LONDON , Oct. 14, 2022 /PRNewswire/ -- According to a market research study published by Brandessence Market Research, the demand analysis of Global Epoxy Coating Market size & share revenue was valued at USD 32.40 Billion in 2021 and is expected to reach USD 47.14 Billion by 2028, at a CAGR of 5.5% between 2021 and 2028.
The global epoxy coating market is going to show considerable growth with the market expected to get traction in the world with rise in the demand for the paints and coatings industry because of the improvement in its durability and superiority when it comes to durability and toughness. There is a rise in the emphasis by the governments regionally on the reduction of the VOC content in the coatings and VOC content in the developed countries such as Europe and US which is going to accelerate the demand of the industry.
The Epoxy coating is going to be used exclusively for enhancement of the shelf life of the structural steel that is going to propel the market a lot more in the coming years. There are countries where the solid epoxy is going to see a lot of demand carrying on from the last few years. This might be attributed to the preference over the concrete floors from many varieties for the industrial and commercial applications including the retail stores, manufactural as well as industrial plants, garages, showrooms, hospitals as well as warehouses.
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Epoxy Coating Market: Competitive Analysis
The global epoxy coating key players include BASF, AkzoNobel N.V., Berger Paints India Limited, Nippon Paint Company Limited, The Sherwin-Williams Company, PPG Industries Inc., and RPM International Inc. The key to the growth of market share in the world is their expansion geographically. It is important for the companies to carry out activities which would create awareness all over the world for these companies.
Epoxy Coating Market: Segmentation Analysis
In terms of segmentation, the solid epoxy product is a segment which has emerged dominant and accounted for over half of the share of the industry. This is a segment which is going to gain momentum all over the world due to the versatility it has across the range of applications like the industrial, commercial, flooring, non-slip and heavy industry.
The solvent borne segment ended up being the product which was the second largest in terms of the revenue share. The growth in the industrialization in addition to the increase in steel usage in the industry structure fabrication is going to be the major drivers for growing the solvent borne coatings. The solvents also allow the easy application of coatings on the films without causing any sort of surface tension. The waterborne coatings segment is going to see a higher growth rate in the industry due to the applications for the moisture barrier. Further, the strict regulations of environment regulations which direct the reduction of the content of VOC in paints and coatings is going to propel the demand for the coming years.
The transportation segment has been emerging as a major application in the coming years and it has accounted for a total revenue share which is growing with every passing day. The rise in the demand due to growth in the middle class and an increase in the emerging markets and their disposable incomes is going to grow the market considerably. The coating also acts as an inhibitor of corrosion and helps in the prevention of rust from the body parts of the automotive and some others like the metal components. The evolution of the automotive industry particularly in the developed regions is going to grow as there are technical advancements happening in these regions.
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Epoxy Coating Market: Regional Analysis
Epoxy coating market regional analysis suggests that the Asia Pacific region is going to emerge as the leader in this market and its total share of revenue. This is a region which is going to continue its dominance in the coming years because of a rise in demand from the industries such as automotive, manufacturing as well as construction. Further, it is the construction activities in China , India and some parts of Indonesia is going to drive the market in the region.
The automobile manufacturers are now manufacturing their bases to the countries due to the incentives of the government and the lower cost of skilled labor. The rise in the disposable income in addition to the expansion of population is going to drive the transport sector in the economies which is going to drive the sector of transportation in these economies and stimulate the demand.
The second largest region was Europe and the share of revenue can be attributed to the growth in the investments by paints and coating companies for improving and expanding their manufacturing facilities. The characteristics are environment friendly and will be augmenting growth in this region. The public infrastructure in North America has seen growth substantially in the coming years and there is a rise in the construction activities with their being lower interest on the loans related to housing for attracting tourism.
Epoxy Coating Market: Key Drivers
Epoxy coating growth is driven by the major application it has in the paints and coatings all over the world This is due to the properties it has. The epoxy based coatings have much superior resistance to the UV light, heat, abrasion, improved, dimensional stability and the toughness. Further, the excellent adhesion to many substrate surfaces including glass, metal and fiber is going to fuel the demand. The increase in the demand for the VOC free powder and fusion bonded epoxy coatings from the different industries Including the household appliances and pipeline construction due to the superior prevention of sealing and corrosion is going to propel this market in the coming few years. The rise in the research and development activities in addition to the growth in the investments.
Epoxy Coating Market: Key Trends
There is a rise in the demand for the energy efficient green buildings in addition to the growth in the emphasis in the improvement of indoor air quality as well as occupant health in the buildings which is expected to grow the demand for the lower VOC epoxy coatings over the coming years. Though, the volatile prices due to the fluctuation in the prices of raw materials is going restrain growth in the coming years.
On Special Requirement Epoxy Coating Market Report is also available for below region:
Germany , France , U.K., Italy , Spain , Sweden , Netherland, Turkey , Switzerland , Belgium , Rest of Europe
South Korea , Japan , China , India , Australia , Philippines , Singapore , Malaysia , Thailand , Indonesia , Rest Of APAC
Mexico , Colombia , Brazil , Argentina , Peru , Rest of Latin America
Saudi Arabia , UAE, Egypt , South Africa , Rest Of MEA
Epoxy Coating Market: Recent Developments
PPG has launched PPG PHENGUARD 985 Phenolic Epoxy Tank Coating.
On March 31st, 2021 - The coating products manufacturer PPG has announced the launch of PPG PHENGUARD 985 phenolic epoxy tank lining, which represents a significant advance for the marine and tank storage sector. The premium tank lining is designed to provide extremely high chemical resistance to a wide range of aggressive chemicals and high-temperature resistance to chemicals containing fatty acids.
Solvay has launched a reactive waterborne emulsifier for solid epoxy resins.
On November 17th, 2021 - Solvay developed Reactsurf 0092, an alkylphenol ethoxylates-free (APE) and non-ionic reactive water-based emulsifier for solid epoxy resins primarily for use in industrial coatings and paints or binders. Solvay's unique and versatile Reactsurf 0092 technology allows the creation of high-performance waterborne epoxy-based coatings that can match or exceed solvent-based (SB) coatings but with lower levels of volatile organic compounds (VOCs).
Axalta has launched Voltacast 3310, a new epoxy resin in its Energy Solutions portfolio.
On March 20th, 2019 - Axalta, a leading global supplier of liquid and powder coatings, launched Voltacast 3310/Voltacast H134, a new epoxy-based casting resin system that expands the Voltacast product portfolio of casting resins from Axalta's Energy Solutions business. Voltacast 3310 is specifically designed to provide high thermal stability in combination with high thermal conductivity for winding head encapsulation or total stator encapsulation of electric motors such as servo drives or large machine tools.
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