Global Epoxy Coatings Market 2017-2021
About Epoxy Coatings
Epoxy coatings are manufactured by mixing a polyamine hardener and epoxide resin. They exhibit superior properties, such as corrosion resistance, flexibility, and enhanced adhesion. These properties have enabled the extensive use of epoxy coatings in a wide range of applications in various industries, including marine, industrial, automotive, and several other industries. Epoxy coatings are experiencing high demand from the automotive industry and have been touching new heights, and the industrial sector is flourishing in the APAC region.
Technavio’s analysts forecast the global epoxy coatings market to grow at a CAGR of 5.31% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global epoxy coatings market for 2017-2021. To calculate the market size, the report considers the retail selling price i as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Epoxy Coatings Market 2017-2021
Technavio recognizes the following companies as the key players in the global epoxy coatings market: Akzo Nobel, BASF, KANSAI PAINT, PPG Industries, and The Sherwin-Williams Company
Other Prominent Vendors in the market are: Axalta Coating Systems, Berger Paints India, Nippon Paint, RPM International, and Tikkurila.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growth of the coating additives industry. Coating additives, such as epoxy coatings, wetting and dispersion, biocides, anti-foaming, rheology modification, and impact modification are increasingly used in various applications, such as paints and coatings, and building and construction, since they enhance the properties of the final product. Epoxy coatings are used extensively to improve the strength, appearance, chemical resistance, and performance of the coatings.”
According to the report, one of the major drivers for this market is Increasing demand for water-borne epoxy coatings. Water-borne epoxy coatings are primarily used in various applications, such as transportation, building and construction, and industrial applications, owing to their health, environmental, and safety benefits. There is a shift in the preference from solvent-borne epoxy coatings to water-borne epoxy coatings in the specialty applications; therefore, the latter account for a major share in the paints and coatings market in APAC. Water-borne epoxy coatings exhibit properties, such as high mechanical strength and toughness with electrical and thermal properties, which enable the extensive use of water-borne epoxy coatings in various industries; this is likely to boost the growth of the market.
Further, the report states that one of the major factors hindering the growth of this market is High price of raw materials. The cost of water-borne epoxy coatings has been a concern for many industries. The price of water-borne epoxy coatings is controlled extensively by the cost of epoxy resins. Alternatively, the production cost of novolac resins and Bisphenol A is low. They are primarily used as coatings, composites, and adhesives in various end-user industries, such as automotive, construction, and marine. The low production capacity of water-borne epoxy coatings acts as the major barrier to the growth of the water-borne epoxy coatings market. The other factor contributing to the higher price of water-borne epoxy coatings is the generation of the matrix, which involves expensive batch processes at high temperatures within a controlled atmosphere.
Akzo Nobel, BASF, KANSAI PAINT, PPG Industries, The Sherwin-Williams Company, Axalta Coating Systems, Berger Paints India, Nippon Paint, RPM International, and Tikkurila.