Market Overview
Epoxy coatings are durable coatings, which are generally formed by chemical reaction, using a polyamine hardener and an epoxide resin. It is generally manufactured with the help of a process called curing. It has compounds, which are used as paints and coatings. Epoxy coatings are extensively used to produce resins and adhesives. These coatings are used in combination with steel and concrete to give them alkali, water, and acid resistance and find application in the automotive and industrial sectors. The global epoxy coatings market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 6% during the forecast period (2019-2025).
Epoxy coatings are high in demand from the building and construction industry. These coatings are highly used for protective coating and quick-drying for metal, floors, and other materials. They are used as epoxy floor paints in commercial and industrial for floor applications. Epoxy coatings are also used over concrete floors in industrial and commercial applications like in commercial and retail stores, airplane hangars, manufacturing plants, industrial plants, showrooms, hospitals, and garages. With the recent boom in construction activities, the market is estimated to gain prominence across the globe.
The increased focus by the regional governments to reduce the content of VOC in the epoxy-based paints and coatings, especially in developed countries like Europe and the U.S. will accelerate the market growth in the foreseeable future. The product is also used to improve the shelf-life of structural steel, which is predicted to increase the adoption of the product in the coming years.
Industry Updates
August 2019: PPG has recently declared the launch of PPG AQUAPON WB EP water-based epoxy coating, which features an ultra-low and fast-drying VOC formulation. This all-new product in the PPG Aquapon line has been specifically designed for high-traffic interior spaces.
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Competitive Dashboard
The top players operating in the epoxy coatings market include-
- PPG Industries, Inc (US)
- BASF SE (Germany)
- Valspar (US)
- KANSAI PAINT CO., LTD (Japan)
- Akzo Nobel NV (Netherlands)
- NIPSEA GROUP (Singapore)
- Axalta Coating Systems, LLC (US)
- The Sherwin-Williams Company (US)
- RPM International Inc. (US)
- Hexion (US)
- Berger Paints India Limited (India)
- Tikkurila (Finland)
Global Epoxy Coatings Market: Segmental Analysis
The global epoxy coatings market has been segmented on the basis of technology and end use industry.
By Technology, the epoxy coatings market is segmented into water-borne, solvent-borne, and powder. Among these, the water-borne segment will gain prominence as it is considered eco-friendly and is high in demand from the architectural sector.
The End Use Industry comprises industrial, building & construction, consumer goods, automotive & transportation, and others. Of these, the construction segment is predicted to gain prominence due to booming construction activities across the globe. The growing use of epoxy coatings in industrial, residential, and commercial construction will drive its demand in the segment. Moreover, attributes like corrosion resistance, chemical resistance, and adhesion to substrates will impact the market demand positively in the construction segment.
Regional Frontiers
Geographically, the epoxy coatings market spans across Europe, Asia Pacific, Latin America, North America, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific held the largest share of over 40% in 2018 and is likely to retain its growth in the long run. The booming automotive, building and construction, and consumer goods industries are the primary growth stimulants of the regional market. In this region, China is considered the largest producer of epoxy resins and is the leading consumer for epoxy coatings. Developments in the construction sector, especially in countries like India and China, along with the recent boom in the construction activities in the Southeast Asian countries will create new growth opportunities for the regional market in the foreseeable future.
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The automotive sector in China, India, Thailand, and Japan are the primary consumers of epoxy coatings. The automotive sector, along with the automotive aftermarket in the APAC is the largest across the globe, which further triggers the demand from the epoxy coatings market. Rising spending coupled with surging per capita income of the individuals will encourage the market growth across the globe.
Europe holds a considerable share in the global market. The growth can be credited to the surging investments by the paints and coatings companies in enhancing and expanding their manufacturing facilities. Epoxy coatings are environment-friendly, which will further drive its growth in the region.
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