12th December 2019 – Global Epoxy
Coating Market is estimated to reach USD 41.71 billion by 2024 owing to
the growing expenditure on commercial and residential construction in emerging
economies across the world. Epoxy is a sealant used for concrete flooring. They
are made with best hardening material for any kind of epoxy resin and are well
known their quick-drying ability, protective coating and toughness.
As compared to the customary heat cured
powder coatings, epoxy coatings can be easily applied, which makes them ideal
for a wide range of applications like garage bay floors to concrete protection.
Besides, epoxy coatings are applied for concrete repairing, protective
equipment coating and anti-corrosive coatings. Overall, epoxy coatings
safeguards steel and concrete from corrosion by alkalis and acids, salts and
other corrosive factors.
Due to the advantages of epoxy coatings
in safety, health and environment, water-borne epoxy coatings are mostly used
in applications like building & construction, commercial and
transportation. The amplified use of electronic elements in automobiles is one
of the major driving forces of epoxy coating industry.
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Water-borne epoxy coatings hold
properties like toughness, mechanical strength with thermal and electrical
features enable the broad use of water-borne epoxy coatings in numerous
industries. Besides, wind energy and aerospace industries are also extensively
demanding water-borne resin composites, which is expected to drive epoxy
coating market in the coming years.
Epoxy coating industry is also majorly
driven by the growth in coating additives industry. Epoxy coatings are used in
different applications like paints and construction. Furthermore, they improve
strength, chemical resistance, aesthetics and performance of coatings. In
construction industry, epoxies are widely used as adhesives in several forms
like epoxy primer and epoxy glue. Rise in demand of additives in several
applications because of its performance improvement property is also driving
the market positively.
The key trends observed in the market
comprise properties like corrosive chemicals, heat, and excellent resistance to
ultraviolet light among others. Additionally, epoxy coatings also hold features
like exceptional adhesion to metal surface, fibers, glass and remarkable
dimensional ability which are expected to fuel epoxy coating market in near
future. Nevertheless, strict government regulations to control air pollution
and epoxy coatings technology that produce low pollutants are predicted to
stimulate the market in future.
However, low performance of epoxy
coatings in exterior application and sluggish growth observed in developed
economies is expected to be a downside of the market. Besides, extensive growth
in end-use industries and low interest on housing loan are anticipated to drive
the market in the years to come.
Epoxy coating industry is categorized on
the basis of type, application and geography. On the basis of type, the market
is divided into powder-based, waterborne, and solvent borne. Waterborne type is
predicted to be the fastest groin segment in the industry owing to high
toughness and mechanical strength with electrical & thermal properties.
Based on application, epoxy coating
market is divided into construction, industrial, transportation, automobile,
and paints & coatings. Owing to the growing industrialization and commercialization
in the developing Asia Pacific economies, construction and industrial sector is
expected to hold larger share in the forecast period.
Geographically, the industry is
segmented as North America, Europe, Asia Pacific and RoW. Asia Pacific followed
by North America and Europe are expected to dominate the market due to
industrial development in the years to come. The key vendors in epoxy coating
industry include Akzo Nobel, Axalta Coating Systems, BASF, PPG Industries,
KANSAI PAINT, The Sherwin-Williams Company, Berger Paints India, Nippon Paint,
Tikkurila, and RPM International.
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