The market for epoxy coatings is expected to expand at a CAGR of more than 4% during the forecast period. The major factors driving the market studied are growth in the powder-based epoxy market, due to the absence of VOC, and increasing demand for water-borne epoxy coatings. However, stringent regulations on VOC emissions are expected to hinder the growth of the market studied.
- The introduction of epoxies with minimal or no VOC emissions is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world with the largest consumption.
Key Market Trends
Increasing Demand from the Building and Construction Industry
- Epoxy coatings help in the development of several properties in coatings, which includes strength, durability, and chemical resistance.
- The fast drying, toughness, outstanding adhesion, resistance to water, good curing, make it suitable to provide protection to metals and other surfaces.
- On the other side, the paints and coatings derived from epoxy-based resins have limited gloss retention.
- Epoxy coatings are majorly used for quick-drying, protective coating, etc. for floors, metal, and other materials. Epoxy coatings can be used as epoxy floor paints in an application such as industrial or commercial for flooring applications.
- It is used over concrete floors in the application of commercial and industrial applications such as in airplane hangars, commercial and retail stores, airplane hangars industrial plants, manufacturing plants, airplane hangars, hospitals, showrooms, garages, etc.
- The building and construction activities are growing in many countries such as United States, China, India, etc.
- According to the world bank, in 2020, the construction industry is likely to reach about USD 11.9 trillion, with an increase of about 4.2% from 2019. Thus, in turn, is likely to increase the demand for coatings.
- Such positive growth in the building and construction industry is likely to increase the demand for epoxy coatings in the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is the largest coatings market across the globe with a 45% share of the global epoxy coatings market.
- In the region, China, India, and Japan account for higher shares. China has a share of around 56% of the coatings demand in the region.
- The conversion of the paints and coatings manufacturers to service providers makes it a highly productive option.
- The manufacturers are also providing the service of painting jobs as well; this is being done with the help of trained contractors as partners.
- India is to grow at a faster rate than China, thus providing new opportunities for the epoxy coatings market.
- The aforementioned factors are expected to increase the demand for epoxy coatings in Asia-Pacific in the forecast period.
The epoxy coatings market is semi-consolidated. The major companies include PPG Industries Inc., AkzoNobel NV, Axalta Coating Systems LLC, The Sherwin-Williams Company, Nippon Paints, etc.
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