A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global coating binder market. Presenting exclusive insights into the market from 2018 to 2027, the report projects that the market will witness significant growth during the forecast period. Coating binders are film-forming elements of a coating or adhesive that provide adhesion to substrates and binding pigments. Coating binders find significant adoption in infrastructure and automotive applications. The growth of the market is predominantly attributed to rapid urbanization in the emerging economies, coupled with the increasing popularity of water-borne coating binders. Increasing preference towards water-borne coatings is complemented by stringent regulations on Volatile Organic Compounds (VOC) emissions in numerous countries. Moreover, stringent regulations are asserting pressure on solvent manufacturers to develop alternative, environment-friendly, solvents, thereby further driving the market growth.
Need for Alternative and Environment-friendly Mushrooms Demand in Construction Sector
Rapid infrastructural development and urbanization in developing economies are driving the demand for coating binders, with epoxy resins gaining high traction in the construction and infrastructure sector. Moreover, water-borne products are finding remarkable adoption in the coatings industry, with acrylic polymers being used widely as binders in paints as water-borne emulsions. Such water-borne emulsions are predominantly used as decorative paints for both the exterior and interior of buildings. The demand for water-borne coatings can also be attributed to stringent rules on VOC emissions by regulatory bodies in various countries. In addition to the construction sector, coating binders are being adopted in the automotive industry, owing to the increasing usage of lithium-ion batteries. Invigorated by the demand, players in the coating binders market are developing effective coating binder materials that replace industry-standard fluoride binders with water-based solvent. Furthermore, players are investing in the research and development (R&D) activities to produce solvent-based, low-VOC products to cater to the growing demand while complying with environmental guidelines.
Asia Pacific Remains in Forefront of Global Market
Asia Pacific is expected to reign supremacy in the coating binders market through the forecast period. The region's dominance is primarily attributed to increasing propelling demand for automotive coatings in China, South Korea, and Japan. Moreover, swift urbanization and infrastructural developments in the emerging economies in the region are also bestowing lucrative revenue opportunities. Besides, increasing disposable income in the population base, growth in construction activities, and an increase in the number of automobiles will continue to shape the growth of the coating binders market.