Epoxy Coating Global Market Report 2022: Increasing Demand from the Transportation Industry Fuels Sector

DUBLIN, April 17, 2023 /PRNewswire/ -- The "Epoxy Coating Market Size, Share, Trends, By Product, By Application, and By Region Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The epoxy coating market has witnessed substantial growth in recent years, with the global market size reaching USD 33.97 billion in 2021.

This market is expected to continue growing rapidly, with a projected revenue CAGR of 5.2% during the forecast period. The growth of this market can be attributed to several factors, including the increasing demand for paints and coatings in various industries, such as transportation, as well as the rising emphasis by governments on reducing VOC content in epoxy-based paints and coatings. The market is also being driven by the growing demand for waterborne and powder-based coatings.

Epoxy coatings are known for their durability and can be used for a variety of purposes, including as strong adhesives and durable paints and coatings for floors and metals. These coatings are created by using epoxide resin and a polyamine hardener to generate a chemical reaction that results in a strong, long-lasting, and chemically resistant substance.

One of the most common applications of epoxy coating is as a paint or coating. Additionally, epoxy coatings are popular due to their quick drying time, durability, and protective covering for metals and other materials.

Compared to conventional heat-cured powder coatings, epoxy coatings are simple and quick to apply, making them ideal for various applications. Moreover, epoxy materials and epoxy coating compounds can be used in a range of applications as strong adhesives due to their superior thermal, electrical, and mechanical resistance qualities.

The characteristics of epoxy paints are determined by the epoxide content in epoxy resins. There are several grades of epoxy resin, such as 100% solids epoxy, high solids epoxies, polyamide epoxies, and water-based epoxies, that are often combined with additives, plasticizers, and fillers to achieve the desired paint quality.

Epoxy coatings provide excellent protection against acids and alkalis, good abrasion resistance, and have very little or no Volatile Organic Compounds (VOCs). Manufacturers are focusing on reducing VOC emissions to comply with environmental protection laws and to mitigate the associated health risks. This has led to increased investments in R&D activities to produce environment-friendly epoxy coatings, which is expected to drive market revenue growth during the forecast period.

Overall, the growth of the epoxy coating market can be attributed to its various applications, durability, and protective properties, as well as the increasing demand for environment-friendly coatings.

Market Dynamics

Increasing Demand from the Transportation Industry

The market for epoxy coatings is experiencing rapid revenue growth due to increasing demand in the transportation industry, particularly in the trucking sector, as well as a rise in public transportation linked to urbanization. The market growth is driven by improving economic conditions, which is spurred by tax incentives and a surge in demand for heavy-duty vehicles to meet lower emission standards. Epoxy coatings are preferred in applications such as agriculture, construction, earthmoving, trucks, buses, railways, motorcycles, and specialized vehicles due to their higher efficiency and greater throughput.

Additionally, epoxy coatings offer superior metal adhesion and corrosion resistance, and the ability to apply a thin, uniform coating directly onto the metal, even in hard-to-reach areas. This provides a seamless protective covering on vehicle bodies and other important metal parts.

Automotive manufacturers are increasingly adopting waterborne epoxy coatings for their low viscosity, resistance to shock, vibration, and impact, as well as their electrical insulation, high/low-temperature protection, and high-performance structural bonding. These factors are expected to drive the growth of the market revenue.

High Commodity Pricing

The shortage of raw materials such as BPA and various types of solvents has led to an increase in prices of epoxy coating. The prices of exporting and importing abroad have also risen due to a lack of available containers. The prices of commodities have fluctuated as a result of a global shortage of raw materials. As a result of this price increase, manufacturers, distributors, and store owners are compelled to pass on the price hikes to end consumers, thus hindering revenue growth during the forecast period.

Product Insights:

The global epoxy coating market is segmented into solvent borne, waterborne, and powder, based on the product. During the forecast period, the solvent borne segment is expected to register rapid revenue growth due to its increased demand for superior curing and the need to prevent material surface corrosion. Solvent-borne epoxy coatings are commonly used in industrial and commercial applications as a topcoat due to their increased durability, performance, and tolerance of petroleum contaminants in a concrete surface. They are excellent for garage floors and parking buildings for a glossier finish.

Compared to water-borne coatings, solvent-borne epoxy coatings tend to be more durable during the coating's curing process. They are also preferable in humid situations where water-borne coatings cannot fully cure. Solvent-borne coatings are used in industrial environments, such as warehouses, garages, power plants, pulp and paper mills, water and sewage treatment plants, and mining operations, as well as on floors and equipment, due to their viscosity, excellent adhesion properties, and relative ease of use. Thin films act as better curing agents in these environments.

Application Insights:

The global epoxy coating market is segmented into construction, industrial, transportation, and others, based on application. During the forecast period, the construction segment is expected to register a steady revenue growth rate due to the rising need for the manufacture of adhesives, plastics, paints, coatings, primers and sealers, flooring, and other products and materials used in building and construction applications. Epoxy is known to be the highest-strength, which enables the production of the lightest component and the most robust module by providing the strongest bond between resin and reinforcement. Therefore, epoxy coatings are applied to floors for coating purposes in the building business.

A variety of layers are applied during the installation of epoxy floor coating, including body coat, topcoat, and priming layer that act as a sealant. This makes the floor thicker and more resilient than one that has only had one or two coats of paint, which raises the demand for epoxy coating in the building industry. Additionally, adding epoxy coating to concrete floors gives them a smooth, long-lasting surface and improves their capacity to support heavier loads.

Moreover, coating not only provides toughness and resilience but also minimizes machinery damage and is stain- and chemical-resistant while delivering high gloss. Furthermore, epoxy coating is used in buildings to give appealing aesthetics. All these factors are expected to drive revenue growth of this segment.

Regional Insights:

Regional analysis indicates that North America is expected to hold the largest share of the global epoxy coating market during the forecast period. This is due to the presence of major market players in the region such as PPG Industries, Inc., Axalta Coating System, RPM International, Inc., and Thermal-Chem Corporation, among others. The US government's focus on coatings that do not emit volatile organic compounds is expected to boost demand for epoxy coating in the region. Private companies' increasing investments in the paint and coating industry in North America are also expected to drive market revenue growth. The US airforce has also adopted epoxy coatings in aircraft and satellite systems for their strength and lightweight properties, which results in decreased emissions and improved performance.

In the Asia Pacific region, rapid revenue growth rate is expected due to the growing construction industry and chemical and electronics manufacturing in countries such as China and India. China accounted for a significant share of the world's manufacturing output of consumer electronics in 2019. In addition, the transportation industry in this region is also growing, which has driven adoption of epoxy coatings for providing structural integrity and durability in transportation equipment.

Rising disposable incomes, changing lifestyles, and government regulations on VOC emissions are expected to contribute to market growth. The presence of major market players, such as NIPSEA GROUP, Asian paints, and Kansai Paint Co., Ltd., is also expected to drive market revenue growth in this region.

Europe is expected to register a considerably robust CAGR during the forecast period due to rapid growth of the electronics and automotive industry in this region. The German electronic industry is the largest in Europe and the fifth largest globally. Epoxy coating protects highly polished metals in the lighting industry and benefits one- and two-component heat-resistant glass coatings.

Germany is also the world's fourth-largest automotive manufacturer. The growing presence of major automakers such as Volkswagen, Mercedes-Benz AG, Audi, and BMW, among others, is expected to drive demand for epoxy coating in this region as it prevents corrosion and doubles the lifespan of cars.


Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Epoxy Coating Market Segmentation & Impact Analysis
4.1. Epoxy Coating Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers' analysis
4.2.2.1. Rising demand from the paints and coating industry
4.2.2.2. High demand from the transportation industry
4.2.3. Market restraints analysis
4.2.3.1. High commodity pricing

Chapter 5. Epoxy Coating Market By Product Insights & Trends

Chapter 6. Epoxy Coating Market By Application Insights & Trends

Chapter 7. Epoxy Coating Market Regional Outlook

Chapter 8. Competitive Landscape

Chapter 9. Company Profiles

Companies Mentioned

• Akzo Nobel N.V.
• Basf SE
• Nipsea Group
• Asian Paints
• PPG Industries Inc.
• Axalta Coating System
• RPM International Inc.
• Kansai Paint Co. Ltd.
• Thermal-Chem Corporation
• Toa-Chugoku Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/1tp0ql

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]   

For E.S.T Office Hours Call +1-917-300-0470 
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716 

Logo:  https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg 

SOURCE Research and Markets