Epoxy Coating Market is estimated to reach USD 41.71 billion by 2024 owing to the growing expenditure on commercial and residential construction in emerging economies across the world. Epoxy is a sealant used for concrete flooring. They are made with best hardening material for any kind of epoxy resin and are well known their quick-drying ability, protective coating and toughness.
As
compared to the customary heat cured powder coatings, epoxy coatings can be
easily applied, which makes them ideal for a wide range of applications like
garage bay floors to concrete protection. Besides, epoxy coatings are applied
for concrete repairing, protective equipment coating and anti-corrosive
coatings. Overall, epoxy coatings safeguards steel and concrete from corrosion
by alkalis and acids, salts and other corrosive factors.
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Due
to the advantages of epoxy coatings in safety, health and environment,
water-borne epoxy coatings are mostly used in applications like building &
construction, commercial and transportation. The amplified use of electronic
elements in automobiles is one of the major driving forces of epoxy coating
industry.
Water-borne
epoxy coatings hold properties like toughness, mechanical strength with thermal
and electrical features enable the broad use of water-borne epoxy coatings in
numerous industries. Besides, wind energy and aerospace industries are also
extensively demanding water-borne resin composites, which is expected to drive
epoxy coating market in the coming years.
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Epoxy
coating industry is also majorly driven by the growth in coating additives
industry. Epoxy coatings are used in different applications like paints and
construction. Furthermore, they improve strength, chemical resistance,
aesthetics and performance of coatings. In construction industry, epoxies are
widely used as adhesives in several forms like epoxy primer and epoxy glue.
Rise in demand of additives in several applications because of its performance
improvement property is also driving the market positively.
The
key trends observed in the market comprise properties like corrosive chemicals,
heat, and excellent resistance to ultraviolet light among others. Additionally,
epoxy coatings also hold features like exceptional adhesion to metal surface,
fibers, glass and remarkable dimensional ability which are expected to fuel
epoxy coating market in near future. Nevertheless, strict government
regulations to control air pollution and epoxy coatings technology that produce
low pollutants are predicted to stimulate the market in future.
However,
low performance of epoxy coatings in exterior application and sluggish growth
observed in developed economies is expected to be a downside of the market.
Besides, extensive growth in end-use industries and low interest on housing
loan are anticipated to drive the market in the years to come.
Epoxy
coating industry is categorized on the basis of type, application and
geography. On the basis of type, the market is divided into powder-based,
waterborne, and solvent borne. Waterborne type is predicted to be the fastest
groin segment in the industry owing to high toughness and mechanical strength
with electrical & thermal properties.
Based
on application, epoxy coating market is divided into construction, industrial,
transportation, automobile, and paints & coatings. Owing to the growing
industrialization and commercialization in the developing Asia Pacific
economies, construction and industrial sector is expected to hold larger share
in the forecast period.
Geographically,
the industry is segmented as North America, Europe, Asia Pacific and RoW. Asia
Pacific followed by North America and Europe are expected to dominate the
market due to industrial development in the years to come. The key vendors in
epoxy coating industry include Akzo Nobel, Axalta Coating Systems, BASF, PPG
Industries, KANSAI PAINT, The Sherwin-Williams Company, Berger Paints India,
Nippon Paint, Tikkurila, and RPM International.
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