The global epoxy coatings market size was valued at around USD 34.55 billion in 2020. The market is expected to rise from USD 36.53 billion in 2021 to USD 52.13 billion by 2028 at a CAGR of 5.2% during the forecast period 2021-2028. Fortune Business Insights™ has mentioned these insights in its latest research report titled, “Epoxy Coatings Market, 2021-2028.”
According to the analysis, soaring demand for high-quality homes will foster the penetration of epoxy coatings. With the demand for durable flooring solutions gaining prominence, industry players are expected to further their investments in coatings.
Information Source - https://www.fortunebusinessinsights.com/epoxy-coating-market-106521
Segments
Type, Application, and Region are Studied
Based on type, the market is segregated into solvent-based, water-based, and powder-based.
In terms of application, the market is segmented into transportation, construction, industrial, and others.
With respect to region, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa are studied for the market.
Report Coverage
The report is prepared painstakingly through secondary and primary sources. The use of top-down and bottom-up approaches further validates the veracity of the research report. Qualitative and quantitative analysis has also been included to provide a birds-eye-view. We have delved into SEC filings, annual reports, and government websites to validate the report’s authenticity.
Drivers & Restraints
Bullish Demand from the Construction Sector to Accentuate Market Growth
Amidst prevailing circumstances of the COVID-19 pandemic, the construction sector is expected to exhibit strong demand for epoxy coatings. The durability attribute of these coatings has encouraged end-users to increase investments in the portfolio. Prominently, commercial and industrial applications, including retail stores, industrial plants, hospitals, and manufacturing facilities have shown immense traction for the marker. Further, the penetration of the compound across warehouses and factories for ease of cleaning, aesthetics, and resistance to corrosive liquids will foster the epoxy coatings market growth.
However, the high cost of the coating compound and rigorous regulations are expected to dent the industry growth during the forecast period.
Regional Insights
Industry Players Count on Economic Indicators to Invest in the Asia Pacific Market
Asia Pacific has come up as a viable investment hub due to robust economic indicators such as rising disposable income and growing living standards. The penetration of automotive and construction sectors in emerging economies, such as China and India, will further the position of the region in the global landscape. Additionally, the expansion of commercial and residential structures will continue to complement the demand for epoxy paints.
Leading companies are expected to bolster their portfolios in the U.S. and Canada against the backdrop of escalating environmental concerns. Lately, automakers have upped their production capacity amidst soaring demand for durable and corrosion-resistant components and parts.
The Europe epoxy coatings market share will witness a notable gain, owing to the presence of leading automakers across the U.K., Germany, Italy and France. The growth of transportation and industrial sectors will further aid the regional development.
Competitive Landscape
Leading Companies Inject Funds into Product Capacity Developmentto Gain a Competitive Edge
The market’s competitive scenario suggests industry participants will emphasize organic and inorganic strategies, including mergers & acquisitions, product launches, technological advancements, and innovations.
Key Industry Development
April 2021: Sika increased its concrete admixture production capacity in Qatar and began producing epoxy resins, which are important components in high-quality floor coverings and adhesives.
Major Players Profiled in the Report
- MBCC Group (Mannheim, Germany)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- AkzoNobel (Amsterdam, Netherlands)
- Axalta Coating Systems (Pennsylvania, U.S.)
- The Valspar Corporation (Minnesota, U.S.)
- Sherwin-Williams Company (Ohio, U.S.)
- RPM International Inc. (Ohio, U.S.)
- Kansai Paint (Osaka, Japan)
- Asian Paints (Mumbai, India)