According to data from Precedence Research, the global coating resin market reached US$52.99 billion in 2022, and the market is showing growing demand for innovative resins such as water-based, soluble and high-solids fractions. The global coating resin market size is expected to increase from US$52.99 billion in 2022 to approximately US$87.55 billion by 2032, 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 coating resin market. Acrylic resin and alkyd resin are highly popular, accounting for 20.73% and 24.85% of Asia-Pacific coatings demand respectively. China accounts for nearly 33% of the coating resin market in the Asia-Pacific region. North America and Europe are also major consumers of coating resins. In 2022, these regions accounted for 19.7% and 24.5% of the global market respectively. Decorative design, renovation maintenance and automotive markets are growing application areas for the coating resin market. Latin America is a smaller consumer region for coating resins compared to the Middle East and Africa.

The water-based coatings segment is expected to drive and dominate the market now and in the future. Compared with solvent-based coatings, water-based coatings release less volatile organic compounds (VOCs) and are more ecologically beneficial. As environmental standards become more stringent around the world, water-based coatings are increasingly in demand. Additionally, these coatings are used in a wide range of sectors including packaging, automotive, industrial and construction.

According to predictions from Precedence Research, the global decorative coatings market size is US$85.14 billion in 2022 and is expected to reach approximately US$126.76 billion by 2032, with a compound annual growth rate of 4.06% from 2023 to 2032. The global antimicrobial coatings market size reached US$10.49 billion in 2022 and is expected to reach approximately US$34.83 billion by 2032, with a compound annual growth rate of 12.80% during the forecast period from 2023 to 2032. The global nanocoatings market size is expected to increase from US$12 billion in 2022 to approximately US$66.35 billion in 2032, with a CAGR of 18.7% during the forecast period from 2023 to 2032.