Epoxy coatings Market – Market Overview
The global epoxy coatings market growth was valued at over USD 28 billion in 2018 and is projected to exhibit a strong CAGR of more than 6% over the forecast period from 2020 to 2030, according to the latest research report from Market Research Future (MRFR). The global epoxy coatings market is mainly driven by the growing demand from the automotive and construction industries, according to the MRFR report.
Epoxy coatings are produced from a chemical reaction between an epoxide resin and a polyamine hardener. Depending on the hardness of the end product required, the curing process may take up to several hours. However, lower grades of epoxy coatings can be cured within minutes. Epoxy coatings, when hardened, impart excellent toughness, durability, and mechanical hardness, protecting the surface from physical as well as chemical impacts, as well as moisture and heat. The primary advantage offered by epoxy coatings over conventional solvent-based coatings is the lack of volatile organic compounds, or VOCs. VOCs, which are present in large quantities in solvent-based coatings, are released into the air over time and are a major contributing factor to air pollution. They can cause respiratory diseases in humans as well as air pollution on a larger scale. The lack of VOCs in epoxy coatings has been the primary driver for the industry, as end users such as the construction and automotive industries have made efforts to become more environmentally viable in the big picture and phase out the use of polluting materials.
The growing construction industry is likely to remain the major driver for the global epoxy coatings market over the forecast period. Epoxy coatings Market are applied on to concrete floors in commercial as well as residential applications in order to provide a durable, high-performance surface. Epoxy coatings are also easier and quicker to install than conventional solvent-based coatings, which is another factor driving their usage in the construction industry. The luster of epoxy coatings is also higher than conventional solvent-based coatings, which is another major driver for the global epoxy coatings market. In addition, epoxy coatings resist oil and water stains and are easier to clean than conventional coatings, which makes them more convenient in construction applications. This has driven the demand from the epoxy coatings market at a strong rate over the last few years.
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Epoxy coatings Market- Competitive Landscape
The global Epoxy coatings Market is a highly lucrative market driven by flourishing growth in construction and automobile industry, along with the growing manufacturing plants. AkzoNobel N.V. (Netherlands), Axalta Coating Systems (U.S.), BASF SE (Germany), Berger Paints India Limited (India), Kansai Paint Company Limited (Japan), Nippon Paint Company Limited (Japan) among others are some of the major players operating in this market. Most of these market participants are adopting the expansion, product launch, and merger and acquisition tactics to strengthen their production capacities and market position. Taking account of these trends the global Epoxy coatings Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during the forecast years. The increasing Globalization and urbanization in the developing economies of the region has propelled the construction of residential and commercial infrastructure which is a dominant factor for the demand for epoxy coatings in the region. Moreover, the shifting of manufacturing base by the automobile companies to Asia Pacific owing to favorable government policies and cheap labor is further expected to boost the market. In addition to this, the growing encouragement by the government to reduce greenhouse emissions is also surging the market owing to the environmental friendly qualities of epoxy coatings.
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.
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Industry/ Innovation/ Related News:
1 January, 2018- Versa flex Incorporation and Raven Lining has successfully completed its merger. This merger is expected to build up their product portfolio and technology in polyurea, epoxy, polyurethane, and cementations technologies.
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