Global Epoxy Coatings Market - Segmented by Technology, End-User, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global epoxy coatings market is estimated at USD 20,654.80 million in the year 2018. The market is expected to register a CAGR of 4.07% during the forecast period 2018-2023. Among the end-user industries, consumption from the automotive industry is to dominate the market. Asia-Pacific is to lead among other regions.
Rising Demand from Automotive Industry in Europe and Asia
The usage of epoxy coatings can be seen in both interior and exterior of vehicles, as they provide protection and aesthetics. Epoxy coatings are known for the protection of vehicle parts from aggressive environmental agents, such as sunlight, corrosion, acid rain, UV radiation, washing, blowing sand, etc. The European and Chinese automotive industries are at a growing phase. China is one of the major automotive manufacturers in Asia-Pacific on global scale. According to the China Association of Automobile Manufacturers, the market for automotive grew to 28 million vehicles in the year 2016. During the same year, the new car registrations in the European Union increased by 6% compared to the statistics in the year 2015.
Water-based Technology- the Fastest Growing Sector
The VOCs released from solvent-based coatings is the core reason for the switch of manufacturers to water-based coatings. The water-based coatings are increasingly replacing organic solvents. There are many regulations from several governments, which support water-based coatings. These are usually used in several applications, which include transportation, building and construction, and industrial applications. Water-borne coatings exhibit high mechanical strength and toughness along with electrical and thermal properties. The absence of Isocyanate, flammable constituents, costly ventilation systems makes water-based coatings as the first option.
Asia-Pacific to Lead among Other Regions
Asia-Pacific is the largest coatings market across the globe with a 45% share of the global epoxy coatings market. In the region, China, India, and Japan account for higher shares. China has a share of around 56% of the coatings demand in the region. The conversion of the paints and coatings manufacturers in to service providers makes it a highly productive option. The manufacturers are also providing the service of painting job as well; this is being done with the help of trained contractors as partners. India is to grow at a faster rate than China, thus providing new opportunities for the epoxy coatings market.
Notable Developments in the Market
February 2018: AkzoNobel released new high build glass flake epoxy coatings for enhanced abrasion and corrosion protection.
November 2017: The discussions for the acquisition of Axalta by Nippon Paint ends.
Major Key Players PPG Industries, AkzoNobel N.V., RPM International, INC., Sherwin-Williams Company, Nippon Paints, amongst others.
Reasons to Purchase this Report
To understand the impact of end-user industries on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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