Analysis of the Epoxy Coatings Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Epoxy Coatings Market by Type (Solvent-based, Water-based, and Powder-based), by Application (Building & Construction, Automotive, Industrial, Transportation, and Other), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - Chemical & Materials
Report Code - OMR-CM-246
Format: PDF, PPT, and Excel
Epoxy Coatings Market Overview
An epoxy, long-lasting, hardy coating protects Carbon steel tanks from the elements. Epoxy coatings resist environmental hazards, including abrasion, turbulence, chemicals, and high temperatures. Epoxy coating is durable and resistant to many different types of corrosion. Epoxies are widely used as a coating material for various industrial materials. As a synthetic resin floor system, epoxy flooring primarily aims to shield and beautify concrete floors. On a concrete base, it can comprise many layers of thermosetting resin that have been troweled or injected. Due to increased durability and greater toughness, the paints and coatings sector will likely drive growth in this market over the forecast period. Epoxy-based paints and coatings are expected to increase demand as governments in developed countries like the United States and Europe focus more on decreasing the VOC content in these products. Increases in research and development spending on eco-friendly bio-based epoxy resins will provide new business prospects over the forecast horizon. The production of epoxy coatings is more expensive than that of alternative coatings. The sales volume of the worldwide paints and coatings industry dropped to USD 167.6 billion in 2020, down 3% from 2019, as reported by the World Paint & Coatings Industry Association. Although there is a palpable shift in the general trend of the paints and coatings business in response to forecasting, notable variances have formed within market sectors.
Epoxy Coatings Market Growth Factors
Urbanization Among Emerging Countries and Growing Demand Within the Construction Sector to Fulfil Growth
India's urban population as a share of the country's total has been rising steadily since the 1960s. Many people in rural areas move to urban areas for better economic and social conditions. The World Economic Forum estimates that by 2030, 40 percent of India's population will live in urban areas. Demand for housing, especially high-quality housing, has increased throughout Indian cities due to rapid urbanization. The future of decorative paint is bright due to the rising demand for high-quality houses. Epoxy coatings are durable coatings used in many different contexts. These coatings are widely used because they give metals and other materials a protective layer that dries quickly and lasts long. These coatings are superior to standard powder coatings because they may be applied quickly and with less effort. When used for flooring, they provide a sturdy and long-lasting surface. They are installed on concrete floors in a wide range of business and industrial settings, from shops to factories, hospitals, showrooms, garages, and hangars for planes. It's ideal for protecting metals and other surfaces since it dries quickly, is robust, has exceptional adhesion, is water resistant, and cures well. However, epoxy-based polymers used in paints and coatings have poor gloss retention. Floors, metal, and other surfaces often benefit from epoxy coatings because of their speed in curing and protection.
Automotive Transportation Applications to Provide Pathway Towards Significant Revenue
When protecting automobile body parts from rust and corrosion, epoxy coatings offer significant benefits in the transportation sector. Anti-corrosion primers, typically comprised of a thin epoxy coating, are applied to metal components. Epoxy coatings preserve water tanks, outfall structures, fish ladders, dams, and other concrete and steel maritime structures because they cling to wet substrates. When applied in water suspension, epoxy coatings are used as a primer and two-component liquid marine coatings for automobiles. Epoxy coating has seen increased demand in recent years due to the growing automotive industry. Organization Internationale des Constructeurs d'Automobiles (OICA) reports that Austria's automobile output rose from 1,64,900 in 2018 to 1,79,400 in 2019. Similarly, Vietnam saw a rise in automobile manufacturing from 2,37,000 in 2018 to 2,50,000 in 2019. The need for epoxy coatings in the transportation sector is expected to grow in the next years as the number of vehicles manufactured increases. As a result, this is a boon to the development of the market. Increasing demand for water-borne coatings, especially in developing nations, is the primary factor propelling the epoxy coatings market.
Epoxy Coatings Industry Segmentation
Type
• Solvent-based
• Water-based
• Powder-based
Application
• Building & Construction
o Residential Construction
o Commercial Construction
o Industrial Construction
• Automotive
o Passenger Cars
o Commercial Cars
• Transportation
• Other
o Oil & Gas
o Food & Beverages
o Power Generation
o Other Industries
Epoxy Coating Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
Type Insights
Water-Based Solvents to Serve as a Viable Alternative to Solvent-based Products, Increasing Market Opportunity
The global market can be differentiated into solvent-based, water-based, and powder-based based on type.
Water-based coatings dominate the market, developed as an alternative to solvent-based coatings that are less eco-friendly, harmful to human health, and emit high levels of volatile organic compounds (VOCs). Green technology is used to create water-based coatings; these coatings are safer for the environment and meet the standards set by REACH and other regulatory bodies. Water-based technologies are favored since they are safer for the environment and don't release harmful gases. Water-borne coatings continue to challenge solvent-borne coatings due to technological advancements.
In 2022, the solvent-borne epoxy market was the second biggest. Key factors for the expansion of solvent-borne coatings are rising industrialization and the rising prevalence of steel in building industrial plant structures. Coatings on films may be easily applied with the help of solvents since they reduce surface tension.
Regional Insights
The Regional Contribution of Asia Pacific to Exceed Maximum Value Due to Transforming Painting and Coating Sector
Based on global diversification, the market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Approximately 45% of the worldwide epoxy coatings industry is in Asia Pacific. Greater percentages are accounted for by China, India, and Japan in the area. The transformation of paint and coatings producers into service providers makes this strategy very efficient. Manufacturers also provide painting services, carried out in collaboration with skilled contractors. The epoxy coatings industry stands to benefit from India's expected quicker growth than China's. Epoxy coatings are predicted to increase demand throughout Asia and the Pacific due to the considerations above.
These coatings are projected to grow in popularity in North America due to rising environmental consciousness. The market in North America is growing because of the products' superior qualities. These include their longevity, high quality of finishing, and resistance to chipping, corrosion, and abrasion. Major U.S. automakers' plans to expand manufacturing capacity are anticipated to aid market expansion.
During the foreseeable future, Europe will have a sizable portion of the market. The paint and coatings industry has been investing heavily in factory upgrades and expansions, which has contributed to this trend. Epoxy coatings' eco-friendliness is expected to boost development in the area. The demand is expected to be driven by expanded building and expanding car manufacturing in countries with a strong industrial base, such as Germany, Hungary, Romania, Austria, and the United Kingdom.
Epoxy Coatings Industry Analysis
Companies in this market compete mostly based on product price and usefulness. Several major corporations are engaging in strategic alliances to raise their profiles in the marketplace and boost sales and brand awareness.
Mergers and acquisitions, capital expenditures, geographical expansion, and new product launches are just some methods businesses have used to grow their market share. Companies invest heavily in R&D, counting on technical advances through product diversity and low prices.
Epoxy Coatings Market Recent Developments
In February 2022, AkzoNobel has introduced a new series of water-based epoxy coverings for boats. Coatings are developed to resist corrosion and last longer under severe ocean conditions.
Global Epoxy Coatings Market Prominent Players
• PPG Industries, Inc. (U.S.)
• Kansai Paint (Japan)
• RPM International Inc. (U.S.)
• The Valspar Corporation (U.S.)
• MBCC Group (Germany)
• AkzoNobel (Netherlands)
• Sherwin-Williams Company (U.S.)
• Asian Paints (India)
• BASF (Germany)
• Axalta Coating Systems LLC (U.S.)
Frequently Asked Questions (FAQs)
At what rate will the Epoxy Coatings Market Expand?
The global epoxy coatings market will expand at a CAGR of 4.9% during the forecast period, according to objective market research.
What are the factors driving the global Epoxy Coatings market?
The global epoxy coatings market will harvest decent growth during the forecast period owing to increasing demand from the paints and coating industry, rapid urbanization, and increasing consumption from the construction and transportation sectors.
Which segment accounted for the largest Epoxy Coatings market share by application?
The market is dominated by water-based coatings, which were created as an alternative to solvent-based coatings, which are less environmentally friendly, risky for human health, and release a lot of volatile organic compounds (VOCs).
What region holds the major share in the global market scape?
Asia Pacific is home to around 45% of the global epoxy coatings market. China, India, and Japan account for higher percentages in the region. This tactic is particularly effective because it turns paint and coatings manufacturers into service providers.
Which are the dominating players in the market during the forecast period?
Some prominent players in the global epoxy coatings market are The Valspar Corporation (U.S.), MBCC Group (Germany), AkzoNobel (Netherlands), Sherwin-Williams Company (U.S.), and Asian Paints (India), among others.
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Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Transportation Sector to Augment Growth
4.1.1.2. Widening Urbanization
4.1.2. Restrain
4.1.2.1. Higher Production Costs
4.1.3. Opportunities
4.1.3.1. Shifting Trends in the Paintings and Coatings Industry
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Epoxy Coatings Market Analysis & Forecast, by Type from 2019-2030 (in USD million) (in Kg tons)
5.1. Solvent-based
5.2. Water-based
5.3. Powder-based
6. Global Epoxy Coatings Market Analysis & Forecast, by Application from 2019-2030 (in USD million) (in Kg tons)
61. Building & Construction
6.1.1. Residential Construction
6.1.2. Commercial Construction
6.1.3. Industrial Construction
6.2. Automotive
6.2.1. Passenger Cars
6.2.2. Commercial Cars
6.3. Transportation
6.4.Other
6.4.1. Oil & Gas
6.4.2. Food & Beverages
6.4.3. Power Generation
6.4.4. Other Industries
7. Global Epoxy Coatings Market Analysis & Forecast, by Region from 2019-2030 (in USD million) (in Kg tons)
7.1. North America
7.1.1. North America Epoxy Coatings Market Analysis & Forecast, By Country
7.1.1.1. U.S.
7.1.1.2. Canada
7.1.1.3. Mexico
7.1.2. North America Epoxy Coatings Market Analysis & Forecast, By Type
7.1.3. North America Epoxy Coatings Market Analysis & Forecast, By Application
7.2. Europe
7.2.1. Europe Epoxy Coatings Market Analysis & Forecast, By Country
7.2.1.1. Germany
7.2.1.2. UK
7.2.1.3. France
7.2.1.4. Spain
7.2.1.5. Italy
7.2.1.6. Rest of Europe (RoE)
7.2.2. Europe Epoxy Coatings Market Analysis & Forecast, By Type
7.2.3. Europe Epoxy Coatings Market Analysis & Forecast, By Application
7.3. Asia-Pacific (APAC)
7.3.1. Asia-Pacific Epoxy Coatings Market Analysis & Forecast, By Country
7.3.1.1. Japan
7.3.1.2. China
7.3.1.3. India
7.3.1.4. South Korea
7.3.1.5. Rest of the APAC
7.3.2. Asia-Pacific Epoxy Coatings Market Analysis & Forecast, By Type
7.3.3. Asia-Pacific Epoxy Coatings Market Analysis & Forecast, By Application
7.4. Latin America
7.4.1. Latin America Epoxy Coatings Market Analysis & Forecast, By Country/Region
7.4.1.1. Argentina
7.4.1.2. Brazil
7.4.1.3. Rest of Latin America
7.4.2. Latin America Epoxy Coatings Market Analysis & Forecast, By Type
7.4.3. Latin America Epoxy Coatings Market Analysis & Forecast, By Application
7.5. Middle East & Africa
7.5.1. Middle East & Africa Epoxy Coatings Market Analysis & Forecast, By Country/Region
7.5.1.1. South Africa
7.5.1.2. UAE
7.5.1.3. Saudi Arabia
7.5.1.4. Rest of Middle East & Africa
7.5.2. Middle East & Africa Epoxy Coatings Market Analysis & Forecast, By Type
7.5.3. Middle East & Africa Epoxy Coatings Market Analysis & Forecast, By Application
8. Competitive Landscape
8.1. Market Share Analysis (2022)
8.2. Market Positioning of Top Players (2022)
8.3. Key Developments & Growth Strategies (2020-2022)
8.3.1. Product Launches
8.3.2. Merges, Collaborations & Agreements
8.3.3. Expansion
8.4. SWOT Analysis
9. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
9.1. PPG Industries, Inc. (U.S.)
9.1.1. Company Snapshot
9.1.2. Business Overview
9.1.3. Financial Data
9.1.4. Key Products Offered
9.1.5. Recent Developments
9.2. Kansai Paint (Japan)
9.3. RPM International Inc. (U.S.)
9.4. The Valspar Corporation (U.S.)
9.5. MBCC Group (Germany)
9.6. AkzoNobel (Netherlands)
9.7. Sherwin-Williams Company (U.S.)
9.8. Asian Paints (India)
9.9. BASF (Germany)
9.10. Axalta Coating Systems LLC (U.S.)
9.11. Others
10. Appendix
10.1. Currency Exchange Rate to USD
10.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain