Epoxy Coating Market: Global Industry Analysis and Forecast (2024-2030)

Epoxy Coating Market Overview:

The epoxy coating industry is witnessing high growth because of growing demand from waterborne epoxy coating, increasing applications, and its rising demand in developing countries. Epoxy coating are utilized for a number of reasons due to their capacity to generate a durable, robust, and chemically resistant material. Epoxy coating are utilized in a range of construction, automotive, electrical, and marine applications. Rapid growth of the epoxy coating market is driven by increasing demand from its end-use industries.

 

Further, the Epoxy Coating market is segmented by Technology and Application. On the basis of Technology, the Epoxy Coating market is segmented under Solvent-Based, Water-Based, and Powder-Based. Based on the Application, the Epoxy Coating market is segmented under Construction, Transportation, General Industrial, and Others. By geography, the market covers the following Regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

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COVID-19 Impact on Epoxy Coating Market:

The initial outbreak of the COVID-19 pandemic occurred in Asia, followed by strict lockdown and detection procedures, leading Epoxy Coating market performance to drop initially and later on rising, which resulted in overall performance being down 1% from the previous year. Due to the long-term recurrence of the COVID-19 outbreak and a lack of effective management in the Euro-American region, continual lockdown measures have severely harmed factory output and commercial circumstances, resulting in inconsistent worldwide performance.

 

COVID-19 reduced the Epoxy Coating market sales volume to USD 166.7 billion in 2020, down 3.5% from the previous year. Although the Epoxy Coating market's overall tendency shifts in anticipation, substantial differences have emerged in distinct market segments.

 

In comparison to 2019, the volume of industrial coating demand decreased by 6.5% in 2020. Industrial coating demand was expected not to recover from the COVID-19 pandemic until the second part of 2021. Architectural coating, on the other hand, witnessed 5.4% rise in demand. The sudden decline in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels.

 

Epoxy Coating Market Dynamics:

Growing Demand for Epoxy Coating in the Construction Sector:

 

Epoxy coating are used on concrete floors in a variety of commercial and industrial applications such as manufacturing plants, commercial and retail stores, hospitals, industrial plants, showrooms, warehouses, aircraft hangars, and garages. Terrazzo flooring, colored floors, and hardwood floors are some of the decorative possibilities available when employing an epoxy floor finish. Epoxy floor coating are extremely resistant to corrosion and harsh chemicals, which makes them incredible metal protectants. Epoxy based powder coating are used to poles, coat pipes, reinforcement steel, and pillars in high-load concrete structures. Epoxies provide a wide variety of corrosion protection benefits for naval vessels and subterranean structural foundations.

 

Because of its ease of cleaning, aesthetics, mechanical strength, and resistance to corrosive substances such as oil, chemicals, and diluted acids, epoxy flooring coatings are often used in factories and warehouses.

 

Urbanization Trend with Rising Income to Increase Market Growth in India:

 

According to the World Economic Forum, nearly 38% of Indians are expected to be city residents by 2027. Increased urbanisation in India has sparked a need for housing, particularly high-quality housing in Indian cities. The need for decorative paint will rise in the future as the demand for high-quality residences rises. Due to rising claims and income levels of the middle class in India, demand for architectural paints has grown due to rising revenues and expanding awareness of protective coating applications over the last 10 years. The epoxy coating market is growing due to changing trends in the home renovation sector and rising disposable income.

 

High Cost of Epoxy Coating is expected to Hamper Market Growth:

 

Epoxy coatings are more expensive to produce than other coatings. This is due to the fact that the raw materials used in the production process are substantially more expensive than those used in other low-end coatings, and the manufacturing process is complicated with a little margin for error. In addition, most epoxy resins must pass some level of regulation to ensure that they are FDA-compliant and food-safe, which drives up the price.

 

Epoxy resins are expensive because they are made with high-cost raw ingredients, require expert labour and precision, involve costly marketing, and are usually produced in regions where all of the above are more expensive. Furthermore, when large quantities of these resins are sold, their price climbs even more.

 

Epoxy Coating Market Competitive Analysis:

The industry's current participants operate on the basis of product price and application attributes. Several large corporations are forging strategic alliances to improve their brand and sales in order to expand their market share and get a competitive advantage. Mergers and acquisitions, investment and growth, and product development have all been used by companies to enhance their market share. Manufacturers invest much in research and development and rely on product variety and low price to achieve technological advances.

 

In October 2020, after being acquired by an associate of Lone Star, a worldwide private equity company, the MBCC Group has arisen from the former BASF Construction Chemicals business and on October 1, 2020, it will begin operations. Moreover, in September 2020, PPG announced the launch of full range of coating systems that include base coats, prime coats, and topcoats under PPG flooring coating. It is designed to deliver the best performance based on specific work environment. In April 2021, Qatar Sika increased its substantial admixture production capacity and began manufacturing epoxy resins. Epoxy resins are essential components in high-quality floor coverings and adhesives.

 

Epoxy Coating Market Segment Analysis:

Based on Technology, the market is segmented into Water-Based, Solvent-Based, and Powder-Based coating. Water-based coating is the dominant segment in this market and is expected to grow at a CAGR of 6.1% during the forecast period. The water-Based segment was created as a replacement for solvent-based coating, which contains a lot of VOC emissions, is less eco-friendly, and causes many health problems. Water-based coating is made using green technology, which is eco-friendly and concedes the safety provisions set by REACH and other government agencies. Water-based technologies are favoured because they are VOC-free and more eco-friendly. Due to developments, water-based coating competes with solvent-based coating for most applications.

 

Solvent-Based segment accounted for 27% of the total revenue share in 2017 and is expected to grow at a CAGR of 4.9% during the forecast period. The key drivers for the growth of solvent-based coating during the forecast period are the growing industrialization and increase in the use of steel in industrial plant structure fabrication. The Powder-Based segment emerged as the dominant segment in 2017, accounting for 61.4% of the overall industry share. The Powder-Based segment is expected to gain momentum owing to its versatility across various applications such as commercial, industrial, decorative, flooring, non-slip and heavy industrial.

 

 

Based on Application, the market is segmented into Construction, Transportation, General Industrial, and Others. Construction is the largest application of market. Construction segment held 47.2% of the Epoxy Coating market in 2023 and is expected to grow at a CAGR of 5.7% during the forecast period. Construction segment is expected to hold a significant share of the market due to rise in residential, commercial, and general industrial projects. Expanding GDP, rising disposable income, rapid urbanization in Asia Pacific surge the demand for residential, commercial, and industrial infrastructure, as well as residential and commercial building renovations and re-painting.

 

The transportation segment emerged as a dominant application in 2017, accounting for 30% of the total revenue share. Rising demand for vehicles due to the growing middle-class population and increasing disposable income in emerging economies like India is expected to fuel epoxy coating demand over the forecast period.

 

As a result of temporary production closures, demand for epoxy-based coatings in the automotive sector has fallen. Furthermore, non-essential commodity manufacture was suspended in many regions of the world for several months to a year, resulting in a drop in product demand. However, by 2024, demand for OEM coating in the motor vehicle market is predicted to soar, fuelled by a rebound in vehicle production, notably in Asia Pacific, where output is expected to soar.

 

Rising use of epoxy coating in industries including marine and electronics owing to superior properties such as resistance to chemicals, heat, and UV light coupled with durability, strength, and flexibility is expected to drive the industry growth over the next eight years. This would boost the growth of Epoxy Coating market.

 

Epoxy Coating Market Regional Insights:

Asia-Pacific is the largest coatings market, with a 46% share of the epoxy coatings market. Asia Pacific market size stood at USD 16.35 billion in 2021 and is estimated to grow at the highest CAGR of 6.9% during the forecast period. The epoxy coating market in the Asia Pacific region is increasing, owing to the region's stable economy, growing disposable income, and improved living standards in developing countries such as China, India, Malaysia, and Vietnam. China holds the highest demand of 56% of the Epoxy Coating market in the region.

 

Industry development is expected to be driven by the rise of the construction and automotive industries in emerging economies such as Thailand, China, India, and Taiwan. Japan, China, India, Malaysia, Indonesia, and the Philippines, among other APAC countries, prioritise the construction of new residential and commercial constructions. During the predicted period, India is expected to expand at a CAGR of 6.3%. The market is being driven by developments in civil construction and a rising need for efficient epoxy paints.

 

These coatings are expected to gain popularity in North America due to environmental concerns. In North America, superior characteristics such as superb finishing, durability, and high resistance to corrosion, chipping, and abrasion are increasing the market. The expansion of manufacturing capacity by major automakers in the United States is expected to boost market growth. Increased building and expanding car manufacturing are likely to stimulate demand in Germany, Romania, Hungary, Austria, and the United Kingdom, where enterprises have a strong industrial base.

 

Epoxy Coating Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Global Epoxy Coating market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Epoxy Coating market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Epoxy Coating Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Epoxy Coating market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Epoxy Coating market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Global Epoxy Coating market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Global Epoxy Coating market. The report also analyses if the Global Epoxy Coating market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Epoxy Coating market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Epoxy Coating market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Epoxy Coating market is aided by legal factors.

 

Epoxy Coating Market Scope:

Epoxy Coating Market
Market Size in 2023	USD 41.73 Bn.
Market Size in 2030	USD 59.99     Bn.
CAGR (2024-2030)	5.32%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Technology Solvent-Based Water-Based Powder-Based
	by Application Construction Transportation General Industrial Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

Epoxy Coating Market Key Players: 

• Asian Paints (Mumbai, India)
• PPG Industries, Inc. (Pennsylvania, U.S.)
• RPM International Inc. (Ohio, U.S.)
• AkzoNobel (Amsterdam, Netherlands)
• Kansai Paint (Osaka, Japan)
• The Valspar Corporation (Minnesota, U.S.)
• Axalta Coating Systems (Pennsylvania, U.S.)
• Sherwin-Williams Company. (Ohio, U.S.)