The global epoxy coating market was valued at $28.3 billion in 2020, and is projected to reach $48.7 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030.
Epoxy coatings are durable coatings, formed by mixing epoxide resin and polyamine hardener (catalyst) by a chemical process known as curing. The processing time for curing may vary from several minutes to hours depending on the hardness of the coating required for the end-use purpose.
The mixture ratio of the epoxy with the hardener is different for different products and defines the efficiency of the coatings. The selection of the epoxies depends upon the factors such as type of substrate, temperature, surface preparation, humidity, environmental exposure, induction time, application time, and others. After proper catalyzed application of the epoxy coating, it provides a hard, water, and chemical solvent resistant finish to the final product. The properties of epoxy coatings such as corrosion resistance, flexibility, and superior adhesion allow it to be used by various end-user industries such as building & construction, automotive & transportation, industrial, marine, aerospace, and others.
The building & construction sector is growing rapidly in both developed and developing economies, owing to increasing demand for commercial space such as offices, hotels, malls, industrial corridors, and others. Furthermore, increasing investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, India, and others, have led the building & construction sector to witness significant growth. For instance, according to a report published by the National Investment Promotion and Facilitation Agency of India, the Indian government has an investment budget of $1.4 trillion on infrastructure in which 16% of the amount is contributed toward the development of urban infrastructure. Epoxy coating offers limitless possibilities for flooring, wall finishing, and roofing applications. This may act as one of the key drivers responsible for the growth of the building & construction sector. In addition, strong economic growth has surged the establishments of industries where epoxy coating is used as a protective coating for washers, driers, steel pipes, fittings, structural inserts and industrial equipment. These are the major epoxy coating market growth factors.
However, a wide range of coatings are available as a substitute over epoxy coating. For instance, polyurethane (PU) coatings have high cross-link density, increased wear, abrasion and impact resistance properties than epoxy coatings that make them best-suited for coating applications in automotive, transportation, electrical & electronics, construction, and other end-use sectors. Thus, availability of substitute is predicted to hamper the growth of the epoxy coating market during the forecast period.
On the contrary, emergence of high solid epoxy coatings that produce little or no VOCs has surged the potential applications of epoxy coatings among several end-use sectors. For instance, high sold epoxies are widely used in decking, hull, cargo tank, and others. Furthermore, high solid epoxy coating requires less drying and is easy to apply. These factors make high solid epoxy coating highly preferred for coating applications in various end-use sectors. This is anticipated to increase the sales of high solid epoxy coating; thus creating lucrative opportunities for the market.
The epoxy coating market is segmented on the basis of technology, application, and region. On the basis of technology, the market is categorized into water-based, powder-based, and solvent-based. On the basis of application, it is divided into building & construction, transportation, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global epoxy coating market profiles leading players that include Akzo Nobel N.V., Axalta Coating Systems, LLC, Endura Manufacturing Company Ltd., Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., TAO-CHUGOKU CO., LTD., The Sherwin-Williams Company, and Thermal-Chem Corporation.
Epoxy Coating market, by region
The Asia-Pacific epoxy coating market size is projected to grow at the highest CAGR of 6.3% during the forecast period and accounted for 44.9% of epoxy coating market share in 2020. This is attributed to the rising building & construction, transportation, chemical manufacturing, and other sectors, have enhanced the performance of the epoxy coatings in the Asia-Pacific region. For instance, according to a report published by the United Nations Statistics Division, China witnessed around 28.7% of the global manufacturing output for consumer electronic products in 2019. Also, countries such as India and Australia, are witnessing a rapid increase in transportation sectors where epoxy coating is employed as protective coating to provide structural integrity in transportation equipment and increase their average lifespan. For instance, according to a report published by the Indian Ministry of Commerce and Industry, the transportation sector in India is expected to grow at a compound annual rate (CAGR) of 5.9%, owing to the development of highways, widespread railway networks, aviation ports, and waterways structure. Furthermore, the tourism sector in Thailand is witnessing a significant growth, which in turn has increased the renovation activities, wherein epoxy coating is widely used for concrete flooring applications.
By Region
Asia-Pacific would exhibit highest CAGR of 6.3% during 2021-2030.
Epoxy Coating market, by technology
In 2020, the solvent-based segment was the largest revenue generator, and is anticipated to grow at a CAGR of 5.2% during the forecast period. This is attributed to the fact that solvent-based epoxy coating is less susceptible to atmospheric conditions such as humidity and temperature during its curing phase. This makes it best suited for outdoor coating applications where water-borne coatings don’t cure properly. Furthermore, both developed and developing economies are constantly engaged in upgrading their fighter jets with modern armor facilities where solvent-based epoxy coatings are widely preferred for coating applications, owing to their potential to work in harsh atmospheric conditions.
By Technology
Powder-based is the most lucrative segment
Epoxy coating market, by application
By application, the building & construction segment dominated the global market in 2020, and is anticipated to grow at a CAGR of 5.5% during the forecast period. This is attributed to the fact that governments of developing economies such as China, India, and others, has increased spending on the development of townships, housing, built up infrastructure and construction development projects where epoxy coatings are widely used for concrete coating applications. For instance, according to a report published by National Investment Promotion and Facilitation Agency of India, the Indian Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India in March 2021. These factors are augmenting the growth of the building & construction segment in the global epoxy coating market.
By Application
Transportation is projected as the fastest growing segment
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current epoxy coating market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Impact Of Covid-19 On The Global Epoxy Coating Market
- The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
- The epoxy coating market has been negatively impacted due to the wake of COVID-19 pandemic, owing to its dependence on building & construction, automotive & transportation, industrial, aerospace, and other sectors. According to a report published by Society of Indian Automobile Manufacturers (SIAM), sale of passenger vehicles, commercial vehicles and two‐wheeler vehicles declined by 51%, 88% and 40% respectively in March 2020.
- Also, several automotive companies have either shutdown or shrank their operations due to the risk of infections among the workforce where epoxy coating is used as a protective coating for corrosion resistance purposes. This has temporarily hampered the demand for epoxy coating market amid the COVID-19 period.
- In addition, the falling income of customers and international travel restrictions has led to contraction of the demand of epoxy coating among the aerospace sectors. For instance, according to a report published by Airlines for America, the commercial airline passenger volume in September 2020 was 68% less than that in September 2019, affecting long-term existential threat to manufacturers, the supply chain, and to the entire air travel industry.
- Moreover, more than 100 countries have locked their international borders for transportation and non-essential trade activities, which in turn have reduced the consumption of epoxy coating among several end-use sectors.
- In addition, the epoxy coating market has witnessed a downfall in demand among the construction sectors, owing to temporary halt on various building and construction projects amid the COVID-19 period.
- In 2020, epoxy coating prices were high in Asia-Pacific region. The price rise was due to continued regional demand trends and tight product availability. Firm downstream demand for epoxy coating and stronger upstream costs are expected to sustain the price gain.
Epoxy Coating Market Report Highlights
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Analyst Review
According to CXOs of leading companies, the global epoxy coating market is expected to exhibit high growth potential. Epoxy coatings are used in pipelines, concrete floors, warehouses, hospitals, and others, for surface protection, material strengthening, and corrosion resistance purposes in a variety of end-use sectors such as building & construction, transportation, industrial, and others. Transportation and industrial equipment that require high strength, corrosion protection, and abrasion resistant properties can be accomplished with the use of epoxy coatings.
In addition, epoxy coating possesses excellent significant properties such as high mechanical strength, adhesion to metals, thermal resistance, chemical resistance, and corrosion resistance that makes it best suited for automotive coating applications. It serves as a protective coating in under hood parts and engine components owing to its scratch resistance property. Furthermore, factors such as flexibility in operation, ease of application, and minimal or no volatile organic compounds (VOCs) levels enhance performance of epoxy coatings in several end-use industries. CXOs further added that sustained economic growth and development of the building & construction sector have increased the popularity of epoxy coating.
Rise in use of epoxy coatings in building & construction and automotive & transportation end-use industries are the key factors boosting the Epoxy Coatings market growth.
The global epoxy coating market was valued at $28.3 billion in 2020, and is projected to reach $48.7 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030.
Akzo Nobel N.V., Axalta Coating Systems, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., and The Sherwin-Williams Company are the most established players of the global Epoxy Coatings market.
Building & construction industry is projected to increase the demand for Epoxy Coatings Market.
The epoxy coating market is segmented on the basis of technology, application, and region. On the basis of technology, the market is categorized into water-based, powder-based, and solvent-based. On the basis of application, it is divided into building & construction, transportation, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The building & construction sector is growing rapidly in both developed and developing economies, owing to increasing demand for commercial space such as offices, hotels, malls, industrial corridors, and others. Furthermore, increasing investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, India, and others, have led the building & construction sector to witness significant growth. For instance, according to a report published by the National Investment Promotion and Facilitation Agency of India, the Indian government has an investment budget of $1.4 trillion on infrastructure in which 16% of the amount is contributed toward the development of urban infrastructure. Epoxy coating offers limitless possibilities for flooring, wall finishing, and roofing applications is the Main Driver of Epoxy Coatings Market.
The epoxy coating market has been negatively impacted due to the wake of COVID-19 pandemic, owing to its dependence on building & construction, automotive & transportation, industrial, aerospace, and other sectors. According to a report published by Society of Indian Automobile Manufacturers (SIAM), sale of passenger vehicles, commercial vehicles and two?wheeler vehicles declined by 51%, 88% and 40% respectively in March 2020.
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