Epoxy Coatings Market Research, 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.The epoxy coating market is driven by its superior durability, chemical resistance, and adhesion properties, making it ideal for industrial, commercial, and residential applications. The growing construction and infrastructure sectors demand high-performance coatings for flooring and protective finishes. In addition, rise in awareness of safety and environmental regulations prompts the use of epoxy coatings in areas prone to chemical exposure and heavy wear. Technological advancements in epoxy formulations also enhance performance, further driving market growth.
Introduction
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.
Report Key Highlighters
- The report provides competitive dynamics by evaluating business segments, product portfolios, target market revenue, geographical presence and key strategic developments by prominent manufacturers.
- The epoxy coating market is fragmented in nature among prominent companies such as 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.
- The study contains qualitative information such as the market dynamics (drivers, restraints, challenges, and opportunities), key regulation analysis, pricing analysis, and Porter’s Five Force Analysis across North America, Europe, Asia-Pacific, and LAMEA regions. Moreover, the report covers sub-segments that are studied across all the regions.
- Latest trends in global epoxy coating market such as undergoing R&D activities, regulatory guidelines, and government initiatives are analyzed across 16 countries in 4 different regions.
- More than 3,500 epoxy coating-related product literatures, industry releases, annual reports, and other such documents of key industry participants along with authentic industry journals and government websites have been reviewed for generating high-value industry insights for global epoxy coating marketanalysis.
Market Dynamics
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.
Segments Overview
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.
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
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.
Competitive Analysis
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.
Industry Trends:
- The epoxy coating market has seen significant trends shaped by evolving industry demands and government regulations from 2010 to 2022. One major trend is increased use of epoxy coatings in the construction and infrastructure sectors. According to the U.S. Census Bureau, construction spending has risen steadily, driven by infrastructure projects and urban development. Government initiatives such as the U.S. Infrastructure Investment and Jobs Act (IIJA) allocate substantial funding for infrastructure improvements, including the application of durable epoxy coatings for flooring, bridges, and protective finishes. This has increased the demand for high-performance coatings that offer longevity and resistance to harsh environmental conditions.
- Another notable trend is the growing emphasis on sustainability and environmental regulations. Governments globally are enacting stricter environmental standards to reduce the impact of industrial processes. The European Union's REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) regulation and the U.S. Environmental Protection Agency (EPA) guidelines require the reduction of volatile organic compounds (VOCs) in coatings. This has led to the development of low-VOC and waterborne epoxy coatings, aligning with these regulations and meeting the demand for environmentally friendly products. The shift towards sustainable formulations is a key driver in the market, reflecting broader global trends toward greener construction practices.
- Technological advancements in epoxy coatings also play a significant role. Government-funded research programs, such as the European Union's Horizon 2020, support innovations in coating technologies. These advancements include the development of epoxy formulations with enhanced properties, such as improved resistance to UV light, chemicals, and wear, broadening their application range. This trend is driven by the need for advanced performance in various industrial and commercial applications.
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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