Epoxy Coatings Market Overview
Epoxy
Coatings market size is forecast to reach US$30.5 billion by 2026, after
growing at a CAGR of 5.2% during 2021-2026. Properties of epoxy coatings are
versatile owing to which it is increasingly being used in various end-use
industries. Globally, with the rising building and construction industry, the
demand for commercial epoxy coatings in industrial flooring applications is
also estimated to rise. Since these coatings provide extra-ordinary resistance
to heat, corrosive chemicals, and UV light, as compared to polyurethane floor
coating it is widely being preferred by the industrial finishers as epoxy
surface coatings. Epoxy coatings provide excellent dimensional stability,
extreme toughness, and adhesion to metals, fibers, glass, and several other
material surfaces. The opportunity for epoxy coatings in the future lies with
its introduction as epoxies with minimal or no VOC emissions. Such outstanding
properties of epoxy coatings are predicted to fuel the epoxy coatings industry
during the forecast period.
COVID-19 Impact
The
COVID-19 outbreak widely affected the building and construction, healthcare,
and transportation industries over the year 2020. Owing to the nationwide
lockdown, construction projects have faced a delay and stagnation in this tuff
time of the pandemic. The epoxy coatings market has witnessed many challenges
due to COVID-19 by impacting construction, transportation, and general
industrial sectors. Economies of each sector are affected due to the nationwide
lockdown and have even resulted in stagnation in activities across the
industries that uses epoxy coatings. However, once the building and
construction and transportation activities will get back on track and start functioning
with full capacity by 2021, the market for epoxy coatings is estimated to
expand.
Report Coverage
The report: “Epoxy Coatings Market – Forecast (2021-2026)”, by IndustryARC,
covers an in-depth analysis of the following segments of the epoxy coatings market.
Key Takeaways
- Asia-Pacific region dominates the epoxy coatings market owing to the rising growth and increasing investments in the construction industry. For instance, according to the Department for Promotion of Industry and Internal Trade (DPIIT), till December 2020, FDI in the construction industry stood at US$ 23.99 billion.
- The rising adoption of powder-based epoxy coating technology due to its low pollution and non-volatile organic compound emission properties is estimated to drive market growth in the upcoming years.
- The increasing demand for water-borne coatings in various industries with properties such as high mechanical strength and toughness with electrical and thermal properties will drive the growth of the epoxy coatings market in the forecast period.
- Increasing difficulties in the application process of the epoxy floor coatings is anticipated to create challenges for the growth of the epoxy coatings market in the projected period.
Figure: Asia-Pacific Epoxy Coatings Market Revenue, 2020-2026 (US$ Billion)
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Epoxy Coatings Market Segment Analysis – By Technology
The powder-based
segment held the largest share in the epoxy coatings market in 2020.
Powder-based epoxy coatings offer superior performance and are also economical
for applications that require high abrasion resistance and hardness. Also,
owing to the high adaptability they are used in various applications. A
controlled high temperature is even required for curing powder-based coatings.
Furthermore, due to the non-volatile organic compound emission properties of
powder-based epoxy coatings, this segment is predicted to continue its
dominance and is also likely to drive the epoxy coatings market in the forecast
period.
Epoxy Coatings Market Segment Analysis – By Substrate
Concrete substrate
held the largest share in the epoxy coatings market in 2020. Epoxy floor
coatings are used over concrete substrates due to their impact resistance,
hardness, and durable properties. An epoxy floor coatings adhere to the
concrete floors better than any conventional enamel, oil-based, or water paint.
Industrial facilities, logistic centers, warehouses, and other areas coming
under applications of heavy-duty make use of commercial epoxy coatings due to
their ideal properties. Since the building and construction activities are
booming rapidly with industrial flooring as the major application in it, the
demand for epoxy coating on the concrete substrate is also set to rise. Thus,
increased usage of epoxy coatings on the concrete substrate will drive the
growth of the market in the forecast period.
Epoxy Coatings Market Segment Analysis – By Application
The
flooring segment held the largest share in the epoxy coatings market in 2020.
Epoxy coatings are majorly used to provide extreme toughness, quick-drying, and
abrasion resistance to the floors. In industrial or commercial sectors, for
flooring applications, epoxy coatings can be used as floor paints over concrete
floors such as in manufacturing plants, airplane hangars, hospitals, commercial
and retail stores, showrooms, garages, and others. For instance, Larsen & Toubro, in India,
in 2019, won contracts for building hospitals, commercial complexes, and
manufacturing capacity. The orders range between 2,500 crores (US$ 336.6
million) to 5000 crores (US$ 673.2 million), falling under the large category.
Thus, such investments will drive the demand for flooring applications and
would raise the growth of the market over the forecast period.
Epoxy Coatings Market Segment Analysis – By End-Use Industry
Building
and construction industry held the largest share in the epoxy coatings market
in 2020 and is estimated to grow at a CAGR of 5.45% during 2021-2026. In the
building and construction industry epoxy coatings find usage in numerous
applications such as in industrial flooring, self-leveling floors, decks,
architectural surfaces, and others. In recent years, with the rising building
and construction activities, the demand for epoxy coatings is also set to rise.
The building and construction activities are increasing rapidly in emerging
economies such as India, United States, China, and other countries. For
instance, according to the World Bank, in 2020, the building and construction
industry reached about US$ 11.9 trillion, with an increase of about 4.2% from
2019. Furthermore, according to Invest India, by 2025, the building and
construction industry is expected to reach US$ 1.4 Tn. Thus, with the growth of
the construction sector, the market for epoxy coatings will further rise over
the forecast period.
Epoxy Coatings Market Segment Analysis – By Geography
Asia-Pacific
region dominated the epoxy coatings market with a share of 45.6% in the year
2020. The Asia Pacific region is predicted to continue its dominance in the
market during the forecast period due to the increasing requirement for epoxy
coatings in developing countries such as China, Japan, India, and South Korea.
China is expected to continue its dominance in the epoxy coatings market during
the forecast period. This is due to the growth of the transportation and
construction industries in the country. For instance, according to
International Trade Administration, in China, construction industry revenue was
reported to increase from US$ 968 billion in 2019 to US$ 1.1 trillion in 2021.
India and Taiwan are also predicted to grow their epoxy coatings market during
the forecast period, with increased investments by the government in
construction, transportation, and other end-use industry. Epoxy coatings are
used in automobiles for preventing corrosion and rust on the body parts and
other components of automobiles. According to Invest India, in 2020, the
transportation industry was worth US$ 806.63 billion and is further expected to
grow at a CAGR of 5.9%. Thus, the rising usage of epoxy coatings in various
end-use industries will drive the market growth in the forecast period.
Epoxy Coatings Market Drivers
Increasing Demand for Water-borne Coatings
The
increasing demand for water-borne coatings is the key driver for the epoxy
coatings market, especially from developing countries. High mechanical strength
and toughness are the major properties exhibited by the water-borne epoxy
coatings, additionally with electrical and thermal properties. The high cost of
epoxy coatings can be foreshadowed by the excellent properties and long life of
the water-borne coatings. In addition, epoxy coatings technology is projected
to be majorly adopted due to the low pollution caused by them, under the
government strict regulations, especially to control the air pollution. In
various regions, under the paints and coatings segment, the major share is held
by the water-borne epoxy coatings. Thus, the excessive use of water-borne
coatings in building and construction, transportation, and other end-use
industries will drive the growth of the epoxy coatings market in the forecast
period.
Increasing Demand for Epoxy Coatings in Transportation Industry
Epoxy
coatings in the transportation industry provide great advantages in preventing
rust and corrosion on automotive body parts. It involves applying a primer to
metal parts that are anti-corrosive and are made up of a thin epoxy-based
coating. Furthermore, with formulations availability, concrete, and steel
marine structures are protected by epoxy coatings, to adhere to wet substrates,
such as coating water tanks, outfall structures, fish ladders, and dams.
Automotive applied in water suspension uses epoxy coatings as a primer, and as
two-part liquid marine coatings. In recent years the rising production of
automotive has further raised the demand for epoxy coating. For instance,
according to Organisation Internationale des Constructeurs d'Automobiles (OICA),
in Austria, motor vehicle production increased from 1,64,900 units in 2018 to
1,79,400 units in the year 2019. Similarly, in Vietnam, the production of motor
vehicles increased from 2,37,000 units in 2018 to 2,50,000 units in the year
2019. With the increasing production of automobiles, it is estimated that in
the upcoming years the requirement for epoxy coatings in the transportation
industry will rise. Thus, which will boost the growth of the market.
Epoxy Coatings Market Challenges
The difficult application process of epoxy floor coatings will hamper the market growth
The difficult
application process of the epoxy floor coatings is its major disadvantage.
Epoxy flooring cannot be applied to contaminated, unprepared, or damaged
surfaces, unlike polyurethane floor coating. The floor must be clean without
any grease, solvent, or oils over it, to ensure the long life of the coating.
Repairing of the damaged surfaces is often required, and the concrete is needed
to be ground to profile the surface, also seven days are required by epoxy
coatings, approximately, to cure. Therefore, in comparison to other coatings,
epoxy flooring has a slower turnover time. Thus, due to difficulty in the
application process, the growth of the epoxy coatings market will be hindered
in the forecast period.
Epoxy Coatings Market Landscape
Technology launches, acquisitions,
and R&D activities are key strategies adopted by players in the epoxy
coatings market. Major players in the epoxy coatings market are BASF, Axalta Coating Systems,
Berger Paints India Limited, Kansai Paint Company Limited, AkzoNobel N.V., PPG
Industries Inc., Tikkurila Oyj, RPM International Inc., Nippon Paint Company
Limited, The Sherwin Williams Company, and The Valspar Corporation.
Acquisitions/Technology Launches
In April 2020, Chugoku
launched solvent-free epoxy coating for water ballast tanks. It also meets new
Korean regulations under the Atmospheric Environment Conservation Act for the
management of volatile organic compounds (VOCs).
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LIST OF TABLES
1.Global Epoxy Coatings Market By Technology Market 2023-2030 ($M)1.1 Waterborne Market 2023-2030 ($M) - Global Industry Research
1.1.1 Applications of Waterborne Coatings Market 2023-2030 ($M)
1.1.2 Advantages & Disadvantages Market 2023-2030 ($M)
1.2 Solvent Borne Market 2023-2030 ($M) - Global Industry Research
1.2.1 Advantages & Disadvantages Market 2023-2030 ($M)
1.3 Powder-Based Market 2023-2030 ($M) - Global Industry Research
1.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2023-2030 ($M)
2.Global Epoxy Coatings Market By Technology Market 2023-2030 (Volume/Units)
2.1 Waterborne Market 2023-2030 (Volume/Units) - Global Industry Research
2.1.1 Applications of Waterborne Coatings Market 2023-2030 (Volume/Units)
2.1.2 Advantages & Disadvantages Market 2023-2030 (Volume/Units)
2.2 Solvent Borne Market 2023-2030 (Volume/Units) - Global Industry Research
2.2.1 Advantages & Disadvantages Market 2023-2030 (Volume/Units)
2.3 Powder-Based Market 2023-2030 (Volume/Units) - Global Industry Research
2.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2023-2030 (Volume/Units)
3.North America Epoxy Coatings Market By Technology Market 2023-2030 ($M)
3.1 Waterborne Market 2023-2030 ($M) - Regional Industry Research
3.1.1 Applications of Waterborne Coatings Market 2023-2030 ($M)
3.1.2 Advantages & Disadvantages Market 2023-2030 ($M)
3.2 Solvent Borne Market 2023-2030 ($M) - Regional Industry Research
3.2.1 Advantages & Disadvantages Market 2023-2030 ($M)
3.3 Powder-Based Market 2023-2030 ($M) - Regional Industry Research
3.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2023-2030 ($M)
4.South America Epoxy Coatings Market By Technology Market 2023-2030 ($M)
4.1 Waterborne Market 2023-2030 ($M) - Regional Industry Research
4.1.1 Applications of Waterborne Coatings Market 2023-2030 ($M)
4.1.2 Advantages & Disadvantages Market 2023-2030 ($M)
4.2 Solvent Borne Market 2023-2030 ($M) - Regional Industry Research
4.2.1 Advantages & Disadvantages Market 2023-2030 ($M)
4.3 Powder-Based Market 2023-2030 ($M) - Regional Industry Research
4.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2023-2030 ($M)
5.Europe Epoxy Coatings Market By Technology Market 2023-2030 ($M)
5.1 Waterborne Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Applications of Waterborne Coatings Market 2023-2030 ($M)
5.1.2 Advantages & Disadvantages Market 2023-2030 ($M)
5.2 Solvent Borne Market 2023-2030 ($M) - Regional Industry Research
5.2.1 Advantages & Disadvantages Market 2023-2030 ($M)
5.3 Powder-Based Market 2023-2030 ($M) - Regional Industry Research
5.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2023-2030 ($M)
6.APAC Epoxy Coatings Market By Technology Market 2023-2030 ($M)
6.1 Waterborne Market 2023-2030 ($M) - Regional Industry Research
6.1.1 Applications of Waterborne Coatings Market 2023-2030 ($M)
6.1.2 Advantages & Disadvantages Market 2023-2030 ($M)
6.2 Solvent Borne Market 2023-2030 ($M) - Regional Industry Research
6.2.1 Advantages & Disadvantages Market 2023-2030 ($M)
6.3 Powder-Based Market 2023-2030 ($M) - Regional Industry Research
6.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2023-2030 ($M)
7.MENA Epoxy Coatings Market By Technology Market 2023-2030 ($M)
7.1 Waterborne Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Applications of Waterborne Coatings Market 2023-2030 ($M)
7.1.2 Advantages & Disadvantages Market 2023-2030 ($M)
7.2 Solvent Borne Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Advantages & Disadvantages Market 2023-2030 ($M)
7.3 Powder-Based Market 2023-2030 ($M) - Regional Industry Research
7.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2023-2030 ($M)
LIST OF FIGURES
1.US Epoxy Coatings Market Revenue, 2023-2030 ($M)2.Canada Epoxy Coatings Market Revenue, 2023-2030 ($M)
3.Mexico Epoxy Coatings Market Revenue, 2023-2030 ($M)
4.Brazil Epoxy Coatings Market Revenue, 2023-2030 ($M)
5.Argentina Epoxy Coatings Market Revenue, 2023-2030 ($M)
6.Peru Epoxy Coatings Market Revenue, 2023-2030 ($M)
7.Colombia Epoxy Coatings Market Revenue, 2023-2030 ($M)
8.Chile Epoxy Coatings Market Revenue, 2023-2030 ($M)
9.Rest of South America Epoxy Coatings Market Revenue, 2023-2030 ($M)
10.UK Epoxy Coatings Market Revenue, 2023-2030 ($M)
11.Germany Epoxy Coatings Market Revenue, 2023-2030 ($M)
12.France Epoxy Coatings Market Revenue, 2023-2030 ($M)
13.Italy Epoxy Coatings Market Revenue, 2023-2030 ($M)
14.Spain Epoxy Coatings Market Revenue, 2023-2030 ($M)
15.Rest of Europe Epoxy Coatings Market Revenue, 2023-2030 ($M)
16.China Epoxy Coatings Market Revenue, 2023-2030 ($M)
17.India Epoxy Coatings Market Revenue, 2023-2030 ($M)
18.Japan Epoxy Coatings Market Revenue, 2023-2030 ($M)
19.South Korea Epoxy Coatings Market Revenue, 2023-2030 ($M)
20.South Africa Epoxy Coatings Market Revenue, 2023-2030 ($M)
21.North America Epoxy Coatings By Application
22.South America Epoxy Coatings By Application
23.Europe Epoxy Coatings By Application
24.APAC Epoxy Coatings By Application
25.MENA Epoxy Coatings By Application
26.BASF SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Akzonobel N.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.PPG Industries, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.RPM International Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.The Sherwin-Williams Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.The Valspar Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Axalta Coating Systems LLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Nippon Paint Co. Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Kansai Paint Co. Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Tikkurila OYJ, Sales /Revenue, 2015-2018 ($Mn/$Bn)