Automotive Coating Resin MarketSize and Trends

The global automotive coating resin market size is expected to reach US$ 38.4 billion by 2024, and register a CAGR of 5.2% over the forecast period (2019 - 2027).

Market Overview

Coating resins (polymer compounds) have primary application in manufacture of paints and coatings. These materials serve the purpose of providing a protective layer for a wide range of objects, and help them resist environmental conditions such as corrosion, staining, weather, and hardness. Coating resins are viscous, industrially produced substances that undergo a process called 'curing' which converts synthetic resin into rigid polymers.

Owing to its ability to harden permanently, coating resin finds application in several end use industries such as automotive, furniture, and marine among others. Resins that are used for manufacturing automotive coating are called automotive coating resin.

Market Trends