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Epoxy Coatings Market Share

ID: MRFR//3167-HCR | 137 Pages | Author: Chitranshi Jaiswal| May 2024

Epoxy coatings market is especially interesting for producers who are trying to gain an advantage and to enter the market. One of the most popular approaches is product differentiation, which involves developing a distinctive appeal by offering properties or formulations that no other competitors have. This could be on the side of developing tear resistance, chemical resistance or application methods, which is addressing the problems in a particular industry line. Through specialized benefits, businesses are able to gain competitive advantage by differentiating themselves and attracting customers who desire distinctive solutions.

Another important policy is cost leadership, by which companies try to be among the lowest-cost producers in the epoxy coatings market. This is accomplished by enhancing production methods, getting materials from various sources efficiently, and achieving economies of scale. With epoxy coatings pricing competitively, the companies can target cost-conscious buyers and increase their clientele. However, cost efficacy should be combined with quality standards so as to stand the test of time.

Market penetration is a strategy that is defined as growing the market share of your business within the current segments. This may involve an aggressive price policy, successful marketing campaigns or widespread distribution network. Such a strategy is used by companies that are trying to expand their market share by suggesting more customers to opt for their offer instead of others'. To achieve a successful market penetration, beneficial communication about the product with the strategic partners is a key element.

To explore the markets, one of the strategies is to penetrate new markets or applications. It could, therefore, be branching out into other regions, industries, or coming up with new uses for your products. Through the diversification of their reach, companies could lessen their vulnerability to a particular market segment which in turn would help them to avoid risks and open up more growth opportunities.

In a strategic partnership, alliances and partnerships have a profound impact on epoxy coating market. Business institutions frequently team with suppliers, distributors, or other industry partners to gain greater market reach. Through strategic alliances, there can be shared resources, a broader scope for market reach, and a chance to access complementary technologies. Likewise, a coating manufacturer may collaborate with a research institute to innovate novel formulations, which would present a strong competitive advantage.

In addition, a customer-centric strategy should also be at the center of the business. Understanding what the customer wants and providing an outstanding service can bring increased loyalty and good word-of-mouth as well. Include customization options, implement responsive customer care, and provide valuable services, these will help develop a healthy relationship with your customers, which can be a fuel for market share growth.

Epoxy Coatings Market Highlights:

Epoxy Coatings Market Trends

Epoxy Coatings Market Analysis

Epoxy Coatings Market Share

Epoxy Coatings Companies

Global Epoxy Coatings Market Overview

Epoxy coatings are durable coatings, formed by the chemical reaction using an epoxide resin and a polyamine hardener. This process is known as curing, wherein the processing time may vary from several minutes to hours, depending on the hardness of the coating required. These coatings can create a strong, durable, and chemically resistant film, owing to which they are used in a variety of protective coating purpose in the automotive & transportation, building & construction, and other industrial flooring and coating applications. Epoxy coating systems form a protective film of excellent adhesion, high integrity, toughness, and good impact resistance. These coatings are mainly water-based, or powder form and are gaining popularity over the traditional solvent-based coating systems on account of the various advantages offered. Some of these advantages include fewer coats required to achieve the desired film thickness, low-temperature curing process, volatile organic compound (VOC) compliance, and reduction in the requirement for air ventilation during curing and application. Primarily driven by the low VOC emissions, formulations, and technological advancements, epoxy powder-based coating is becoming the preferred finishing process over wet paint.

The global epoxy coatings market was valued at over USD 48.9 billion, by value in 2030, and is projected to register a healthy CAGR of over 6% during the forecast period of 2022 to 2030. The protuberant factor favoring the growth of the global market is the increasing demand for epoxy coatings in the building & construction and automotive industries. The construction sector is the largest end-user, wherein the epoxy coatings are widely used as floor coatings for commercial and residential flooring. Epoxy coatings are applied over concrete floors to provide a high-performance, smooth, and durable surface that can sustain heavy loads. In addition, the increasing demand for VOC-free coating technologies is expected to be another prominent factor in favoring market growth. The significant advantages offered by the epoxy floor coatings over the traditional coatings include a high-gloss surface that significantly increases the brightness of interior areas, quick and easy to install, durable and easy to clean, resists oil stains and water, and compatibility with other self-leveling products applied over the concrete.

The automotive & transportation is the other major consumer for epoxy coatings, wherein it serves the requirement for beautiful aesthetics, high gloss, and superior smoothness as well as helps in a weight reduction of the finished part. Interior body components (under the hood car parts) and engine components also need resistance to scratch, chemicals, and corrosion, where epoxy coatings are the preferred choice. The expanding automotive industry in the economies of Asia-Pacific and the Middle East & Africa is further expected to boost demand for epoxy coatings during the forecast period.

The fluctuations in the prices of epoxy resins is expected to hinder the overall production cost for the epoxy coatings and is likely to be a key factor hindering the global market growth during the review period.

Global Epoxy Coatings Market Share, by End-Use Industry, 2018 (%)

Source: MRFR analysis

Regional Analysis

The global epoxy coatings market has been segmented into five key regions—Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. The regional market in Asia-Pacific held a market share of over 40% of the global market in 2018. Significant growth of the building & construction, automotive, and consumer goods industries in the region are expected to be a prominent factor driving the regional market growth. China is the largest producer of epoxy resins and is also the leading consumer for epoxy coatings, by country, in the global market. Healthy growth of the construction sector in the economies of China and India, as well as the booming construction industry in the South East Asian economies, is expected to provide an impetus to the growth of the epoxy coatings market in the region. Also, the automotive industry in India, China, Japan, and Thailand are expected to be the primary consumers of the epoxy coatings in the regional market in the years to follow. The automotive industry, as well as the automotive aftermarket in Asia-Pacific, is the largest globally, which in turn is fueling the demand for epoxy coatings in the region. The growing need for achieving reductions in component weight and economic fuel consumption as well as satisfying the aesthetic appeals is boosting demand for these coatings in the regional market. Additionally, increased spending and rising per capita income of individuals, has been pushing the consumer goods industry in the region, and hence the demand for epoxy coatings in this industry.

North America is expected to be the second-largest regional market, which is primarily attributed to the increasing demand for epoxy powder-based coatings in the commercial and residential flooring applications, owing to the stringent regulations about the VOC emissions.

The regional market in the Middle East & Africa is expected to be the other fast-growing regional market on account of the expanding automotive sector in the region.

Market Segmentation

The global epoxy coatings market has been segmented on the basis of technology, end-use industry, and region. Based on technology, the global epoxy coatings market has been classified as water-borne, solvent-borne, and powder. By end-use industry, the global epoxy coatings market has been divided into building & construction, industrial, automotive & transportation, consumer goods, and others. The global epoxy coatings market has been studied with respect to five key regions—Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.

Key Players

BASF SE (Germany), PPG Industries, Inc (US), KANSAI PAINT CO., LTD (Japan), Valspar (US), NIPSEA GROUP (Singapore), Akzo Nobel NV (Netherlands), The Sherwin-Williams Company (US), Axalta Coating Systems, LLC (US), Hexion (US), RPM International Inc. (US), Tikkurila (Finland), and Berger Paints India Limited (India) are the key players operating in the global epoxy coatings market.

Recent DevelopmentFebruary 2022 - Westlake Chemical Corporation has carried out the acquisition of Hexion’s epoxy business for close to USD 1.2 billion (or EUR 1 billion) in cash. Hexion epoxy business will now be rebranded as Westlake Epoxy, which is a reputed developer and supplier of specialty resins, composites and coatings for various industries, such as sustainability-oriented and high-growth end-uses including light-weight wind turbine blades and automotive structural components.With this acquisition, Westlake will be able to substantially boost its integrated business with the addition of an advanced downstream portfolio of expory coatings as well as composite products. January 2022 - Milburn Flooring has acquired Blendex Industrial Corp., and added a new epoxy division which will be called Blendex. The Blendex Industrial Corp.’s acquisition will help bolster Milburn Flooring's range of services while expanding its installation capabilities, therefore adding value to their existing and potential new customer base.

Intended Audience

Epoxy coatings manufacturers

Traders and distributors of epoxy coatings

Research and development institutes

Raw material suppliers

Potential investors

End user

Nationalized laboratories

Epoxy Coatings Companies

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