.5 billion, thereby
dominating the overall industry revenue. However, this segment is anticipated to observe slow
growth during the forecast years owing to strict government regulations on the use of solvent-based
compounds with high VOC content.
Water-borne coatings is another key segment, which is expected to experience the highest revenue
growth of nearly 11% during the forecast period. Increasing demand for environmental-friendly
products from key end-use verticals is slated to drive the segment growth.
End-use Insights