Polyolefin resins are resins manufactured from hydrocarbon sources containing one or multiple olefinic or alkelyn groups. Ethylene, propylene, isobutylene, butadiene, cyclic olefins are among major raw material used in the production of polyolefin resin. Paints manufactured using polyolefin resin are polyolefin resin paints. Polyolefin help in improving several characteristics of paints such as chemical resistance, adhesive properties, wear & tear resistance, etc.
Polyolefin resin paints are used in several end user industries including building & construction, automotives, electronics, coatings, etc. Building & construction is the dominant end user segment for polyolefin resin paints and the trend is expected to continue during the forecast period. Increasing demand for coatings for engineering plastics such as polycarbonate used in automotive industry is expected to drive demand for polyolefin resin paint in automotive industry. Automotive is anticipated to be the fastest growing end user segment for polyolefin resin paints market.
Automotive is among major end user segment for polyolefin resin paint market therefore, growth in automotive industry is among major factors driving growth for the paints. Demand for polyolefin resin paint is profoundly dependent on macro economic factors such as GDP growth and disposable income in a region. Therefore, GDP growth in a region is among foremost growth drivers for polyolefin resin paints market. Polyolefin is a hydrocarbon owing to which, production of polyolefin resin paints poses severe environmental and health hazards leading to surge in regulations to control the use of polyolefin in the production of paints. The environmental regulations have been restraining market growth for polyolefin resin paints. Volatile pricing of raw material leading to unpredictable profit forecast, also has been among major restraining factors for polyolefin resin paints market growth. Increasing research and development activities to produce eco friendly polyolefin resin paints is anticipated to offer huge growth opportunity for market growth.
North America followed by Asia Pacific dominates the global demand for polyolefin resin paints. Demand for polyolefin resin paints market in North America is anticipated to grow at a sluggish rate during the forecast period primarily owing to market saturation in several end user segments. Reviving U.S economy is anticipated to drive market growth for polyolefin resin paint market in North America. Asia Pacific comprises two of the largest economies in terms of population India and China. Moreover, increasing industrial investment, high GDP growth and increasing purchase power parity in the emerging economies of India and China has been a foremost factor driving demand for polyolefin resin paint market in Asia Pacific. Asia Pacific is expected to be the fastest growing region for polyolefin resin paint market for a foreseeable future. Developing economies in South America and Africa are anticipated to offer huge growth opportunity for market growth during the forecast period.
Polyolefin resin paint market is highly fragmented and major portion of the global market share is constituted by regional players. The market is characterized by moderate degree of competition which is anticipated to increase over the forecast period owing to increasing investments in the market by regional players mainly from the Asia Pacific region. Market players compete on their pricing strategy and buyers indulge in long term agreement with manufacturers for customized solutions. Some major players in the market include Polyfil Additives Technology, Borealis Group, Eastman Chemical Company, Nippon Paper Chemicals Co., Ltd., among several others.
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