The global epoxy coating market size was USD 33.97 Billion in 2021 and is expected to register a revenue CAGR of 5.2% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is primarily driven by growing need for protective coatings in industrial settings.
Epoxy coatings are used in various consumer and industrial applications due to their durability, powerful adhesion, chemical resistance, and other specialized features, hence they are utilized as protective coatings in electronics applications. Epoxy resins are used in industries for applications ranging from safeguarding printed circuit boards to protective coatings for consumer goods. They are also used in electronics for potting, which is the act of filling an electronic assembly with polymer to insulate it, protect it from moisture and corrosion, and provide resistance to shock and vibration.
In addition, epoxy coatings effectively resist corrosion, abrasion, and weathering, making them ideal for steel applications placed in harsh operating environments. These coatings are resistant to extremely high temperatures, therefore, used for tanks that store hot products or exposed to extreme heat. Moreover, epoxy coating is widely adopted in flooring for industrial plants, healthcare facilities, manufacturing plants, schools or universities, food and agricultural facility, and other commercial industries, due to their increasing benefits. Furthermore, epoxy coating is used for manufacturing of many cutting-edge technologies for green energy projects and solutions. The polymer is used to construct elements, such as turbine blades and photovoltaic solar modules for alternative and renewable energy sources, especially wind energy and solar power. These factors are expected to drive market revenue growth during the forecast period.
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Companies profiled in the market report are Akzo Nobel N.V., BASF SE, Nipsea Group, Asian Paints, PPG Industries, Inc., Axalta Coating System, RPM International, Inc., Kansai Paint Co., Ltd., Thermal-Chem Corporation, and Toa-Chugoku Co., Ltd.
Some Key Highlights from the Report
- The solvent borne segment is expected to register a rapid revenue growth rate during the forecast period owing to increasing need for better durability and performance. These coatings are commonly used in industrial and commercial applications to paint machinery, storage units, and shelving. Also, due to their thick and tough floor coating properties, they are used in factories, warehouses, and industries. In addition, solvent-borne epoxy coating is easy to install than any other coating, so they are widely used in machine shops and retail units.
- The construction segment is expected to register a revenue steady growth rate during forecast period owing to increasing need for high-performance and decorative floorings, such as terrazzo flooring, colored aggregate flooring, and chip flooring, that are used in building and construction applications. Also, epoxy paints that are water-based dry quickly and offer a robust and durable layer. They are much safer from exposure and flammability than alternatives based on organic solvents, making them appropriate for factory cast iron, cast steel, and cast aluminum applications.
- The North America market is expected to account for largest revenue share in the global market during the forecast period owing to increasing presence of major market players such as PPG Industries, Inc., Axalta Coating System, RPM International, Inc., and Thermal-Chem Corporation, among others in this region. In addition, increasing awareness about benefits of environment-friendly goods among consumers is expected to contribute to market growth in this region. Moreover, increasing investments of private companies in the paint and coating industry and rapidly growing paint industries are expected to drive market revenue growth. Furthermore, increasing industrial and building projects in countries, such as the U.S and Canada, have also resulted in rising demand for epoxy coatings in this region.
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For the purpose of this report, Reports and Data has segmented the global epoxy coating market based on product, application, and region:
Product Outlook (Revenue, USD Billion; 2019-2030)
- Solvent Borne
- Waterborne
- Powder
Application Outlook (Revenue, USD Billion; 2019-2030)
- Construction
- Industrial
- Transportation
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Frequently Asked Questions Addressed in the Report:
- What is the forecast revenue growth rate and size of the global Epoxy Coating market?
- What are some of the key factors driving revenue growth of the global Epoxy Coating market over the forecast period?
- What are the latest trends opportunities influencing the industry revenue growth?
- Who are the prominent players in the global Epoxy Coating market?
- What are the imminent risks and challenges expected to restrain the Epoxy Coating industry growth in near future?
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