Epoxy Coatings Market

The global epoxy coatings market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rising demand from paints and coatings industry globally.

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Epoxy coatings are long-lasting coatings made from a polyamine hardener and an epoxide resin in a chemical process. This is termed as curing, where it can take anywhere between a few minutes to several hours, based on the strength & hardness of the coating required. Since these coatings can form a robust, long-lasting, and chemically resistant film; they are employed in a range of protective coating applications in the automotive, transportation, building and construction industries. Epoxy coating techniques produce a robust, durable, and impact-resistant protective film with exceptional adherence. These coatings are primarily water-based or powder-based and are gaining popularity over traditional solvent-based coating systems due to the numerous benefits they provide. Fewer coats are required to obtain the necessary film thickness, low-temperature curing process, compliance with volatile organic compounds (VOCs), and a reduction in the need for air ventilation during curing and application. Epoxy powder-based coating is rapidly replacing wet paint as the preferred finishing technique owing to its low VOC emissions, formulas, and technological developments.

The COVID-19 outbreak has brought negative impact on the epoxy coatings market due to emergency restrictions and lockdowns by respective regulatory bodies across the region, which resulted in disruption in demand and supply chain globally. The market is expected to recover soon as gradual lifting of emergency lockdown by governments across the globe.

Market Trends, Drivers, Restraints, and Opportunities

• Rapid urbanization that lead to rapid construction and building projects in developing region is expected to boost the market growth in the coming years.
• Rising need for epoxy coatings in various end-use industries including automotive and industrial sectors is another key factor driving the market growth.
• Availability of excellent adhesion for variety of substrate surfaces including glass, metal, and fiber are anticipated to boost the market expansion during the projected period.
• Fluctuating raw material prices associated with epoxy resins present a major challenge. This is anticipated to hamper the market growth in the projected period.
• Growing demand for energy efficient green buildings along with growing emphasis on improving the indoor air quality is projected to create significant growth opportunities for the market in the near future.

Scope of the Report

The report on the global epoxy coatings market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Transportation segment to grow at a rapid pace

Based on end-users, the global epoxy coatings market is divided into transportation, industrial, building & construction, automotive, and others. The transportation segment is expected to grow at a rapid pace during the forecast period owing to growing demand for vehicles, impacted by increasing disposable income of a large number of the global population. However, the building & construction segment is anticipated to hold a key share of the market in the coming years due to increasing usage of epoxy coatings in industrial, residential, and commercial construction.

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Solvent-based segment to expand at a considerable CAGR

On the basis of technology, the market is segregated into solvent-based, water-based, and powder-based. The solvent-based segment is projected to expand at a considerable CAGR during the forecast period attributed to growing industrialization along with the wide adoption and usage of steel in industrial plant structure. On the other hand, the water-based segment is anticipated to account for a major market share during the forecast period due to its use for moisture barrier applications across several products.

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Asia Pacific to constitute a key market share

In terms of regions, the global epoxy coatings market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to rising demand for the products from industries including automotive, construction, and manufacturing in the region. However, the market of North America is anticipated to expand at a rapid pace during the forecast period attributed to growing construction activity as a result of affordable interest rates on housing loans and an effort to better public infrastructure in order to attract tourism across the region.

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Segments

Segments Covered in the Report
The global epoxy coatings market has been segmented on the basis of
End-users

• Transportation
• Industrial
• Building & Construction
• Automotive
• Others

Technology

• Solvent-based
• Water-based
• Powder-based

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Axalta Coating Systems, Ltd.
• Sherwin-Williams Co.
• PPG Industries, Inc.
• Akzo Nobel N.V.
• Nippon Paint Holdings Co.

Competitive Landscape

Key players competing in the global epoxy coatings market are Axalta Coating Systems, Ltd.; Sherwin-Williams Co.; PPG Industries, Inc.; Akzo Nobel N.V.; and Nippon Paint Holdings Co. Manufacturers in the industry have employed a range of strategic initiatives including collaborations, mergers and acquisitions, and partnerships to expand their consumer base and obtain a competitive advantage over competitors. Furthermore, in order to maintain their market competitiveness, businesses are focusing their R&D spending on the production and introduction of new products.