Epoxy Coatings Market
Epoxy coatings Market- Size 2022: Industry Analysis, Share, Segmentation, Price Trends, Regional Analysis and Forecast 2028
The global epoxy coatings market was worth around USD 31,926.5 million in 2021 and is estimated to grow to about USD 42297.9 million by 2028”
— Prakash Torase
SUITE N202, NEW YORK, UNITED STATES, January 17, 2023 /EINPresswire.com/ -- The global epoxy coatings market was worth around USD 31,926.5 million in 2021 and is estimated to grow to about USD 42297.9 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.8 percent over the forecast period. The report analyzes the epoxy coatings market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the epoxy coatings markets.
Epoxy coatings are widely used in multiple industries to provide durable coatings in various applications. These epoxy coatings are highly durable and suitable for multiple industrial applications owing to their high resistance to adverse environments. The major end use vertical for this epoxy coatings market is expected to be the transportation industry owing to the rising demand for transportation services.
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Epoxy coatings are also important in construction and building applications as the demand for better and more efficient infrastructure bolster across the world. Developing economies across the world are expected to see high demand for epoxy coatings owing to rising urbanization and industrialization trends.
Industrial and residential construction activity both are seeing high demand for epoxy coatings as the popularity of their advantages is increasing across the world. Epoxy coatings companies are focusing on targeting untapped markets to gain maximum market penetration and generate more revenue on a global scale.
Epoxy coating companies are being faced with difficulties with fluctuating raw material prices that have been hindering the epoxy coatings market potential to a certain extent and this trend is expected to be prominent over the forecast period as well. Since this trend is associated with the world economy there is not much that any organization can do hence this factor will allow the epoxy coatings market beyond the forecast period as well.
Global Epoxy coatings Market
The pandemic of 2020 led to shuttering of multiple businesses as the world was engulfed in lockdown and other restrictions to put a stop on the spread of coronavirus infections. The epoxy coatings market experienced huge losses in terms of demand as well as sales revenue due to the adverse conditions of the world in 2020. Lapses in demand and supply chains and restricted production activity were major factors that hindered epoxy coatings market growth in 2020.
The epoxy coatings market is expected to make a swift recovery in the post-pandemic era as the restrictions ate lifted and the construction activities resume. The resumption of industrial activity in its full potential is also a factor that will boost the epoxy coatings market potential over the forecast period.
The global epoxy coatings market is segregated based on technology, application, and region. Based on application, the global market is distinguished into Construction, Transportation, General Industrial, and Others. The transportation segment accounts for a dominant share and will lead the epoxy coatings market growth charge through the forecast period. Increasing development of transportation infrastructure and rising technological proliferation are expected to boost demand from this segment through 2028.
Asia Pacific region is expected to lead the global epoxy coatings market in terms of demand and will also hold a dominant market share through the forecast period. Increasing construction activities and rising industrialization are expected to be the most prominent drivers of the epoxy coatings market through 2028. India and China are expected to be the most notable markets for epoxy coatings in this region through 2028. China is a leading producer of epoxy coatings and this is expected to provide lucrative opportunities for epoxy coatings companies over the forecast period.
Key players functioning in the global epoxy coatings market include BASF SE, Akzonobel N.V., PPG Industries, RPM International Inc., The Sherwin-Williams Company, The Valspar Corporation, Axalta Coating Systems LLC, Nippon Paint Co. Ltd., Kansai Paint Co. Ltd., Tikkurila OYJ, Berger Paints India Ltd.
Recent developments:
In February 2022, Westlake Chemical Corporation a leading name in the chemical industry announced the completion of its acquisition of Hexion’s epoxy business for around USD 1.2 billion and will be rebranded as Westlake epoxy.
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Global epoxy coatings market is segmented as follows:
By Technology
Solvent borne
Waterborne
Powder-based
By Application
Construction
Transportation
General Industrial
Others
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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