According to relevant market research reports, the market for petroleum resin (Resin Resin C9 factory) is expected to grow at a CAGR of 5.1% per year from 2018 to 2023, from $29.5 billion in 2018 to $37.9 billion in 2023.
The growth of the terminal industries such as construction, packaging, general industry, automotive, marine, aerospace and furniture is a key factor driving the growth of the coatings resin market.
1. It is expected that polyurethane resin will account for a large share of the coating resin market during the forecast period.
Polyurethane resins are widely used in applications, and the main terminal industries of powdered polyurethanes are household appliances, such as refrigerators and dryer drums. Polyurethanes have high performance, for example, they cure at lower baking temperatures, which reduces the ability to reduce volatile organic compounds and offset the high cost of polyurethane.
2, powder coating is expected to become the fastest growing application area of coating resin market
Powder coating (the main raw material Petroleum Resin C9) technology is mainly used in the automotive, home appliances, outdoor furniture manufacturing and construction industries. The main factor driving this growth is the regulatory standards. China accounts for about 30% of the global coatings market, and environmental regulations are frequent.
For example, the General Administration of Quality Supervision, Inspection and Quarantine and the National Standardization Administration approved the issuance of GB/T35602-2017 "Green Product Evaluation - Coatings" national standard. The implementation date is July 1, 2018. The standard aims to establish a unified green product system. Developing green products and promoting the transformation of consumption patterns is an important step in the national ecological strategy and the promotion of supply-side reform. This standard specifies the terms and definitions of green paint product evaluation, product classification, evaluation requirements, evaluation methods, and so on. Suitable for waterborne coatings (Petroleum Resin C9), powder coatings (Petroleum Resin C9), radiation-curing coatings (Petroleum Resin C9), high solids coatings (Petroleum Resin C9), solvent-free coatings (mainly Green product evaluation of coating products such as Petroleum Resin C9) (the main raw material Petroleum Resin C9).
The State Council’s Notice on Printing and Distributing the Three-Year Action Plan for Winning the Blue Sky Defence Warfare (Guo Fa (2018) No. 22> requires that before the end of 2019, the mandatory VOCs content limits for paints, inks, adhesives, cleaning agents, etc. will be completed. Standards development work, key areas prohibit the construction of production and use of high-VOCs content of solvent-based coatings, inks, adhesives, etc." To complete this task, led by the Environmental Planning Institute of the Ministry of Environmental Protection, the United China Coatings Association, China Petroleum and The Chemical Industry Federation, CNOOC Changzhou Coating Chemical Research Institute Co., Ltd. and other units have applied for the national standard plan item "Technical Requirements for Low Volatile Organic Compound Content Coating Products", which is under the jurisdiction of the National Coatings and Pigments Standardization Technical Committee and will be completed by the end of 2019. Completed, implemented in July 2020. The Technical Requirements for Low VOC Content Coating Products will clarify that the concept of low VOC content coating products and their varieties include waterborne coatings, powder coatings, radiation curable coatings, high solids coatings, Solvent-free coatings, etc., the introduction of this standard, is bound to enter Further promote the aqueous resin, high solid resin, UV light curable resin, especially a resin powder market growth.
3. The application of architectural coatings in the forecast period accounts for a large share of the coating resin market.
Resin for architectural coatings accounted for a large share of the entire coating resin market in 2017. Global construction activities are booming, awareness of environmentally friendly products and green environmental regulations are increasing, and per capita paint consumption is rising, which will drive the growth of architectural coating resins.
4. The coating resin market in the Asia Pacific region will continue to grow during the forecast period.
The Asia Pacific coating resin market is divided into China, Japan, India, Korea, Thailand, Indonesia, Singapore and other parts of the Asia Pacific region. The Asia-Pacific region's huge and growing population base, fast-growing construction activity and continued growth in car and wooden furniture consumption have greatly contributed to growth in the Asia-Pacific region.