Epoxy Surface Coatings Market (Updated Version Available)
Epoxy Surface Coatings Market Size, Share & Trends Analysis, By Type (Solvent-Based, Water-Based, Powder-Based, and Others), Substrate Type (Concrete, Metal, Wood, and Others), End User (Building and Construction, Automotive, Transportation, Industrial, Aerospace, Marine, and Others), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), Forecast Period 2024 - 2032
Report ID : RI_666682 | Date : September 2024 |
Format : 
Key Market Overview:
The epoxy surface coatings market is expected to grow at a CAGR of 6.1% during the period 2023-2032, with a market size valued at USD 30.05 billion in 2022. By 2032, the market is projected to reach USD 48.26 billion. This growth can be attributed to the increasing demand for epoxy coatings in various industries such as construction, automotive, and electronics, owing to their excellent adhesion, corrosion resistance, and durability properties.
Epoxy coatings are formed by binding epoxide resin and polyamine hardener through a chemical activity known as curing. Epoxy resins are thermosetting polymers built from monomers that contain two or more epoxide groups. Resin is a synthetic fluid utilized in the production of adhesives and plastics and is renowned for features such as resistance, toughness, and dimensional stability. The curing time of the epoxy coating depends upon the hardness required in the end-user industry. Epoxy resins are applied as external coatings which are known as epoxy surface coatings that exhibit splendid resistance to UV light, water, corrosion, and heat and demonstrate superior adhesion.
Epoxy coatings are essential components in a wide range of substrates such as concrete, metal, wood, and others due to properties such as chemical resistance and adhesion to various substrates. Specific requirements set by government agencies for the reliability, performance and sustainability of the product are considered while designing. The epoxy coatings are selected based on types of substrates, temperature, resistance, surface, exposure, and curing time, and are highly efficient, and reliable, as they are often used in critical and high-end applications.
Epoxy coatings are segmented by technologies such as water-based epoxy, solvent-based epoxy, and powder-based epoxy coatings. Epoxy coatings are employed in building & construction, automobile, and industrial applications. The epoxy surface coatings market has marked its presence in Asia Pacific, North America, Latin America, Europe, and MEA regions.
Epoxy Coatings Report Coverage:
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Market Dynamics:
Driver:
The increasing demand for epoxy coatings is due to the rising prevalence of automobiles, and infrastructure development is driving the market for epoxy coatings. Furthermore, due to the quick-drying, and easy flooring applications on concrete floors in multiple areas such as hospitals, factories, offices, and showrooms, the demand for epoxy coatings is surging. Epoxy coatings have a glossy finish which is suitable for commercial building projects. As a result, the need for highly reliable, sustainable, and quality epoxy coatings is in high demand.
In addition, epoxy resin floorings are easy to clean, and offer resistance to corrosion, heat, and different chemicals. This presents a significant opportunity for epoxy coatings manufacturers to innovate and develop advanced solutions to meet the evolving needs of the industry. Therefore, epoxy resin manufacturers gain a competitive advantage by making technological advancements and positioning themselves for long-term growth in the epoxy surface coatings market.
Restraint:
One of the restraining factors affecting the epoxy surface coatings market is the development and manufacturing costs of epoxy resins are relatively high due to the specialized raw material required for manufacturing epoxy resin. These factors make it difficult for smaller players or those with limited resources to enter the market.
According to centers for disease control and prevention, some of the chemicals present in epoxies and resins have hazardous effects on pregnant women such as BPA (Bisphenol A) which is primarily used in making epoxy resin, may mimic some of the hormone-like effects of estrogen. Therefore, the above-mentioned factor impacts the growth of the market, limit competition, and make it difficult for manufacturers to develop innovative and cost-effective products.
Opportunities:
One of the opportunities is the increasing focus on sustainability and reducing carbon emissions, which creates demand for epoxy coatings that produce fewer carbon emissions compared to older technologies. Another opportunity lies in the emergence of high-solid epoxy coatings that produce little or no VOCs has escalated the potential applications of epoxy coatings. Manufacturers are likely to develop durable and sustainable products. Companies are working on modifying material present in epoxies and coating. This would enhance the quality and curing of epoxy resins, thereby creating ample opportunities for the market over the forecast period.
Epoxy Surface Coatings Market Competitive Landscape:
With a large number of players operating at the global and regional levels, the market is highly competitive. Key players compete on various parameters such as price, quality, innovation, and customer service. They are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
• TPH Bausysteme GmbH (MBCC Group)
• BASF SE
• Dow
• Axalta Coating Systems, LLC
• Eastman Chemical Company
• Thermal Chem Corporation
• PPG Industries Inc.
• Pidilite Industries Ltd.
• Bostik
• The Sherwin-Williams Company
Recent Developments:
• In February 2022, Sherwin-Williams completed the acquisition of AquaSurTech, strengthening the companys position as a leading provider of coatings solutions in the building products market.
• In March 2022, PPG launched PPG AMERLOCK 600, a multipurpose epoxy coating for applicators looking for maximum versatility in the shop or field.
• In March 2021, MBCC Group signed a purchase agreement for the acquisition of TPH Bausysteme GmbH. With the acquisition, MBCC Group will enlarge its portfolio in acrylates and polyurethanes for ground consolidation and waterproofing solutions within its underground construction business. TPH Bausysteme GmbH is a German-based global supplier of products and systems for injection technology, joint sealing and bonding, concrete renovation, and surface protection.
Epoxy Coatings Market Segmentation:
By Type
The type segment of the epoxy surface coatings market is divided into water-based epoxy coatings, powder-based epoxy coatings, and solvent-based epoxy coatings. The solvent-based epoxy coatings segment holds the largest market share in the year 2022. This is attributed to their common usage in construction processes that requires a fine finish, resistance to different temperatures during the curing phase, and easily applicable coatings on films without causing surface tension.
However, the powder-based epoxy coating segment is expected to witness the fastest CAGR over the forecast period. The demand for powder-based epoxy coating is due to their moisture barrier applications, and VOC-free properties. The fastest growth of this segment is led by its typical usage in end-user applications such as transportation, building and construction, and other industries.
By Substrate Type
The substrate type segment is categorized into concrete, metal, wood, and others. The concrete segment holds the largest market share in the year 2022. This is attributed to the usage of concrete substrates in applications where a high level of efficiency and resistance is required, such as floorings, and pillars. These substrates are used in various processes where epoxy coatings are applied to protect the substrates.
However, the metal substrates are anticipated to witness the fastest CAGR over the forecast period. This is owing to the usage of epoxy coatings in protecting the substrate from external factors. Therefore, the market for epoxy coatings is surging rapidly.
By End User Industry
The end-user industry is segmented into automotive, building and construction, transportation, and others. The building and construction sector holds the largest market share in the year 2022. This is due to the rising appeal for infrastructure development in the Asia Pacific region. This has led to a higher demand for efficient, sustainable, and high-performance coatings that support a range of infrastructure and construction projects where epoxy coatings are widely utilized for concrete coating applications.
However, the transportation sector is anticipated to witness the fastest CAGR growth over the forecast period. This is due to the increasing prevalence of development in railways, airways, waterways, and more. This has led to a higher demand for epoxy coatings. As a result, there is a growing need for epoxy coatings with higher efficiency that meet the specific requirements of transportation and other industries.
By Region
By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds the largest market share in the year 2022. This is due to the rising demand in manufacturing, automotive, and building and construction industries for epoxy coatings in developing countries such as Thailand, Vietnam, India, and Australia. India and Australia are leading in the automobile sector. For instance, in 2023, the government of India allocated USD 130.57 Billion for the infrastructure sector.
However, North America is expected to witness the fastest CAGR over the forecast period. This is attributed to the growing infrastructure and automobile industries in countries such as the U.S. and Canada is also boosting the demand for advanced infrastructure facilities, which require reliable epoxy coatings. Moreover, the consumption of epoxy coatings in the region is further driving the demand for epoxy surface coatings.
The epoxy surface coatings market is expected to grow at a CAGR of 6.1% during the period 2023-2032, with a market size valued at USD 30.05 billion in 2022. By 2032, the market is projected to reach USD 48.26 billion. This growth can be attributed to the increasing demand for epoxy coatings in various industries such as construction, automotive, and electronics, owing to their excellent adhesion, corrosion resistance, and durability properties.
Epoxy coatings are formed by binding epoxide resin and polyamine hardener through a chemical activity known as curing. Epoxy resins are thermosetting polymers built from monomers that contain two or more epoxide groups. Resin is a synthetic fluid utilized in the production of adhesives and plastics and is renowned for features such as resistance, toughness, and dimensional stability. The curing time of the epoxy coating depends upon the hardness required in the end-user industry. Epoxy resins are applied as external coatings which are known as epoxy surface coatings that exhibit splendid resistance to UV light, water, corrosion, and heat and demonstrate superior adhesion.
Epoxy coatings are essential components in a wide range of substrates such as concrete, metal, wood, and others due to properties such as chemical resistance and adhesion to various substrates. Specific requirements set by government agencies for the reliability, performance and sustainability of the product are considered while designing. The epoxy coatings are selected based on types of substrates, temperature, resistance, surface, exposure, and curing time, and are highly efficient, and reliable, as they are often used in critical and high-end applications.
Epoxy coatings are segmented by technologies such as water-based epoxy, solvent-based epoxy, and powder-based epoxy coatings. Epoxy coatings are employed in building & construction, automobile, and industrial applications. The epoxy surface coatings market has marked its presence in Asia Pacific, North America, Latin America, Europe, and MEA regions.
Epoxy Coatings Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2032 |
| Market Size in 2032 (USD Billion) | 48.26 |
| CAGR (2023-2032) | 6.1 % |
| Base Year | 2022 |
| By Type | Water-based, Powder-based, Solvent based, and Others |
| By Substrate Type | Concrete, Metal, Wood, and Others |
| By application | Automotive, Building and construction, industrial, Transportation, and Others. |
| By Geography |
|
| Key Players | TPH Bausysteme GmbH (MBCC Group), BASF SE, Dow, Axalta Coating Systems, LLC, Eastman Chemical Company, Thermal Chem Corporation, PPG Industries Inc., Pidilite Industries Ltd., Bostik |
Market Dynamics:
Driver:
The increasing demand for epoxy coatings is due to the rising prevalence of automobiles, and infrastructure development is driving the market for epoxy coatings. Furthermore, due to the quick-drying, and easy flooring applications on concrete floors in multiple areas such as hospitals, factories, offices, and showrooms, the demand for epoxy coatings is surging. Epoxy coatings have a glossy finish which is suitable for commercial building projects. As a result, the need for highly reliable, sustainable, and quality epoxy coatings is in high demand.
In addition, epoxy resin floorings are easy to clean, and offer resistance to corrosion, heat, and different chemicals. This presents a significant opportunity for epoxy coatings manufacturers to innovate and develop advanced solutions to meet the evolving needs of the industry. Therefore, epoxy resin manufacturers gain a competitive advantage by making technological advancements and positioning themselves for long-term growth in the epoxy surface coatings market.
Restraint:
One of the restraining factors affecting the epoxy surface coatings market is the development and manufacturing costs of epoxy resins are relatively high due to the specialized raw material required for manufacturing epoxy resin. These factors make it difficult for smaller players or those with limited resources to enter the market.
According to centers for disease control and prevention, some of the chemicals present in epoxies and resins have hazardous effects on pregnant women such as BPA (Bisphenol A) which is primarily used in making epoxy resin, may mimic some of the hormone-like effects of estrogen. Therefore, the above-mentioned factor impacts the growth of the market, limit competition, and make it difficult for manufacturers to develop innovative and cost-effective products.
Opportunities:
One of the opportunities is the increasing focus on sustainability and reducing carbon emissions, which creates demand for epoxy coatings that produce fewer carbon emissions compared to older technologies. Another opportunity lies in the emergence of high-solid epoxy coatings that produce little or no VOCs has escalated the potential applications of epoxy coatings. Manufacturers are likely to develop durable and sustainable products. Companies are working on modifying material present in epoxies and coating. This would enhance the quality and curing of epoxy resins, thereby creating ample opportunities for the market over the forecast period.
Epoxy Surface Coatings Market Competitive Landscape:
With a large number of players operating at the global and regional levels, the market is highly competitive. Key players compete on various parameters such as price, quality, innovation, and customer service. They are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
• TPH Bausysteme GmbH (MBCC Group)
• BASF SE
• Dow
• Axalta Coating Systems, LLC
• Eastman Chemical Company
• Thermal Chem Corporation
• PPG Industries Inc.
• Pidilite Industries Ltd.
• Bostik
• The Sherwin-Williams Company
Recent Developments:
• In February 2022, Sherwin-Williams completed the acquisition of AquaSurTech, strengthening the companys position as a leading provider of coatings solutions in the building products market.
• In March 2022, PPG launched PPG AMERLOCK 600, a multipurpose epoxy coating for applicators looking for maximum versatility in the shop or field.
• In March 2021, MBCC Group signed a purchase agreement for the acquisition of TPH Bausysteme GmbH. With the acquisition, MBCC Group will enlarge its portfolio in acrylates and polyurethanes for ground consolidation and waterproofing solutions within its underground construction business. TPH Bausysteme GmbH is a German-based global supplier of products and systems for injection technology, joint sealing and bonding, concrete renovation, and surface protection.
Epoxy Coatings Market Segmentation:
By Type
The type segment of the epoxy surface coatings market is divided into water-based epoxy coatings, powder-based epoxy coatings, and solvent-based epoxy coatings. The solvent-based epoxy coatings segment holds the largest market share in the year 2022. This is attributed to their common usage in construction processes that requires a fine finish, resistance to different temperatures during the curing phase, and easily applicable coatings on films without causing surface tension.
However, the powder-based epoxy coating segment is expected to witness the fastest CAGR over the forecast period. The demand for powder-based epoxy coating is due to their moisture barrier applications, and VOC-free properties. The fastest growth of this segment is led by its typical usage in end-user applications such as transportation, building and construction, and other industries.
By Substrate Type
The substrate type segment is categorized into concrete, metal, wood, and others. The concrete segment holds the largest market share in the year 2022. This is attributed to the usage of concrete substrates in applications where a high level of efficiency and resistance is required, such as floorings, and pillars. These substrates are used in various processes where epoxy coatings are applied to protect the substrates.
However, the metal substrates are anticipated to witness the fastest CAGR over the forecast period. This is owing to the usage of epoxy coatings in protecting the substrate from external factors. Therefore, the market for epoxy coatings is surging rapidly.
By End User Industry
The end-user industry is segmented into automotive, building and construction, transportation, and others. The building and construction sector holds the largest market share in the year 2022. This is due to the rising appeal for infrastructure development in the Asia Pacific region. This has led to a higher demand for efficient, sustainable, and high-performance coatings that support a range of infrastructure and construction projects where epoxy coatings are widely utilized for concrete coating applications.
However, the transportation sector is anticipated to witness the fastest CAGR growth over the forecast period. This is due to the increasing prevalence of development in railways, airways, waterways, and more. This has led to a higher demand for epoxy coatings. As a result, there is a growing need for epoxy coatings with higher efficiency that meet the specific requirements of transportation and other industries.
By Region
By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds the largest market share in the year 2022. This is due to the rising demand in manufacturing, automotive, and building and construction industries for epoxy coatings in developing countries such as Thailand, Vietnam, India, and Australia. India and Australia are leading in the automobile sector. For instance, in 2023, the government of India allocated USD 130.57 Billion for the infrastructure sector.
However, North America is expected to witness the fastest CAGR over the forecast period. This is attributed to the growing infrastructure and automobile industries in countries such as the U.S. and Canada is also boosting the demand for advanced infrastructure facilities, which require reliable epoxy coatings. Moreover, the consumption of epoxy coatings in the region is further driving the demand for epoxy surface coatings.
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| Multi User | : $5460 |
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