Global Epoxy Coating Market is valued at USD 32.40 Billion in 2021 and expected to reach USD 47.14 Billion by 2028 with a CAGR of 5.5% over the forecast period.
Global Epoxy Coating Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028: Increasing demand from the building and construction industry, and growing demand for epoxy coatings in the transportation industry are some of the major factors driving the growth of the global epoxy coating market.
A coatings compound characterized as just an epoxy coating is made up of two unique ingredients:
epoxy resin and polyamine hardener (also known as a catalyst). When mixed, the resin and hardener engage in a chemical reaction that creates cross-linking of the components as they cure. Epoxy resins are a type of synthetic resin used in the manufacture of plastics and adhesives. The choice of epoxy depends on humidity, environmental exposure, substrate, temperature, surface preparation, induction time, application time, and others. The ratio of the mixture of epoxy with hardener is different for different products and describes the performance of the coatings. These resins are widely recognized for their versatile properties such as abrasion resistance, extreme hardness, and excellent dimensional stability.
The global epoxy coating market has experienced a decline as a result of the COVID-19 epidemic. The closure of domestic manufacturing facilities as a result of the COVID-19 epidemic has had a significant negative impact on the nation's export-driven economy. The construction sector has been hit hard as self-isolation, social distancing, and city-wide lockdowns have forced a halt to construction in many places and construction sites around the world, except for those working on critical projects like hospitals. All of these have had an impact on the overall silicone coating consumption in all countries.
The global epoxy coating market is segmented on the technology, application, region & country level. Based on Technology, the global epoxy coating market is segmented into powder-based, waterborne, and solvent borne. By application, the global epoxy coating market is segmented into electrical & electronics, construction, transportation, adhesives, paints & coatings, general industrial, and others.
The regions covered in the global epoxy coating market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global epoxy coating is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
One of the major factors in the growth of the epoxy coating market is the increasing demand from the building and construction industries. Epoxy coatings are mainly used for quick-drying, protective coatings, etc. for floors, metals, and other materials. Epoxy coatings can be used as epoxy floor paints in applications such as industrial or commercial flooring applications. It is used on concrete floors in industrial applications such as aircraft hangars, commercial and retail stores, aeroplane hangars, industrial plants, manufacturing plants, aeroplane hangars, hospitals, showrooms, garages, etc. Building and construction activities are increasing in many countries, like the United States, China, India, etc. Brandessence's market survey found that over six million homes are painted in the United States each year, resulting in approximately 120 million gallons of paint sold in the United States each year. This number is likely to increase further. Besides, according to a Brandessence market survey, the global building and construction industry accounted for $11.9 trillion in 2020, representing a 4.2% increase over 2019. Thus, the demand for coatings is also likely to increase in the coming years due to the increasing construction in different segments.
Moreover, the growing demand for epoxy coatings in the transportation industry is also supplementing the epoxy coating market growth. Epoxy coatings in the transportation industry offer great benefits in preventing rust and corrosion on automotive body parts. It involves applying a primer to metal parts that are non-corrosive and coated with a thin epoxy-based coating. For instance, in 2021, 79.1 million motor vehicles were produced worldwide, an increase of 1.3% compared to 2020. Automotive epoxy coatings applied in water suspension are used as primers and as two-part liquid marine coatings. The increasing production of automobiles has further increased the demand for epoxy coating. And this growth is expected to increase exponentially in the coming years as well.
In addition, the rising demand for water-borne coatings is boosting the growth of the epoxy coating market. High mechanical strength and toughness are key properties exhibited by water-borne epoxy coatings. The high cost of epoxy coatings can be foreshadowed by the excellent properties and long life of water-borne coatings. In addition, epoxy coating technology is expected to be used primarily because of the low pollution it causes, in compliance with stringent government regulations, especially to control air pollution. In various regions, under the paints and coatings segment, waterborne epoxy coatings account for a major share. For instance, as per the news published on November 17th, 2021; Solvay launched a reactive waterborne emulsifier for solid epoxy resins mainly for use in industrial coatings and paints or binders. Thus, increased use of water-borne coatings in building and construction, transportation, and other end-use industries will drive the epoxy coatings market over the forecast period.
However, the high cost associated with epoxy coating may hinder the growth of the global epoxy coating market. Despite that, rising interest in self-cleaning super-hydrophobic surfaces may create more opportunities in the global epoxy coating market.
Geographically, Asia-Pacific holds a significant share of the global epoxy coating market during the forecast period, owing to rising construction activities, rising demand for epoxy coating in paint and coating, and rising disposable income, all of which drive the market. Increasing construction activities are driving the growth of the market. For example, the government of India launched the Smart City Mission on February 20, 2021, with the goal of developing 100 smart cities across the country. Therefore, increasing development activities result in the growth of the global epoxy coating market. In addition, the rising demand for epoxy coating in paint and coating is another factor supplementing the market growth in this region. For instance, as per the news published on November 17th, 2021; Solvay has developed Reactsurf 0092, an alkylphenol ethoxylates-free (APE) and non-ionic reactive water-based emulsifier for solid epoxy resins, mainly for use in industrial coatings and paints or binders. Therefore, many innovations in various paints and coatings promote the growth of the epoxy coating market.
Europe is the fastest growing region in the global epoxy coating markets. due to increasing investment in paints and coatings, increasing consumer awareness about the benefits of eco-friendly products, and growing construction activities. These factors drive the market. For example, according to news published on September 2, 2020; allnex has launched a new eco-friendly phenolic resin recommended for interior and exterior can coatings with a value as low as 0.1% free formaldehyde. Hence, large-scale investments by players as well as several innovations in various eco-friendly products are fuelling the growth of the epoxy coating market.
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.
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).
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.
|2015 - 2020
|2021 - 2028
|Market Size in 2021:
|USD 32.40 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 47.14 Billion
|Tables, Charts & Figures:
|key players / Manufacturers
|AkzoNobel N.V., Nippon Paint Company Limited, Berger Paints India Limited, PPG Industries Inc., RPM International Inc., The Sherwin-Williams Company, BASF, and others
|By Technology, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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