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Epoxy Coating Market Expected to Reach $48.7 Billion by 2030—Allied Market Research

 
2022
Epoxy Coating Market

Report Code : A01320

quote the global epoxy coating market is expected to possess high growth potential in the coming years, as epoxy coating is used as a protective coating in different applications such as pipelines, sealing warehouse floors, transportation equipment, and other industrial equipment. Properties such as excellent chemical stability, high mechanical strength, adhesion to metals, thermal resistance, and corrosion resistance make epoxy coating prime material in automotive coating applications. In addition, high voltage electrical equipment that require durability and operational flexibility use epoxy coated electrical equipment. However, the outbreak of the COVID-19 pandemic has negative impacts on the global epoxy coating market. quote

Eswara Prasad
Manager, Chemical and Material at Allied Market Research

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According to a new report published by Allied Market Research, titled, "Epoxy coating Market by Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030," 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 coating is a durable coating compound made from two distinct elements namely epoxy resin and a polyamine hardener. Both elements are mixed by means of a chemical reaction known as curing. The processing time for curing may vary from several minutes to hours depending on the hardness of coating required for end use purpose. The mixture ratio of the epoxy with the hardener is different for different products and defines the efficiency of the coatings. It is used as a protective coating in various end-use sectors such as building & construction, automotive & transportation, marine, industrial, aerospace, electrical & electronics, and others.

Increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India, have led the building & construction sector to witness a significant growth where epoxy coatings are used for flooring, wall finishing, and roofing applications. In addition, sustainable economic growth coupled with increasing demand for consumer goods has led the automotive & transportation sector to witness a significant increase in demand where epoxy coating is widely used for corrosion protection applications in under hood parts, engine components, interior of containers, and storage vessels. These factors are predicted to contribute toward the global market growth.

However, the epoxy coating can be slippery when the surfaces are wet, which in turn restrains the use of epoxy coatings for flooring applications near pools or other wet places as the moisture will not only continue to accumulate, but also start causing subtle damage to the surface finish as well as the slab itself.

In addition, improper installation of epoxy coatings may cause mold and water seeping underneath the epoxy floors, which in turn may decrease the durability of floors. These factors are expected to restrain the market growth during the forecast period.

The emergence of high solid epoxy coatings that produces 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. By technology, the market is segregated into water-based, solvent-based, and powder-based. The solvent-based segment dominated the global market in terms of revenue in 2020, with 38.5% of the total share. 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 application, the market is divided into building & construction, transportation, industrial, and others. The building & construction segment dominated the global market in terms of revenue in 2020, with 40.3% of the total share. This is attributed to the fact that governments of developing economies such as China, India, and others, have 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.

Region-wise, the epoxy coating market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific epoxy coating market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major epoxy coating market share in 2020, owing to rise in automotive, building & construction, electrical & electronics, and industrial sectors that have enhanced demand for epoxy coating in the Asia-Pacific region.

China's consumer electronics sector is increasing rapidly, which in turn has enhanced the performance of the epoxy coating market in the region. 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. Furthermore, countries such as India, Australia, Indonesia, and Malaysia are witnessing a rapid increase in building & construction sector where epoxy coating is employed as protective coating in various residential and commercial building & construction sites such as hotels, hospitals, homes, flats, warehouses, hospitals, showrooms, garages, and offices.

Key players operating in the global epoxy coating market 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.

COVID-19 analysis

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 September 2019, affecting long-term existential threat to manufacturers, the supply chain, and to the entire air travel industry. Also, COVID-19 has put a temporary break on various aircraft manufacturing projects, which in turn reduced the demand for epoxy coating used for interior coating and flooring applications among the aerospace & aviation 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.

However, increasing awareness about using eco-friendly products among citizens of both developed and developing economies may surge the popularity of epoxy coatings with minimal or no VOC emissions in various end use sectors post COVID-19 scenario. Furthermore, the building & construction and transportation activities are projected to get back on track and start functioning with full capacity post the COVID-19 period, which in turn may enhance the performance of the epoxy coating market.

Key findings of the study

  • The solvent-based segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.2% from 2021 to 2030.
  • The building and construction segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.5% from 2021 to 2030.
  • Asia-Pacific garnered the highest share of 44.9% in 2020, in terms of revenue, growing at a CAGR of 6.3%.

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quote Epoxy Coating Market by Technology (Water-based, Solvent-based, and Powder-based, and Application (Building & Construction, Transportation, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

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