The global epoxy coating market
is expected to reach USD 41.71 billion by 2024, according to a new report by
Grand View Research, Inc. Increase in spending on residential and commercial
construction in emerging regions such as Asia Pacific and Middle East is
expected to drive global Epoxy Coating Market growth over the next eight years.
Rapid industrialization in Asia
Pacific has resulted in an increase in utilization of epoxy coatings for
flooring applications for both commercial and industrial structures such as
retail stores, hospitals, showrooms, and warehouses. These coatings provide
superior gloss and aesthetic finish in form of terrazzo flooring, chip
flooring, and colored aggregate flooring.
Growing automotive sector in
developing economies of Asia Pacific and Latin America owing to a surge in
population base and rising disposable income is expected to stimulate epoxy
coatings demand. Growing application scope in rust and corrosion prevention of
vehicle bodies and other metal components is likely to augment market growth.
In addition, rising use of epoxy-based coatings as primer ensuring paint
adhesion for automotive parts will drive the market demand over next eight
years.
Solvent borne epoxy emerged as
the dominant product segment accounting for over one-third of the total market
volume in 2015. Traditionally, they were designed to protect steel, however;
they are extensively being used now-a-days for concrete structures and adapted
for flooring. Solvents allow easy coating application in required areas without
any formulating problems.
In depth research report on Epoxy Coating Market
Further key findings from the report suggest:
•
Global epoxy coating market
demand was 1,080.7 kilo tons in 2015 and is expected to reach 2,115.6 kilo tons
by 2024, growing at a CAGR of 7.9% from 2016 to 2024.
•
Waterborne coatings are
expected to witness the highest growth of 9.0% from 2016 to 2024 owing to
factors such as low VOC content, durability, quick dry time and mitigated
hazardous disposal in contrast to its counterparts.
•
Construction sector emerged as
the leading and fastest growing application segment accounting for about 28.0%
of the total market volume in 2015. Rapid population growth coupled with
increasing migration towards urban centers has necessitated demand for new commercial,
residential and industrial infrastructure. Low-interest rates on housing loans
in both developed as well as developing regions is poised to impact market
growth.
•
Asia Pacific was the dominant
regional market with demand share estimated at over 48% in 2015. Increasing
demand for institutional buildings coupled with the shift in production
landscape towards China, India, and South East Asian countries are expected to
drive the regional market. The region is also projected to witness the highest growth
of 8.9% from 2016 to 2024.
•
Epoxy coatings industry is
moderately fragmented with the presence of large number of prominent market
participants across the globe. Sherwin Williams is engaged in manufacturing and
marketing of paints, coatings, finishes, applicators, and varnishes for
structural steel, ships, metals, buildings, and automobiles. In September 2013,
Sherwin Williams acquired the U.S./Canada operations of Comex for USD 90
million and assumed liabilities in the range of USD 75 million.
Grand View Research has
segmented the epoxy coating market on the basis of product, application and
region:
Global Epoxy Coating Product Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
•
Solvent Borne
•
Waterborne
•
Powder
Global Epoxy Coating Application Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2013 - 2024)
•
Construction
•
Industrial
•
Transportation
•
Others
Global Epoxy Coating Regional Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
•
North America
o
U.S
•
Europe
o
Germany
o
UK
•
Asia Pacific
o
China
o
India
•
Latin America
o
Brazil
•
Middle East and Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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