PUBLISHER: KBV Research | PRODUCT CODE: 1484183
PUBLISHER: KBV Research | PRODUCT CODE: 1484183
The Global Epoxy Coating Market size is expected to reach $47.6 billion by 2031, rising at a market growth of 5.4% CAGR during the forecast period. In the year 2023, the market attained a volume of 2,349.0 Kilo Tonnes, experiencing a growth of 19.9% (2020-2023).
The Asia Pacific region is undergoing rapid urbanization, accompanied by extensive infrastructure development projects such as roads, bridges, airports, railways, and commercial buildings. Therefore, the Asia Pacific region captured $14,007.1 million revenue in the market in 2022. Also, China would utilize 411.5 Kilo Tonnes of epoxy coating by 2031. These are widely used in these construction projects for their durability, corrosion resistance, and aesthetic appeal, driving significant demand for them in the region.
The major strategies followed by the market participants are Product Launches and Product Expansions as the key developmental strategy to keep pace with the changing demands of end users. For instance, In October, 2023, Berger Paints India Limited released an innovative lineup of waterproofing solutions, Berger DAMPSTOP. These meticulously formulated products are capable of executing various waterproofing treatments, such as dampness, silane, or salt leaching treatment, with remarkable efficiency. Additionally, In March, 2023, Axalta Coating Systems Ltd. unveiled its newest ICONICA range of Alesta SD powder coatings. The ICONICA collection blends premium-grade pigments and stabilizers, offering exceptional exterior durability to enhance the longevity of architectural ventures.
Based on the Analysis presented in the KBV Cardinal matrix; The Sherwin-Williams Company is the forerunner in the market. In April, 2024, The Sherwin-Williams Company released Sher-Bar TEC, an innovative coating technology tailored for the concrete sector. This textured epoxy coating holds promise in substantially prolonging the life cycle of essential infrastructure components, presenting a cost-efficient option that introduces unparalleled benefits. Companies such as PPG Industries, Inc., Akzo Nobel N.V., Axalta Coating Systems Ltd. are some of the key innovators in the market.
Market Growth Factors
Infrastructure assets such as bridges, highways, airports, railways, and utilities are susceptible to deterioration and damage from environmental factors, corrosion, and wear and tear over time. These provide durable and long-lasting protection against corrosion, abrasion, chemical exposure, and weathering, extending the service life and preserving the structural integrity of infrastructure assets. Hence, rising investments in infrastructure and maintenance are propelling the market's growth.
Advanced electronics such as semiconductors, printed circuit boards (PCBs), sensors, and microelectronics contain delicate components that require protection from environmental factors, mechanical stress, moisture, and chemical exposure. In conclusion, emerging these applications in advanced electronics drive the market's growth.
Market Restraining Factors
Epoxy resins, the primary component of epoxy coatings, can be relatively expensive compared to alternative coating materials such as acrylics or alkyds. The cost of raw materials, including epoxy resins, hardeners, and additives, contributes to the overall high cost of these coatings. Hence, the high cost is impeding the market's growth.
Technology Outlook
Based on technology, the market is divided into water-based, solvent-based, and powder-based. The water-based segment procured 34.3% revenue share in the market in 2023. Water-based products have lower volatile organic compound content, making them more environmentally friendly and compliant with stringent regulatory requirements. In terms of volume, the water-based segment utilized 791.4 Kilo Tonnes of this coating in 2023.
Application Outlook
On the basis of application, the market is segmented into transportation, building & construction, industrial, and others. The building & construction segment recorded 39.8% revenue share in the market in 2023. These are frequently used to coat concrete floors in commercial, industrial, and residential buildings. In terms of volume, the building & construction segment would require 1,225.4 Kilo Tonnes of this product by 2028.
Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region generated 25.6% revenue share in the market. North America has various industries, including automotive, aerospace, manufacturing, and oil and gas. These protect industrial equipment, machinery, and infrastructure from corrosion, abrasion, and chemical exposure. In terms of volume, US registered 243.2 Kilo Tonnes demand of this coating in 2020.
The market competition in the epoxy coating market is fierce, driven by a multitude of factors. With numerous established players ranging from large multinational corporations to smaller regional manufacturers, competition centers on various fronts. Companies vie for market share based on factors such as product quality, brand reputation, and customer service. Additionally, technological advancements play a pivotal role, with firms investing heavily in research and development to innovate new formulations that offer superior performance characteristics like durability, chemical resistance, and environmental sustainability.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Epoxy Coating Market Report Segmentation
By Technology (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)