Epoxy Coatings Market Size, Share, Opportunities, And Trends By Technology (Solvent-based, Water-based, Powder-based, Radiation), By End-Use Industry (Transportation, Automotive, Building & Construction, Industrial, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Apr 2023
- Report Code : KSI061615149
- Pages : 149
Epoxy coatings are solvent-based, water-based, powder-based, and radiation-protective barriers and coatings commonly used across a wide range of industries including automotive, building, construction, transportation, and other industrial areas. The application of epoxy coatings offers high insulation power to surfaces and serves as a protective layer to such surfaces. It prevents metal surfaces from corroding and provides water and moisture-resistant properties to buildings and marine automobile parts. The effectiveness of epoxy as a barrier in protecting the applied surface or part is expected to result in the extensive application of epoxy coatings in certain manufacturing and construction processes over the forecast period.
Expanding production activities of the automotive sector of several countries around the world are expected to rise the consumption of epoxy coatings in the automotive sector.
Epoxy coatings are extensively applied in the automotive industry as a protective barrier to the exterior barrier of an automobile body. The application of epoxy coatings in the car manufacturing process was initiated thirty years ago and the epoxy-based coating technology has drastically improved the ability to prevent rust and corrosion on the body and other important metal components of vehicles. For instance, PPG Industries Inc. introduced a new epoxy coating product PPG Steelguard 951 integrated with cellulosic fire protection abilities which enable the steel components of vehicles to withstand fire for a maximum of three hours. The recent rise in fire accidents in electric vehicles offers an opportunity for the adoption of such anti-corrosive epoxy coatings to limit damages to automobiles. For instance, in June 2022 and January 2023 electric vehicle fire accidents were registered in Hyderabad, India as a result of excessive charging or battery failures in the vehicles. Apart from this, the rising consumption of electric vehicles provides an opportunity for the expansion of the epoxy coatings market over the forecast period as companies manufacturing epoxy coatings are investing their funds to innovate epoxy coatings customized for electric vehicles. For example, AkzoNobel Company announced the launch of its new powder coatings product range, Resicoat EV which includes an epoxy coating in powder form applicable for the electric vehicle body.
The Europe Epoxy Committee established that approximately more than 90% of the vehicles manufactured utilize epoxy coatings. Waterborne Cathodic Electro Deposition is a process commonly adopted technique in the automotive industry that involves priming metal components with a thin anticorrosive epoxy-based coating. The International Trade Administration reported that international automotive companies in the US manufactured approximately 5 million units of vehicles in 2020.
The presence of various substitutes to epoxy coating applications could affect the growth of the epoxy coatings market.
There are several substitute coatings and paints available in the market that could replace the use of epoxy coatings. For instance, the coatings product manufactured by the Lifetime Green Coatings Company can be used as an environmental-friendly substitute for epoxy coatings in flooring applications. Further, epoxy coatings can be substituted for polyurethane coatings in the automotive industry due to their similar impact and wear resistance properties. However, the advancement in epoxy coating technology by certain leading companies in the market could provide epoxy coatings a competitive advantage over other types of coatings which could increase its demand. For instance, Sherwin-Williams Protective & Marine Company introduced a new type of epoxy coating, Sherplate 600 without containing any solvents that are restricted by the Health Effects Evaluation and Criteria in Drinking Water standard in September 2022.
- In October 2022, Clyde Corrosion Control Ltd., a UK-based company specializing in the provision of epoxy and other types of coating, paint, and specialist solutions was acquired by Malin Group, a UK-based company providing various services and solutions to the marine industry to assist Malin Group in constructing Scottish Marine Technology Park by using its coatings and other solutions.
- In March 2022, PPG Industries Inc. introduced a new multipurpose epoxy coating product, PPG Amerlock 600 as a part of its previously launched protective epoxy coating product range, Amerlock with additional anti-corrosive properties to be applied across surfaces and fields in tough environments.
- In November 2021, Epoxytec International Inc., a company in the linings and coatings manufacturing business was purchased by another company involved in the coatings business, Tnemec Company Inc. to include Epoxytec’s epoxy linings and coatings produced at structural grade in Tnemec Company’s product portfolio.
Asia Pacific holds a noteworthy portion of the epoxy coatings market and is expected to grow in the forecast period.
The expansion of steel industrial activities, consumer electronics, electrical equipment, and the construction sector in the region is expected to drive the epoxy coatings market in the Asia Pacific region. The growth in the construction sector in residential and industrial areas of Asian nations provides an opportunity for using epoxy coatings for flooring purposes. For instance, the Bank of Korea estimated that the South Korean construction sector’s quarterly output contributed to the nation's GDP increased from 21630.50 billion Korean Won in Q322 to 21931.90 billion Korean Won in Q422. In addition, in the electronics and electrical sector, epoxy coatings are used for conformal coating purposes to protect printed circuit boards. For instance, Diamond MT Company offers a wide range of Parylene coatings for the electronics industry including an epoxy coating product. The presence of major consumer electronics manufacturing companies in the region such as Samsung Electronics and the rise in their production activities with the launch of new smartphone models offers an opportunity for the usage of epoxy coatings in such manufacturing processes. Therefore, the development in the electronics and construction sector of major Asian economies such as South Korea, China, and India is expected to expand the epoxy coatings market in the region over the forecast period.
Key Market Segments:
- By Technology
- By End-User Industry
- Building & Construction
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. EPOXY COATINGS MARKET ANALYSIS, BY TECHNOLOGY
6. EPOXY COATINGS MARKET ANALYSIS, BY END-USER INDUSTRY
6.4. Building & Construction
7. EPOXY COATINGS MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Axalta Coating Systems LLC
9.2. Kansai paint Co. Ltd.
9.3. RPM International Inc.
9.4. PPG Industries Inc.
9.5. AkzoNobel NV
9.6. Nippon Paints
9.7. Kukdo Chemical
9.9. Olin Epoxy
9.10. Huntsman Corporation
Axalta Coating Systems LLC
Kansai paint Co. Ltd.
RPM International Inc.
PPG Industries Inc.
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