The Asia Pacific region holds 43.8% of the global paint resin market share

According to Precedence Research data, the global paint resin market reached a size of 52.99 billion US dollars in 2022, with an increasing demand for innovative resins that are water-based, soluble, and high solid. It is expected that by 2032, the global market size of coating resins will increase from 52.99 billion US dollars in 2022 to around 87.55 billion US dollars, with a compound annual growth rate of 5.2% from 2023 to 2032.

In 2022, the Asia Pacific region accounted for 43.8% of the global paint resin market. The popularity of acrylic resin and alkyd resin is relatively high, accounting for 20.73% and 24.85% of the Asia Pacific coating demand, respectively. China accounts for nearly 33% of the coating resin market in the Asia Pacific region. Similarly, North America and Europe are also major consumers of coating resins, accounting for 19.7% and 24.5% of the global market in 2022, respectively. Decoration design, renovation and maintenance, and the automotive market are becoming growing application areas in the paint resin market. Compared to the Middle East and Africa, Latin America is a smaller consumer region for coating resins.

It is expected that the water-based coatings field will drive and dominate the market at present and in the future. Compared with solvent based coatings, water-based coatings release less volatile organic compounds (VOCs) and are more beneficial to the ecology. As environmental standards around the world become stricter, the demand for water-based coatings is increasing. In addition, these coatings are widely used in various fields such as packaging, automotive, industrial, and construction.