DUBLIN – A new study by Fact.MR reports that demand in the coatings binders market is expected to surpass 36,000’000 tons by the end of 2018. Manufacturers in the coating binders market are shifting their focus from solvent-based coatings to water-based coatings. Stringent regulations by governments across various countries that aim to minimize VOC emission are resulting in the use of water-based coatings.
In order to meet stricter VOC regulations, the demand for cheap low/no VOC solvents has increased in the coatings industry. The study found an increase in investment by manufacturers in the coating binders market to accelerate research and development activities into low-VOC, solvent-based coatings. Modification of equipment to work with water-based coatings is also on the rise to save the cost of purchasing new drying equipment.
According to the report, alkyds are emerging as the largest coating binders product. Demand for alkyds coating binders is anticipated to grow at a significant rate, according to the report. Alkyd coating binders are likely to rule the organic coatings industries for a long time, owing to their versatile characteristics. Employing a significant amount of renewable material is one of the biggest factors for substantial growth of alkyds in the coating binders market.
The demand for alkyds is also rising due to their low cost. Increasing government regulations on chemical-based coating binders have resulted in consumers and industries moving towards using eco-friendly materials.
Water-based versions of alkyd binders are also being developed on a large scale to meet the VOC standard imposed by governments across several countries. The demand for alkyds is constantly increasing in wood care, light duty industrial, automotive aftermarket and architectural coatings.
According to the report, sales of coating binders are the highest in the APEJ region, with China accounting for the largest share. There has been substantial growth in the infrastructure and construction industry in the APEJ region. With the growing construction industry, the demand for coating binders is also rising. Increasing production of semiconductor and electronic goods, as well as significant growth in the automotive industry in China and India, is likely to create growth opportunities for coating binders manufacturers.
Radiation-cured technology has been used on a large scale in China. The Chinese government is focusing on reducing VOC emissions, which has impacted the use of radiation-cured technology in China. In order to comply with regulations, radiation-cured technology users have been working with coatings manufacturers. This has resulted in the increasing use of UV coatings technology in China.
Manufacturers in the coating binders market in China are also focusing on developing new waterborne coatings solutions for furniture, construction and other industries. The development of new coatings technology in the coating binders market in the country is also accelerating. Companies are focusing on developing new coatings technology for high- and low-temperature resistance, anti-graffiti coatings, smart coatings, and self-cleaning coatings.
Solvent-based coatings demand is declining in China and India, driven by increasing environmental concerns in the countries. However, the area of potential growth is seen in “green” coatings. Green coating binders manufacturing companies are investing in developing eco-friendly coating binders with the same performance compared to traditional solvent-based coating binders.
The marine coatings market in APEJ is also expected to witness steady growth with development in offshore engineering and shipbuilding. The constant need for maintenance and repair of ships is likely to drive demand in the coating binders market.
For more information about the report, Coating Binders Market, visit https://www.factmr.com/report/2373/coating-binders-market.