The global epoxy coating market is predicted to grow at significant CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for advanced and durable paints & coatings is anticipated to propel demand for epoxy coatings. These coatings are likely to offer resistance from corrosive chemicals, heat, and ultra violet (UV) light. In addition, such coatings can provide excellent adhesion to surfaces of fibers, metals, glass, and several other materials.
High demand for energy efficient green buildings coupled with rising focus on improving indoor air quality and occupant health is expected to surge demand for epoxy coatings. Stringent government regulations globally to curb down VOC emission and pollution to protect environment can fuel growth of market. Rising investments in building and construction sector attributed to rise in population in both developed and developing countries can influence growth of market during the forecast period (2018 to 2025).
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Fluctuating prices of epoxy resins attributed to volatile raw material prices can hamper market growth in the near future. However, continual R&D activities to develop environment-friendly epoxy resins can create lucrative opportunities for growth of market.
To cater to rising demand for epoxy coatings, most companies are investing in R&D activities to develop advanced products. For instance, Belzona recently introduced its latest formulation of chemical resistant epoxy coating named Belzona 4311 (Magma CR1). After continual R&D from a team of scientists in the company from past few years, this new formulation was made spray able. In addition, there is a boost in UV resistance to reduce film thickness loss over years in service. This formulation is expected to be tested in Q-sun cabinet for 10000 hours, where samples saw exposure to extreme sunlight conditions and rain.
The epoxy market can be segregated on the basis of product, end-user, and region. Based on product, the market can be categorized into oily epoxy coatings and waterborne epoxy coatings.
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Based on end-user, the market can be classified into automotive, ship, chemical anti-corrosion coating, underwater coating, and others.
Regional segmentation includes Europe, North America, China, Japan, and others. In China, the market is expected to witness significant growth over the forecast period attributed to increasing construction activities in the region. In addition, rising penetration of automobile manufacturers in China owing to government incentives and availability of low-cost labor can fuel market growth. Moreover, growing population coupled with rising disposable income are likely to drive transportation sector. This, in turn, can stimulate growth of market in the region.
In Europe, the market is anticipated to grow well during the forecast period owing to rising investments by coatings & paints companies to improve their manufacturing facilities. In addition, rising demand for aesthetic looks of buildings attributed to environment-friendly characteristics of epoxy coatings can augment growth of market over next few years. Moreover, stringent regulations to reduce VOC emission from coatings and paints can surge demand for epoxy coatings in the region.
In North America, the market is likely to grow at CAGR of 7.1% over the forecast period attributed to rising awareness among consumers regarding benefits of eco-friendly products. In addition, characteristics of epoxy coatings such as strength, durability, resistance, and flexibility can stimulate growth of market in the region. Moreover, increasing construction activities owing to low interest on housing loans can drive product demand in the region.
Some of the leading companies offering epoxy coatings are PPG Industries, RPM International, Nippon Paint, Berger Paints, and Kansai Paint.
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