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Epoxy Coating Market Size, Share & Industry Analysis, By Type (Water-based, Solvent-based, and Powder-based), By Application (Construction, Transportation, Industrial, and Others), and Regional Forecast, 2024-2032

Last Updated: May 27, 2024 | Format: PDF | Report ID: FBI106521

 

KEY MARKET INSIGHTS

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The global epoxy coating market size was valued at USD 40.72 billion in 2023 and is projected to grow from USD 42.92 billion in 2024 to USD 63.89 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period.


Epoxy coatings are long-lasting coatings that serve a wide range of purposes, including strong adhesives and durable paint and coatings for floors and metals. These coatings are formulated by triggering a chemical reaction between an epoxide resin and a polymine hardener. The ability to offer strong, durable, and chemical resistant coating has made epoxy compound an ideal material in various coating applications that includes industrial manufacturing plants, electrical, automotive, and marine applications. These coatings are quick and easy to apply, making them a choice of coating solutions in a wide array of application range which is set to drive the global market growth during the forecast period.


The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 6.0% in 2020 compared to the average year-on-year growth during 2019-2022.


Epoxy Coating Market Trends


India’s Urbanization Trend with Rising Income to Foster Market


The percentage of India’s city population with regards to its general population has been growing over the years. People from rural regions migrate to towns for higher job opportunities, training, and higher lifestyles, owing to different reasons. According to the World Economic Forum, 40% of Indians are predicted to be city residents by 2030. In India, increasing urbanization has triggered the demand for housing, especially fine housing, throughout Indian towns. This increasing demand for high-quality homes will surge the demand for decorative paint in the future. Rising revenues and growing awareness of protection coatings applications have increased the demand for architectural paints in India as a result of the rising claims and income levels of the middle class over the past 10 years. Changing trends in the home improvement industry and increasing disposable income are drivers for the epoxy coating Market growth.


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Epoxy Coating Market Growth Factors


Growing Demand for Epoxy Coating in the Construction Sector to Spur Industry Growth


Epoxy coatings are long-lasting coatings that are utilized for a wide range of applications. These coatings are popular as they provide a quick-drying, durable, and protective coating for metals and other materials. They produce a long-lasting and durable flooring solution when utilized in flooring applications. They are used on concrete floors in a variety of commercial and industrial applications such as commercial and retail stores, manufacturing plants, industrial plants, hospitals, warehouses, showrooms, aircraft hangars, and garages. They have a glossy finish and come in a variety of colors and styles. Terrazzo flooring, hardwood floors, and colored floors are some of the decorative possibilities available when employing an epoxy floor finish. Epoxy floor coatings are chemically resistant and easy to clean flooring solution that may be applied directly to new or existing concrete floors.


They are extremely resistant to corrosion and harsh chemicals, which makes them incredible metal protectants. Epoxy-based powder coatings are used to coat pipes, poles, pillars, and reinforcement steel in high-load concrete structures. Naval vessels and buried structural foundations enjoy a wide range of corrosion protection benefits of epoxies. Epoxy flooring coatings are commonly used in factories and warehouses due of their ease of cleaning, aesthetics, mechanical strength, and resistance to corrosive liquids such as oil, chemicals, and diluted acids.


RESTRAINING FACTORS


High Cost of Epoxy Coatings Likely to Hinder Market


Epoxy coatings are costlier to manufacture than other coatings. This is attributed to the fact that the raw ingredients necessary to manufacture are much more expensive than other low-end coatings, and the manufacturing process is complex with a limited tolerance for mistakes. Most epoxy resins must pass some level of regulation to verify that they are FDA-compliant and food-safe, which increases the cost. In addition, the production of epoxy resins and hardener used to produce epoxy based coatings requires a lot of energy, contributing to various greenhouse gas emissions. In addition, epoxy floor coatings release volatile organic compounds (VOCs), which contribute to air pollution. The increasing environmental pollution and high cost of epoxy-based coatings are likely to hinder the market growth.


Epoxy Coating Market Segmentation Analysis


By Type Analysis


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Water-based Segment to Generate High Revenue Owing to Environment Sustainability


Based on type, the market is segmented into water-based, solvent-based, and powder-based coatings. Water-based coating held the dominant epoxy coating market share in 2023, and was created as a replacement for solvent-based coatings, which contain a lot of VOC emissions, are less eco-friendly, and cause a lot of health problems. Water-based coatings are made using green technology, which is more environment-friendly and complies with the safety requirements set by REACH and other government agencies.


Water-borne technologies are preferred as they are VOC-free and more environment-friendly. Due to developments, water-borne coatings continue to compete with solvent-borne coatings for most applications.


By Application Analysis


Construction Segment to Hold Significant Share Due to Rise in Residential, Commercial, and Industrial Projects


The market is segmented into construction, transportation, industrial, and others. Construction is the largest application of market. Rapid urbanization, rising disposable income, and expanding GDP in the Asia Pacific surge the demand for residential, commercial, and industrial infrastructure, as well as residential and commercial building renovations and re-painting.


Epoxy based coating demand in the motor vehicle industry has decreased as a result of temporary factory closures. Moreover, manufacturing of non-essential commodities was halted in many parts of the world for several months to a year, which also resulted in the decline in product demand. However, by 2024, demand for OEM coatings in the motor vehicle market is expected to surge, fueled by recovering vehicle manufacturing, particularly in Asia Pacific, where output is expected to skyrocket. This would boost the market.


The steady demand from industrial applications will drive the consumption of epoxy coatings during the forecast period. Efficacy in offering excellent bond strength and chemical resistance has made epoxy-based coatings an ideal choice for industrial floor coating applications. Another advantage of these coatings is the ease of application, which can be applied in various ways using several application methods. As it prevents new concrete floors from cracking and tearing along with resistance to crop growth, it is set to drive the demand for epoxy coatings in industrial applications during the forecast period.


REGIONAL INSIGHTS


Asia Pacific Epoxy Coating Market Size, 2023 (USD Billion)

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The market size in Asia Pacific stood at USD 19.60 billion in 2023. The Epoxy Coating Market in Asia Pacific is increasing, owing to the region's stable economy, growing disposable income, and improved living standards in developing countries such as China, India, Malaysia, and Vietnam. The expansion of the construction and automotive sectors in rising economies, including China, Thailand, India, and Taiwan is expected to boost industry growth. The building of new residential and commercial structures is a priority for China, Japan, India, Indonesia, Malaysia, and the Philippines, among other APAC countries. Developments in civil construction and a strong need for efficient epoxy paints are driving the market.


Amidst environmental concerns, these coatings are likely to gain appeal in North America. Superior characteristics, such as durability, good finishing, and great resistance to chipping, corrosion, and abrasion are boosting the market in North America. The increase in production capacity by major automakers in the U.S. is projected to boost the market growth.


In Germany, Hungary, Romania, Austria, and the U.K., where firms have a strong industrial base, the demand is projected to be driven by increased construction and rising vehicle production. Due to the presence of manufacturers in Latin America and the Middle East and Africa, the market is projected to increase at a stable rate. Imports are used to fulfill the majority of demand in these areas.


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List of Key Companies in Epoxy Coating Market


Key Companies to Conduct Research and Development Activities to Increase Market Presence


Players in the industry mostly operate based on the product's pricing and application qualities. Several big businesses are forming strategic partnerships to enhance brand and sales to increase their market share and get a competitive edge. Companies have utilized a number of strategies to increase their market share, including mergers and acquisitions, investment and expansion, and product creation. Manufacturers are putting a lot of money into research and development and depending on technical improvements through product diversification and cheap pricing.


Some of the key players operating in the global market are AkzoNobel, Axalta Coating Systems, PPG Industries, Inc., PPG Industries, Inc., the Valspar Corporation, and Sherwin-Williams Company.


LIST OF KEY COMPANIES PROFILED



KEY INDUSTRY DEVELOPMENTS



  • March 2024 – Grasim Industries Limited, a subsidiary of Aditya Birla Group, in its chemical business inaugurated the capacity expansion project of Epoxy resins and formulation capacity at Vilayat, Gujarat. With this capacity expansion, the company’s overall capacity of its advanced materials will increase to 246,000 tons per annum.  

  • September 2023 – PPG announced that it completed the capacity expansion of its powder coating plant located in Sumaré, Brazil. With an investment of USD 2.7 million, the company expanded the production capacity of the plant by 40%.

  • July 2022 – Polynt Group announced plans to expand its coating resin production capacity to meet the growing demand of the North America paints and coatings industry. The expanded capacity is set to be fully effective in 2023.

  • October 2020 –After being acquired by an associate of Lone Star, a worldwide private equity company, the MBCC Group has arisen from the former BASF Construction Chemicals business and on October 1, 2020, it will begin operations.

  • September 2020– PPG announced the launch of full range of coating systems that include base coats, prime coats, and topcoats under PPG flooring coatings. It is designed to deliver the best performance based on specific work environment.


REPORT COVERAGE


An Infographic Representation of Epoxy Coating Market

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The research study examines the market in depth, focusing on critical elements such as major organizations, types, and applications. In addition, the study provides insights into epoxy coating market trends as well as key industry developments. In addition to the variables listed above, the study covers a variety of other factors that influence the market's recent expansion.This study examines the industry's newest market dynamics and opportunities, as well as historical data and revenue growth estimates at global and regional levels.


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Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 5.1% during 2024-2032



Unit



Value (USD Billion) and Volume (Kiloton)



Segmentation



By Type



  • Water-based

  • Solvent-based

  • Powder-based 



By Application



  • Construction

  • Transportation

  • Industrial

  • Others



By Region



  • North America (By Type, By Application, By Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Type, By Application, By Country)

    • Germany (By Application)

    • U.K. (By Application)

    • France (By Application)

    • Italy (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Type, By Application, By Country)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Type, By Application, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • Middle East & Africa (By Type, By Application, By Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)








Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 40.72 billion in 2023 and is projected to reach USD 63.89 billion by 2032.

In 2023, the Asia Pacific market size stood at USD 19.60 billion.

Growing at a CAGR of 5.1%, the market will exhibit steady growth during the forecast period (2024-2032).

The construction segment is the leading application in the market.

Growing demand from the construction sector will drive the market.

AkzoNobel, Axalta Coating Systems, PPG Industries, Inc., PPG Industries, Inc., the Valspar Corporation, and Sherwin-Williams Company are major players in the global market.

Asia Pacific dominated the market share in 2023.

The growing demand for powder coatings is expected to fuel the market.

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