Epoxy Coating Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe
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.
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.
Access full
research report on global epoxy coating market:
www.grandviewresearch.com/industry-analysis/epoxy-coating-market
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Created on Oct 21st 2019 02:11. Viewed 305 times.