The global epoxy coating market is expected to reach USD 41.71 billion by 2024, according to a new report by Grand View Research, Inc. Increase in spending on residential and commercial construction in emerging regions such as Asia Pacific and Middle East is expected to drive global Epoxy Coating Market growth over the next eight years.
Rapid industrialization in Asia Pacific has resulted in an increase in utilization of epoxy coatings for flooring applications for both commercial and industrial structures such as retail stores, hospitals, showrooms, and warehouses. These coatings provide superior gloss and aesthetic finish in form of terrazzo flooring, chip flooring, and colored aggregate flooring.
Growing automotive sector in developing economies of Asia Pacific and Latin America owing to a surge in population base and rising disposable income is expected to stimulate epoxy coatings demand. Growing application scope in rust and corrosion prevention of vehicle bodies and other metal components is likely to augment market growth. In addition, rising use of epoxy-based coatings as primer ensuring paint adhesion for automotive parts will drive the market demand over next eight years.
Solvent borne epoxy emerged as the dominant product segment accounting for over one-third of the total market volume in 2015. Traditionally, they were designed to protect steel, however; they are extensively being used now-a-days for concrete structures and adapted for flooring. Solvents allow easy coating application in required areas without any formulating problems.
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Further key findings from the report suggest:
- Global epoxy coating market demand was 1,080.7 kilo tons in 2015 and is expected to reach 2,115.6 kilo tons by 2024, growing at a CAGR of 7.9% from 2016 to 2024.
- Waterborne coatings are expected to witness the highest growth of 9.0% from 2016 to 2024 owing to factors such as low VOC content, durability, quick dry time and mitigated hazardous disposal in contrast to its counterparts.
- Construction sector emerged as the leading and fastest growing application segment accounting for about 28.0% of the total market volume in 2015. Rapid population growth coupled with increasing migration towards urban centers has necessitated demand for new commercial, residential and industrial infrastructure. Low-interest rates on housing loans in both developed as well as developing regions is poised to impact market growth.
- Asia Pacific was the dominant regional market with demand share estimated at over 48% in 2015. Increasing demand for institutional buildings coupled with the shift in production landscape towards China, India, and South East Asian countries are expected to drive the regional market. The region is also projected to witness the highest growth of 8.9% from 2016 to 2024.
- Epoxy coatings industry is moderately fragmented with the presence of large number of prominent market participants across the globe. Sherwin Williams is engaged in manufacturing and marketing of paints, coatings, finishes, applicators, and varnishes for structural steel, ships, metals, buildings, and automobiles. In September 2013, Sherwin Williams acquired the U.S./Canada operations of Comex for USD 90 million and assumed liabilities in the range of USD 75 million.
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Grand View Research has segmented the epoxy coating market on the basis of product, application and region: