Epoxy coatings Market – Market Overview
Epoxy coatings are a lucrative market and is expected to have a steady growth during the forecast years. Epoxy resins are synthetic resins that are extensively used in the manufacturing of plastics and adhesives. Epoxy coatings are formed through the process of mixing polymine hardener and epoxide resin by a process called curing. Epoxy coatings possesses various qualities such as corrosion resistance, superior adhesion, flexibility which paves their way into many end user industries. These coatings acts as an excellent adhesion to various substrates such as metal, fiber and glass. . Epoxy coatings are segmented on the basis of their technology, application and region. On the basis of the technology power based is the fastest growing segment owing to its low VOC content. On the basis of application, construction accounts to have the largest share owing to the improved strength, chemical resistance, coupled with the growing demand for low VOC emitting coatings.
According to the analysis of MRFR, the major market forces and trends driving growth of the global Epoxy coatings Market includes growth of construction sector and the burgeoning growth in the automobile industry. Moreover, the increasing personal disposable income in the developing economies throughout the globe has augmented the construction activities especially in India and china which in turn is further expected to fuel the growth of the global Epoxy coatings market during the forecast period. In addition, the growing government investment in development of residential and commercial infrastructure throughout the globe coupled with the increasing demand from the marine and electronics owing to superior qualities such as durability, UV resistance, and chemical resistance, among others are positively adding to the market growth.
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Epoxy coatings Market- Competitive Landscape
The global Epoxy coatings Market is a highly lucrative market driven by flourishing growth in construction and automobile industry, along with the growing manufacturing plants. AkzoNobel N.V. (Netherlands), Axalta Coating Systems (U.S.), BASF SE (Germany), Berger Paints India Limited (India), Kansai Paint Company Limited (Japan), Nippon Paint Company Limited (Japan) among others are some of the major players operating in this market. Most of these market participants are adopting the expansion, product launch, and merger and acquisition tactics to strengthen their production capacities and market position. Taking account of these trends the global Epoxy coatings Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during the forecast years. The increasing Globalization and urbanization in the developing economies of the region has propelled the construction of residential and commercial infrastructure which is a dominant factor for the demand for epoxy coatings in the region. Moreover, the shifting of manufacturing base by the automobile companies to Asia Pacific owing to favorable government policies and cheap labor is further expected to boost the market. In addition to this, the growing encouragement by the government to reduce greenhouse emissions is also surging the market owing to the environmental friendly qualities of epoxy coatings.
Market Segmentation:
The Global Epoxy Coating Market is segmented by type, application, and region. Waterborne, solvent-based and powder coatings are classified on the basis of market type. Water Borne Coatings use water as a solvent to scatter the resin which is used for making coatings or paints. These coatings use water as a solvent and are easy to apply. Due to these reasons, it is termed as an eco-friendly product. Waterborne coatings are further sub-divided into waterborne catalyzed epoxy, direct to metal acrylic, and waterborne acrylic. During the forecast period, it is estimated that the Global Waterborne Coating Market is set to expand at a higher CAGR of 5.77% due to growing demand in the architectural sector. Powder based coatings are of two types, namely thermoset and thermoplastic. Thermoset are further segmented into epoxy resin, acrylic resins, polyester powder coats, and polyvinyl fluoride. Polyester powder coatings hold the largest share in the thermoset segment and expected to continue its dominance during the forecast period. On the basis of application, the market is segmented into construction, automobile, transport, electrical electronics, and others. Among these, construction accounted for more than 36% of global consumption in the year 2016 and anticipated to continue its growth owing to an increase in construction activities. Rapid growth integrated with the availability of incentives and skilled workers has been recognized in the automobile and transport industry.
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Industry/ Innovation/ Related News:
1 January, 2018- Versa flex Incorporation and Raven Lining has successfully completed its merger. This merger is expected to build up their product portfolio and technology in polyurea, epoxy, polyurethane, and cementations technologies.
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