Global Epoxy Coating Market is projected to reach USD 48.40 billion in 2027. The growth of the global Epoxy Coating Market in the next eight years is expected to drive increased expenditures on residential and commercial construction in emerging areas such as Asia Pacific and the Middle East.
Rapid industrialization in Asia-Pacific has led to an increase in use of epoxy coating in flooring applications in retail shops, hospitals, showrooms and warehouses, both commercial and industrial structures. These coatings offer superior shine and elegant finish in the form of terrazzo floors, chipboards, and colorful walls.
The rising automotive industry in Asia-Pacific and Latin America developing economies is expected to increase demand for epoxy coatings due to an increasing population base and disposable income. The growing size of applications in vehicle bodies and other metal components to avoid rust and corrosion is expected to increase market development. Moreover, the growing use of epoxy-based coating as the foundation for automotive parts to ensure paint adhesion would fuel demand on the market over the next years.
Solvent-borne epoxy has grown to represent over a third of the overall market volume as the dominant product segment. However, they have been historically built to protect steel; they have now been widely used and adapted to flooring and for cement structures. Solvents allow fast coating application without formulation problems in the required areas.
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Key Players Profiled in the Report Include:
The Valspar Corporation, AkzoNobel N.V., Axalta Coating System, BASF, Berger Paints India Limited, Nippon Paint Company Limited, PPG Industries Inc., Tikkurila Oyj, The Sherwin Williams Company, and RPM International Inc, among others.
Further key findings from the report suggest:
Factors such as low VOC quality, longevity, quick dry time and mitigated hazardous disposal as compared to their counterparties are projected to have been most rapidly increased during watersports from 2019 to 2027.
The construction sector is the leading segment of applications with the fastest growing growth. The need for new commercial, residential and industrial infrastructure has needed rapid population rise and increasing migration into urban areas. In both developed and emerging regions low interest rates on housing loans are ready to impact demand growth.
Owing to policy incentives and the availability of low-cost skilled labor, car makers are moving their production bases to these countries. In such economies, higher disposable incomes and population growth are expected to increase transport demand in epoxy layering eventually.
Asia-Pacific has a majority market share as the dominant regional market. The regional market is expected to be driven by an increased demand for institutional frameworks coupled with the change in production landscape to China, India and South East Asia. From 2019 to 2027, the area is expected to experience the fastest growth.
In August 2019, Polytek Development Corp. announced the acquisition of Stone Coat Countertops, a supplier of speciality polymers for mold making and casting applications. Polytek is Arsenal Capital Partners' portfolio firm.
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Market Dynamics:
The materials and chemicals industry is rapidly gaining traction over the forecast period and is expected to expand significantly in the coming years. Technological advancements and rising innovation are key factors boosting global market growth. The global Epoxy Coating market is projected to register robust revenue CAGR during the forecast period between 2021 and 2028. Increasing awareness about green energy and eco-friendly biodegradable products, environmental impact due to carbon emissions are few key factors supporting market growth. High demand for various chemicals and raw materials in various industrial sectors such as food and technology, pharmaceutical and biotechnology, manufacturing, paint and coating, paper, plastic among others. In addition, increasing research and development activities, growing demand for products like perfumes, soaps and detergents for daily usage along with rising disposable income across the globe are further boosting market growth.
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By Product Type:
Solvent Borne
Waterborne
Powder
By Application:
Construction
Industrial
Transportation
Others
Regions covered in the report:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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