Epoxy Coatings Market Trends, Share, Growth, Demand, Industry Segments, Key Player Analysis and Comprehensive Research Study by 2030
Research Reports
Dec 07, 2021
An Epoxy Coating has compounds that are used as coatings or paints, cross-linked with a co-reactant or hardener prior to application in order to give a performance oriented outcome. Epoxy Coatings are widely used in the production of adhesives and resins. They are the type of external coverings, provided by Epoxy Resins which serves resistance to UV light and corrosive chemicals among other properties. The Global Epoxy Coating Market relies on improved and durable coatings. Moreover, stringent rules and regulations are implemented by the regional governments to curb down VOC content in the paints and coatings industry which are projected to drive the demand of Global Epoxy Coating Markets. These coatings are used in combination with concrete and steel to give them water, alkali, and acid resistance. Epoxy Coatings are generally used in industrial and automotive applications.
The prominent driving factors in the Global Epoxy Market are increasing construction activities and growing demand from the paints and coatings industry. Rapid growth in automotive and construction industries are projected to fuel the demand of Global Epoxy Market during the forecast period, 2017-2023.
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Competitive Analysis:
Well known players functioning in the Global Epoxy Coating Market are BASF SE(Germany), AkzoNobel N.V( the Netherlands), Axalata Coating System LLC (U.S.), The Valspar Corporation( U.S.), PPG industries (U.S.), Aditya Birla Chemicals (India), Tikkurila OYJ (Finland), RPM International Inc (U.S.) and others.
Market Segmentation:
The Global Epoxy Coating Market is segmented by type, application, and region.
Waterborne, solvent-based and powder coatings are classified on the basis of market type. Water Borne Coatings use water as a solvent to scatter the resin which is used for making coatings or paints. These coatings use water as a solvent and are easy to apply. Due to these reasons, it is termed as an eco-friendly product. Waterborne coatings are further sub-divided into waterborne catalyzed epoxy, direct to metal acrylic, and waterborne acrylic. During the forecast period, it is estimated that the Global Waterborne Coating Market is set to expand at a higher CAGR of 5.77% due to growing demand in the architectural sector. Powder based coatings are of two types, namely thermoset and thermoplastic. Thermoset are further segmented into epoxy resin, acrylic resins, polyester powder coats, and polyvinyl fluoride. Polyester powder coatings hold the largest share in the thermoset segment and expected to continue its dominance during the forecast period.
On the basis of application, the market is segmented into construction, automobile, transport, electrical & electronics, and others. Among these, construction accounted for more than 36% of global consumption in the year 2016 and anticipated to continue its growth owing to an increase in construction activities. Rapid growth integrated with the availability of incentives and skilled workers has been recognized in the automobile and transport industry.
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Regional Analysis:
The world’s largest share of Global Epoxy Coating Market has been held by Asia Pacific followed by Europe, North America, Latin America, and the Middle East & Africa. China, India and Malaysia are the countries in Asia Pacific region, expected to grow with the same pace in the forecast period, 2017-2023. Germany, U.K and Italy in Europe have observed a rapid growth due to increasing investment by the paints and coating industries. A stunning growth has been projected in North American and Latin American regions due to the production of environmental friendly products. The demand for Epoxy Coating Market has been increasing in the Middle East and Africa due to growing investments in the construction and industrial activities.
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