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The trends on the market with the epoxy coatings describe a dynamic business environment, which can be attributed to the increasing application in different industries, including the coating market. Epoxy coatings, due to their properties like strong adhesion, dependability, and chemical as well as abrasion resistance are being adopted for use in different situations like construction, cars, and industrial processing. One of the most important tendencies in the epoxy coatings market is the rate of demand from the construction industry. Because of construction maximization on the planetary scale and epoxy coating is broadly used for flooring, infrastructure protection, and corrosion prevention while it enhances the market size.
Additionally, the auto sector has contributed immensely in setting the market pattern of epoxy coatings. With the car makers dedicating their efforts towards improving the vehicle appearance, durability, and corrosion resistance, consequently, epoxy paints used in automotive parts like chassis, underbodies, and engine components becomes more popular. It is believed that this trend will take place as long as the automotive industry is developing and ensuring that the coatings are of high quality in order to extend the life time of vehicles.
The environmental factors have also acted as catalysts in the market, and the outstanding trend is the development of ecological epoxy coatings. In line with the growing interest in sustainability, manufacturers are prioritizing investments in formulations that exclude or significantly cut down the concentrations of volatile organic compounds (VOCs) and hazardous materials. Correspondingly, global approaches to encourage ecological responsiveness are implemented, thereby, dictating companies and consumers to be environmentally conscious in purchasing these coatings.
An electronic industry is one other vital player in the trends of the epoxy coatings market. As electronic devices become more complex and miniature, ecoatings epoxy serves the purpose of encapsulation and of the protection of delicate components. Epoxy paint coatings that shield circuits from moisture, dust and surroundings attributes cause to the longevity of the electronics.
Besides, the energy sector is being led by epoxy coatings to different applications such as pipelines, tanks, and offshore structures. This type of coating protects the industry from corrosion and, in this way, enhances the preservation of the key energy infrastructure. With the whole world continually working to ensure sustainability and renewable energy sources, the market for protective and coating materials in this sector is expected to be growing strongly.
Globalization additionally determines market patterns, caused by the changes in supply-chain dynamics and the enemy strategies in the epoxy coatings market. The manufacturers are strengthening their presence in the global arena through market expansions and forming strategic alliances with other players in the market in order to serve multi-country customers with various tastes and preferences.
Epoxy Coatings Market Highlights:
Global Epoxy Coatings Market Overview
Epoxy coatings are durable coatings, formed by the chemical reaction using an epoxide resin and a polyamine hardener. This process is known as curing, wherein the processing time may vary from several minutes to hours, depending on the hardness of the coating required. These coatings can create a strong, durable, and chemically resistant film, owing to which they are used in a variety of protective coating purpose in the automotive & transportation, building & construction, and other industrial flooring and coating applications. Epoxy coating systems form a protective film of excellent adhesion, high integrity, toughness, and good impact resistance. These coatings are mainly water-based, or powder form and are gaining popularity over the traditional solvent-based coating systems on account of the various advantages offered. Some of these advantages include fewer coats required to achieve the desired film thickness, low-temperature curing process, volatile organic compound (VOC) compliance, and reduction in the requirement for air ventilation during curing and application. Primarily driven by the low VOC emissions, formulations, and technological advancements, epoxy powder-based coating is becoming the preferred finishing process over wet paint.
The global epoxy coatings market was valued at over USD 48.9 billion, by value in 2030, and is projected to register a healthy CAGR of over 6% during the forecast period of 2022 to 2030. The protuberant factor favoring the growth of the global market is the increasing demand for epoxy coatings in the building & construction and automotive industries. The construction sector is the largest end-user, wherein the epoxy coatings are widely used as floor coatings for commercial and residential flooring. Epoxy coatings are applied over concrete floors to provide a high-performance, smooth, and durable surface that can sustain heavy loads. In addition, the increasing demand for VOC-free coating technologies is expected to be another prominent factor in favoring market growth. The significant advantages offered by the epoxy floor coatings over the traditional coatings include a high-gloss surface that significantly increases the brightness of interior areas, quick and easy to install, durable and easy to clean, resists oil stains and water, and compatibility with other self-leveling products applied over the concrete.
The automotive & transportation is the other major consumer for epoxy coatings, wherein it serves the requirement for beautiful aesthetics, high gloss, and superior smoothness as well as helps in a weight reduction of the finished part. Interior body components (under the hood car parts) and engine components also need resistance to scratch, chemicals, and corrosion, where epoxy coatings are the preferred choice. The expanding automotive industry in the economies of Asia-Pacific and the Middle East & Africa is further expected to boost demand for epoxy coatings during the forecast period.
The fluctuations in the prices of epoxy resins is expected to hinder the overall production cost for the epoxy coatings and is likely to be a key factor hindering the global market growth during the review period.
Global Epoxy Coatings Market Share, by End-Use Industry, 2018 (%) 
Source: MRFR analysis
Regional Analysis
The global epoxy coatings market has been segmented into five key regions—Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. The regional market in Asia-Pacific held a market share of over 40% of the global market in 2018. Significant growth of the building & construction, automotive, and consumer goods industries in the region are expected to be a prominent factor driving the regional market growth. China is the largest producer of epoxy resins and is also the leading consumer for epoxy coatings, by country, in the global market. Healthy growth of the construction sector in the economies of China and India, as well as the booming construction industry in the South East Asian economies,  is expected to provide an impetus to the growth of the epoxy coatings market in the region. Also, the automotive industry in India, China, Japan, and Thailand are expected to be the primary consumers of the epoxy coatings in the regional market in the years to follow. The automotive industry, as well as the automotive aftermarket in Asia-Pacific, is the largest globally, which in turn is fueling the demand for epoxy coatings in the region. The growing need for achieving reductions in component weight and economic fuel consumption as well as satisfying the aesthetic appeals is boosting demand for these coatings in the regional market. Additionally, increased spending and rising per capita income of individuals, has been pushing the consumer goods industry in the region, and hence the demand for epoxy coatings in this industry.
North America is expected to be the second-largest regional market, which is primarily attributed to the increasing demand for epoxy powder-based coatings in the commercial and residential flooring applications, owing to the stringent regulations about the VOC emissions.
The regional market in the Middle East & Africa is expected to be the other fast-growing regional market on account of the expanding automotive sector in the region.
Market Segmentation
The global epoxy coatings market has been segmented on the basis of technology, end-use industry, and region. Based on technology, the global epoxy coatings market has been classified as water-borne, solvent-borne, and powder. By end-use industry, the global epoxy coatings market has been divided into building & construction, industrial, automotive & transportation, consumer goods, and others. The global epoxy coatings market has been studied with respect to five key regions—Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Key Players
BASF SE (Germany), PPG Industries, Inc (US), KANSAI PAINT CO., LTD (Japan), Valspar (US), NIPSEA GROUP (Singapore), Akzo Nobel NV (Netherlands), The Sherwin-Williams Company (US), Axalta Coating Systems, LLC (US), Hexion (US), RPM International Inc. (US), Tikkurila (Finland), and Berger Paints India Limited (India) are the key players operating in the global epoxy coatings market.
Recent DevelopmentFebruary 2022 - Westlake Chemical Corporation has carried out the acquisition of Hexion’s epoxy business for close to USD 1.2 billion (or EUR 1 billion) in cash. Hexion epoxy business will now be rebranded as Westlake Epoxy, which is a reputed developer and supplier of specialty resins, composites and coatings for various industries, such as sustainability-oriented and high-growth end-uses including light-weight wind turbine blades and automotive structural components.With this acquisition, Westlake will be able to substantially boost its integrated business with the addition of an advanced downstream portfolio of expory coatings as well as composite products. January 2022 - Milburn Flooring has acquired Blendex Industrial Corp., and added a new epoxy division which will be called Blendex. The Blendex Industrial Corp.’s acquisition will help bolster Milburn Flooring's range of services while expanding its installation capabilities, therefore adding value to their existing and potential new customer base.
Intended Audience
- Epoxy coatings manufacturers
- Traders and distributors of epoxy coatings
- Research and development institutes
- Raw material suppliers
- Potential investors
- End user
- Nationalized laboratories
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