Product Code: 49905
The market for epoxy coatings is expected to expand at a CAGR of more than 4% during the forecast period. The major factors driving the market studied are growth in the powder-based epoxy market, due to the absence of VOC, and increasing demand for water-borne epoxy coatings. However, stringent regulations on VOC emissions are expected to hinder the growth of the market studied.
- The introduction of epoxies with minimal or no VOC emissions is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world with the largest consumption.
Key Market Trends
Increasing Demand from the Building and Construction Industry
- Epoxy coatings help in the development of several properties in coatings, which includes strength, durability, and chemical resistance.
- The fast drying, toughness, outstanding adhesion, resistance to water, good curing, make it suitable to provide protection to metals and other surfaces.
- On the other side, the paints and coatings derived from epoxy-based resins have limited gloss retention.
- Epoxy coatings are majorly used for quick-drying, protective coating, etc. for floors, metal, and other materials. Epoxy coatings can be used as epoxy floor paints in an application such as industrial or commercial for flooring applications.
- It is used over concrete floors in the application of commercial and industrial applications such as in airplane hangars, commercial and retail stores, airplane hangars industrial plants, manufacturing plants, airplane hangars, hospitals, showrooms, garages, etc.
- The building and construction activities are growing in many countries such as United States, China, India, etc.
- According to the world bank, in 2020, the construction industry is likely to reach about USD 11.9 trillion, with an increase of about 4.2% from 2019. Thus, in turn, is likely to increase the demand for coatings.
- Such positive growth in the building and construction industry is likely to increase the demand for epoxy coatings in the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is the largest coatings market across the globe with a 45% share of the global epoxy coatings market.
- In the region, China, India, and Japan account for higher shares. China has a share of around 56% of the coatings demand in the region.
- The conversion of the paints and coatings manufacturers to service providers makes it a highly productive option.
- The manufacturers are also providing the service of painting jobs as well; this is being done with the help of trained contractors as partners.
- India is to grow at a faster rate than China, thus providing new opportunities for the epoxy coatings market.
- The aforementioned factors are expected to increase the demand for epoxy coatings in Asia-Pacific in the forecast period.
The epoxy coatings market is semi-consolidated. The major companies include PPG Industries Inc., AkzoNobel NV, Axalta Coating Systems LLC, The Sherwin-Williams Company, Nippon Paints, etc.
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increasing Demand for Water-borne Epoxy Coatings
- 4.1.2 Growth in Powder-based Epoxy Market, due to the Absence of VOC
- 4.2 Restraints
- 4.2.1 Stringent Regulation on VOC Emissions
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 By Technology
- 5.1.1 Water-based
- 5.1.2 Solvent-based
- 5.1.3 Powder-based
- 5.2 By End-user Industry
- 5.2.1 Building and Construction
- 5.2.2 Automotive
- 5.2.3 Transportation
- 5.2.4 Industrial
- 5.2.5 Other End-user Industries
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.3.2 North America
- 126.96.36.199 United States
- 188.8.131.52 Canada
- 184.108.40.206 Mexico
- 5.3.3 Europe
- 220.127.116.11 Germany
- 18.104.22.168 United Kingdom
- 22.214.171.124 Italy
- 126.96.36.199 France
- 188.8.131.52 Rest of Europe
- 5.3.4 South America
- 184.108.40.206 Brazil
- 220.127.116.11 Argentina
- 18.104.22.168 Rest of South America
- 5.3.5 Middle East & Africa
- 22.214.171.124 Saudi Arabia
- 126.96.36.199 South Africa
- 188.8.131.52 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Advanced Environmental Services Inc.
- 6.4.2 AkzoNobel NV
- 6.4.3 Asian Paints
- 6.4.4 Axalta Coating Systems LLC
- 6.4.5 BASF SE
- 6.4.6 Berger Paints India Limited
- 6.4.7 Epoxy-Coat
- 6.4.8 The Euclid Chemical Company
- 6.4.9 Graco Inc.
- 6.4.10 Kansai Paint Co. Ltd
- 6.4.11 KOSTER American Corporation
- 6.4.12 NIPPONPAINT Co. Ltd
- 6.4.13 PPG Industries
- 6.4.14 RPM International Inc.
- 6.4.15 Tennant Coatings
- 6.4.16 The Sherwin-Williams Company
- 6.4.17 Tikkurila OYJ
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Introduction of Epoxies with Minimal or No VOC Emissions