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Epoxy Coatings market works under the influence of various market influencing factors, all of which jointly determine its dynamics. Among the significant factors is the ever-rising demand emanating from different application bases such as building & construction, transport, and electrical engineering. While the sectors are rising, the demand for securing and enduring surface coatings that, for instance, are epoxy coatings, rises hand in glove as well. The construction sector is one of the industries that need epoxy paints the most because of its wide range of protective functions such as preventing corrosion, abrasion, and chemical attack.
Besides the normal regulatory concerns, regulatory frameworks have a major role to play in the Epoxy Coating market. Strict environmental restrictions are set up to lower the content of VOCs and to comply with the practices that are sustainable, which has an effect on the formulation and application of epoxy coatings as well. Raw material makers of the industry also must follow the environmental standards, making sure that VOC-free or eco-friendly epoxy coatings are developed to comply with the regulations as well as the rising demand for green coatings.
In addition to economic trends on the global arena the Epoxy Coatings market is gaining popularity. Economic growth in emerging markets, industrialization, and infrastructure constructions generate leaps of demands for epoxy coatings in the construction and manufacturing sectors chiefly of all. While an economy slump could affect epoxy coatings market performance in the short term, as fewer construction works and industrial output are happening so the demand for epoxy coatings will be reduced.
Innovation and new technologies are invaluable drivers in Epoxy coatings market. Constant research and development process of creating new formulations and improving existing ones result in the contribution of enhanced curing times, better adhesion properties and an increased capacity of survive harsh environmental conditions. The organizations enjoying the fruits of innovation become more competitive due to offering world-class performance products that meet prospective customers' changing needs and various application domains.
Raw material prices and volumes are key factors which determine the market size of Epoxy coatings. These coatings often involve epoxy resins which are a derived from petrochemical base. Up and down movements in the key input, crude oil cost, is one of the factors influencing the overall production cost for epoxy coatings. However, the availability of raw materials and the removal of any disruptions in the logistics will serve to increase the production capacity and may cause the changes in pricing and the market behavior.
Another important variable influencing the market conditions is the level of competitive pressure. Along with many players, either big or small, manufacturers compete intensely. One of the ways is to vary their products by quality, performance, or pricing. In this market, strategic partnerships, mergers, and acquisitions are essential tools to enterprises which are trying to advance their range of products, strengthen their technological products, and improve their market position.
Epoxy Coatings Market Highlights:
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
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