Epoxy Coating Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM3627 | Last Updated On: May 12 2022 | Available Formats

> Global Epoxy Coating Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Epoxy Coating Market is segmented By Type (Water-born, Solvent Borne, Powder-Based), By Application (Paints & Coating, Construction, Adhesives, Transportation, General Industrial, Electrical & Electronics, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The global epoxy coating market size was worth US$ XX billion in 2022 and is projected to show extraordinary growth by reaching up to US$ XX billion by 2029, at a CAGR of XX% within the forecast period (2022-2029).

Epoxy coatings are made up of two components: epoxy resin and polyamine hardener (also known as a catalyst). When the resin and hardener are combined, a chemical reaction occurs, resulting in cross-linking of the elements as they heal. When the epoxy coating has completely cured, the result is a long-lasting, rigid plastic coating with various attractive mechanical properties. Epoxy floor coatings, for example, are widely used to prolong the life of concrete floors in manufacturing plants, factories, logistic centers, and other areas of medium to heavy foot traffic. Epoxy coatings are a common protective medium in the automotive industry due to their resistance to chemicals such as oils, cleaners, and bleach.

 

Market Dynamics

The epoxy coating offers various features such as its ability to create strong, durable and chemical resistance; they are highly preferred in various applications, predominantly in paints and coatings industries lead to drive the global market of the product. Furthermore increase in construction spending, particularly in emerging regions of Latin America, MEA and the Asia Pacific, is likely to drive the epoxy surface coatings market in the forecast period

The epoxy coating offers various features such as its ability to create strong, durable and chemical resistance; they are highly preferred in various applications, predominantly in paints and coatings industries lead to drive the global market of the product

Epoxy floor coatings are widely used in the commercial and industrial flooring industries. The coatings are typically applied to concrete floors to provide a high-performance, smooth, and durable surface that can withstand heavy loads for several years. Epoxy floors are used in many factory sites, factories, and commercial buildings to keep staff, machinery, and inventories clean and dry. Epoxy coatings are a highly durable and long-lasting flooring choice. Garages, kitchens, factories, and warehouses are all areas where epoxy floors flourish. Epoxy floors are not only incredibly robust but are also highly customizable. They are also very enticing because they can turn your floor into a very strong piece of art.

Epoxy compounds as coatings or paints are one of the most popular epoxy coating applications. Epoxy coatings are common because they provide metals and other materials with a quick-drying, durable, and protective coating. Unlike conventional heat-cured powder coatings, Epoxy coatings are fast and simple to add, making them ideal for a variety of applications. Thus increasing the advantages of epoxy coating in paints and flooring application is more likely to proliferate the product's market in the forecast period.

An increase in construction spending, particularly in emerging Latin America regions, MEA and the Asia Pacific, is likely to drive the forecast period's epoxy surface coatings market.

Before the coronavirus pandemic, the construction industry had grown to a spending value of nearly 12 trillion dollars, and it is projected to rise at a three percent annual rate. This includes real estate developments, both residential and commercial, as well as utilities and industrial structures. The cost of labor and materials and architectural and engineering costs are all included in construction spending results. The growing numbers of industrial growth are more likely to proliferate the forecast period's epoxy coating demand, particularly in developing countries.

Epoxy coatings are commonly used on floors, metal, and other materials for fast drying, protective coating, and other purposes. Epoxy coatings can be used as epoxy floor paints in various applications, including industrial and commercial flooring. It's used over concrete floors in commercial and industrial applications, including aeroplane hangars, commercial and retail shops, industrial plants, manufacturing plants, aeroplane hangars, hospitals, showrooms, garages, and so on. Building and construction activity is rising in several countries, including the United States, China, and India.

Liquid epoxy resins are often classified as irritants to the eyes and skin and harmful to aquatic species and amine hardeners, particularly corrosive. Still, they can also be poisonous or carcinogenic/mutagenic.

The primary risk associated with epoxy use is often related to the hardener component and not to the epoxy resin. Amine hardeners, in particular, are corrosive, but they can also be poisonous or carcinogenic/mutagenic. Aromatic amines pose a particular health risk (the majority are confirmed or suspected carcinogens). Their use is still limited to unique industrial applications, with safer aliphatic or cycloaliphatic amines replacing them. Furthermore, epoxy floors are hard, which leads to a contact noise while walking. Hence flexible polyurethane floors are usually used in office spaces and homes. Therefore, limited application range of the product leads to hampering the market's growth in recent times.

In their uncured state, liquid epoxy resins are often classified as irritants to the eyes and skin and harmful to aquatic species. Solid epoxy resins are safer than liquid epoxy resins in general, and many are considered non-hazardous materials. Sensitization is one of the risks associated with epoxy resins, which acts as a major hurdle for the market's growth.

COVID-19 Impact Analysis

The construction industry holds a market share of $11.4 trillion worldwide, with residential construction accounting for most of it. The advent of COVID-19 has caused chaos in the residential construction industry. Not only has the current pandemic raised a variety of problems for the construction industry, but it has also thrown the global economy into disarray. The existence and severity of these problems will be largely determined by the global crisis, the length of the recession, and the course of recovery. Prior to the pandemic, the construction industry employed about 7.7% of the global workforce,10 with projections for 2020 indicating that it will contribute to 13.4 percent of global GDP. The pandemic and its disruption of global supply chains have increasingly affected construction activities, with shortages of raw materials and other inputs, contractors and subcontractors, and workers. Thus, the severe impact of COVID-19 on construction and other end-users of the epoxy coating is more likely to hamper product growth in the 2020-2021 period.

Segment Analysis

The global epoxy coating market is segmented based on type, application, and region.

Water-based paints account for around 80% of all household paints sold today, whether it's interior house paint or a heavy-duty protective coating water-based paints in the first choice, as they emit less odors as compared to its competitive segments and follow environmental regulations

In terms of type, the global epoxy coating market is bifurcated waterbornesolvent-borne and powder-based. According to the Paint Quality Institute, a paint advising and testing agency, water-based paints account for around 80% of all household paints sold today. There's no question that one of the biggest benefits of water-based materials, whether it's interior house paint or a heavy-duty protective coating, is that they emit less odors. The evaporation of solvents in cramped or poorly ventilated spaces may be unpleasant for the staff or even dangerous to their health. As a result, water-based coatings are used in many projects, such as fuel storage tanks and railroad tank cars. These also reduce the concentration of flammable materials that build up in a confined space. Another common justification for using a water-based coating is to comply with environmental regulations. Volatile organic compounds, or VOCs, are formed when several solvents evaporate. VOCs are often regulated by national, state, and local governments, limiting how much a company can emit in a given period. Thus, less odor and easy adoption of environmental regulations are more likely to trigger the forecast period's water-borne segment's demand.

 

Geographical Analysis

Increasing construction activities in China, India, and Southeast Asian countries such as Indonesia and Malaysia are expected to drive industry demand for epoxy coating over the Asia-Pacific region's forecast period.

The Asia Pacific emerged as a leader in the epoxy market and is expected to continue its dominance over the coming years due to rising demand from manufacturing, automotive, and construction. Furthermore, increasing construction activities in China, India, and Southeast Asian countries such as Indonesia and Malaysia are expected to drive industry demand over the forecast period. Also, automobile manufacturers are shifting their manufacturing base to these countries due to government incentives and low-cost skilled labor availability.

On the other hand, North America is projected to rise significantly over the forecast period, owing to increased construction activity fueled by low-interest rates on housing loans and a desire to improve public infrastructure to draw tourists. Furthermore, increasing customer awareness of environmentally friendly goods' advantages is expected to boost market growth.

 

Competitive Landscape

The epoxy coating market is highly competitive and consolidated with the presence of local and global companies. Some of the key players contributing to the market's growth include PPG Industries Inc, Axalta Coating Systems LLC, AkzoNobel NV, Nippon Paint, The Sherwin-Williams Company,  Berger Paints India Limited, KANSAI PAINT CO., LTD, BASF SE,  Valspar, RPM International Inc and among others.

The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to the touch sensor market's growth globally. Acquisition and collaboration is the prime growth strategy adopted by various epoxy coating manufacturers. 

  • In January 2021, AkzoNobel announced its agreement with Guangdong Water which involves providing high-performance Resicoat R2 coatings for the Pearl River Delta water resource allocation project. It is the largest investment in a water diversion project in the history of Guangdong Province. Resicoat R2 is a coating developed specifically for use in the drinking water industry, which is commonly applied to valves and fittings and water pipelines.

The Dow Chemical Company

Overview: Nippon Paint Holdings Co., Ltd. a Japanese paint and paint products manufacturing company and is the fourth largest paint manufacturer globally based on revenue in 2020. The company produces high-quality paints and coats for the automotive, industrial and decorative sectors.

Product Portfolio: The company has a product portfolio of epoxy coating includes:

AQUA EPOXY: The product is a two-component high-performance water-based polyamide amine adduct cured epoxy coating designed to protect internal masonry surfaces, including cement or concrete floors, walls, and glazing tile when used with an appropriate primer.

Key Development:

  • In February 2021, Nippon Paint Marine, a leading coatings manufacturer has introduced a new antifouling technology that improves antifouling efficiency to previously unheard-of levels and consistency. Compared to other hull coatings, it also reduces the amount of time and film thickness needed for application.

Why Purchase the Report?

  • Visualize the epoxy coating market segmentation by type, application and highlight key commercial assets and players.
  • Identify commercial opportunities in the epoxy coating market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of epoxy coating market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

The global epoxy coating market report would provide access to an approx: 53 market data table, 46 figures and 202 pages.

Target Audience 2022

  • Service Providers/ Buyers
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