Zion Market Research has published a new report titled “Epoxy Coatings Market by Type (Powder-Based, Waterborne, and Solvent Borne), by Application (Transportation, Paints & Coatings, Electrical & Electronics, Construction, Adhesives, and Other Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024 ”. According to the report, global epoxy coatings market was valued at USD 27.66 billion in 2017 and is expected to reach USD 38.92 billion in 2024, growing at a CAGR of 5% between 2018 and 2024.
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Epoxy coatings are durable, offer high surface finish, chemical resistant, and strong. All above-mentioned characteristics make epoxy useful in many industries which includes automotive, marine, and electrical, among others. It is highly popular owing to providing toughness, protective, and quick dry coating to metals, concrete floor, and other materials.
The market is driven by various factors such as increasing demand from developing countries and the high demand in end-use industries is estimated to drive the epoxy coatings market over the forecast period. However, low performance in exterior applications and a slowdown in developed countries are expected to prevent the demand of the market. Nevertheless, high economic growth in developing countries and extensive growth of epoxy coatings for powder-based coating are creating major opportunities for global epoxy coatings during the projected years.
The epoxy coatings market is segmented into type, application, and region. In the term of the type, the epoxy coatings market is divided into powder-based, waterborne, and solvent-borne. Powder-based segment held the largest market share in 2017. Powder-based epoxy coatings from past few years are very popular and are gaining its popularity owing to the type of VOC-free coating. Epoxy coatings market is anticipated to exhibit rapid growth owing to the development of new formulation, material and advancement of the application process, and equipment. Rising demand from end-use application including transportation, general industrial, and transportation is one of the reasons behind the growth of powder-based coating. Water-borne coatings show high toughness and mechanical strength along with thermal and electrical properties. The absence of flammable constituents and isocyanate and additionally reasonable ventilation systems of water-based coatings made it as the first choice. The solvent-based coating is very easy to apply on the surface without any surface tension these aspects are anticipated to propel the demand in the near future.
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The Asia Pacific region accounted for around 50% market share of epoxy coating in 2017 and it is estimated to be the dominating region over the forecast period. The growing construction and industrial development in the economies such as China, India, and Japan are anticipated to fuel the demand for epoxy coatings market within the projected period. Europe and North America are forecast to experience a significant growth rate over the forecast period. The Middle East and Africa and Latin America are anticipated to exhibit rapid growth rates over the years to come, owing to increase in construction activity and industrial development.
The key players in the global epoxy coatings market are Akzonobel NV, RPM International Inc., BASF SE, The Valspar Corporation, PPG Industries, Nippon Paint Co. Ltd., The Sherwin-Williams Company, Tikkurila OYJ, Axalta Coating Systems LLC, and Kansai Paint Co. Ltd. The detailed description of players includes parameters such as company overview, financial overview, business and recent developments of the manufacturers.
This report segments the epoxy coatings market as follows:
Epoxy Coatings Market: Type
Epoxy Coatings Market: Application Analysis
Paints & Coatings
Electrical & Electronics
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Epoxy Coatings Market: Region Analysis
The Middle East and Africa