Epoxy Coatings Market Analysis | 2024-2030

Market Insights

The epoxy coatings market was estimated at USD 35.1 billion in 2023 and is likely to grow at a CAGR of 4.9% during 2024-2030 to reach USD 40.5 billion in 2030.

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Market Dynamics

Introduction

Epoxy coatings are special categories of coating known to have strong bonds and features such as chemical resistance. They are predominantly employed in construction, the automobile industry, boat building, and industrial settings. Another type of coating employed in biochemical instruments is epoxy coatings made of epoxy resins and a hardener that hardens when in contact with the epoxy resins.

Market Drivers

The increased number of environmental conservation policies and changing global trends towards the use of environmentally friendly products have boosted the use of waterborne epoxy coatings. They are water-based coatings, which are better for the environment as compared to solvent-based products, which emit more VOC. The development of new technology positively impacts waterborne epoxy as they are gaining higher demand in industries where low VOC emissions are preferred.

Challenges

• The lack of similarly high degrees of technological advancement as in the whey and pulse protein sectors hinders the growth rates in the epoxy coatings market.
• While enterprises spend a lot of money on R&D to improve the convenience and applicability of their products, Epoxy coating technology is developing slowly. For example, Ingredion launched innovative pea flour and pea protein products in 2021 for various uses, while Epoxy Coatings has not seen the same technological breakthroughs. Despite every effort to maximize nutritional value and flavor, the Epoxy Coatings market is unable to keep up with shifting consumer demands and preferences.

Segments Analysis

By Technology Type

“Powder-based technology is likely to grow at the fastest rate in the market during the forecast period.”

• Epoxy powder-based coatings have become prominent in recent years as a VOC-free coating solution.
• This market has the potential to grow at a significant rate and is expected to expand with the emergence of new materials, new formulations, and improvements in equipment and application methods of coatings.
• This is particularly due to rising demand from end-use sectors that include construction, transportation, and general industrial uses.

By Application Type

“Construction is expected to remain the dominant and fastest-growing application type in the market during the forecast period.”

• Construction is the biggest application for epoxy coatings. This sector is gradually growing because of the rising population and urbanization in the Asia-Pacific region and the rest of the world, thus increasing the need for residential, commercial, and industrial properties
• Low interest rates on housing loans are increasing demand for new homes, thereby increasing the usage of epoxy coatings in construction projects.

Regional Insights

“Asia-Pacific is expected to remain the largest market for Epoxy Coatings during the forecast period”.

• Asia-Pacific is the largest market for epoxy coatings and is expected to exhibit the highest CAGR.
• The countries that dominate this regional market include China, India, and Japan with China being the leading in demand.
• The market size of epoxy coatings in terms of volume is comparatively low in the RoW but has a moderate CAGR growth between 2018 and 2023.

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Key Players

The market is highly fragmented with the presence of over 100 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the epoxy coatings market:

Here is the list of the Top Players (Based on Dominance)

• BASF SE (Germany)
• AkzoNobel N.V. (Netherlands)
• Axalata Coating System LLC (U.S.),
• PPG Industries (U.S.)
• The Valspar Corporation (U.S.)
• Sherwin-Williams Company (U.S.)
• Nippon Paints Co. Ltd. (Japan)

Note: The above list does not necessarily include all the top players of the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s epoxy coatings market realities and future market possibilities for the forecast period of 2024 to 2030. After a continuous interest in our epoxy coatings market report from the industry stakeholders, we have tried to further accentuate our research scope to the epoxy coatings market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Technology Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The epoxy coatings market is segmented into the following categories.

By Technology Type

• Solvent-borne
• Waterborne
• Powder-based

By Application

• Construction
• Transportation
• General Industrial
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com