Epoxy Coating Market Technology Advancements & Forecast 2032

Epoxy Coating Market Technology Advancements & Forecast 2032

According to Fortune Business Insights, The global epoxy coating market size was valued at USD 40.72 billion in 2023 and is projected to grow from USD 42.92 billion in 2024 to USD 63.89 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period. Asia Pacific dominated the epoxy coating market with a market share of 48.13% in 2023.

According to the analysis, soaring demand for high-quality homes will foster the penetration of epoxy coatings. With the demand for durable flooring solutions gaining prominence, industry players are expected to further their investments in coatings. Epoxy coatings are long-lasting coatings that serve a wide range of purposes, including strong adhesives and durable paint and coatings for floors and metals. These coatings are formulated by triggering a chemical reaction between an epoxide resin and a polymine hardener. 

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Major Players Profiled in the Report

• MBCC Group (Mannheim, Germany)
• PPG Industries, Inc. (Pennsylvania, U.S.)
• AkzoNobel (Amsterdam, Netherlands)
• Axalta Coating Systems (Pennsylvania, U.S.)
• The Valspar Corporation (Minnesota, U.S.)
• Sherwin-Williams Company (Ohio, U.S.)
• RPM International Inc. (Ohio, U.S.)
• Kansai Paint (Osaka, Japan)
• Asian Paints (Mumbai, India)

Segments

Type, Application, and Region are Studied

Based on type, the market is segregated into solvent-based, water-based, and powder-based.

In terms of application, the market is segmented into transportation, construction, industrial, and others.

With respect to region, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa are studied for the market.

Report Coverage

The report is prepared painstakingly through secondary and primary sources. The use of top-down and bottom-up approaches further validates the veracity of the research report. Qualitative and quantitative analysis has also been included to provide a birds-eye-view. We have delved into SEC filings, annual reports, and government websites to validate the report’s authenticity.

Drivers & Restraints

Bullish Demand from the Construction Sector to Accentuate Market Growth

Amidst prevailing circumstances of the COVID-19 pandemic, the construction sector is expected to exhibit strong demand for epoxy coatings. The durability attribute of these coatings has encouraged end-users to increase investments in the portfolio. Prominently, commercial and industrial applications, including retail stores, industrial plants, hospitals, and manufacturing facilities have shown immense traction for the marker. Further, the penetration of the compound across warehouses and factories for ease of cleaning, aesthetics, and resistance to corrosive liquids will foster the epoxy coatings market growth.

However, the high cost of the coating compound and rigorous regulations are expected to dent the industry growth during the forecast period.  

Regional Insights

Industry Players Count on Economic Indicators to Invest in the Asia Pacific Market

Asia Pacific has come up as a viable investment hub due to robust economic indicators such as rising disposable income and growing living standards. The penetration of automotive and construction sectors in emerging economies, such as China and India, will further the position of the region in the global landscape. Additionally, the expansion of commercial and residential structures will continue to complement the demand for epoxy paints.

Leading companies are expected to bolster their portfolios in the U.S. and Canada against the backdrop of escalating environmental concerns. Lately, automakers have upped their production capacity amidst soaring demand for durable and corrosion-resistant components and parts.

The Europe epoxy coatings market share will witness a notable gain, owing to the presence of leading automakers across the U.K., Germany, Italy and France. The growth of transportation and industrial sectors will further aid the regional development.

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Competitive Landscape

Leading Companies Inject Funds into Product Capacity Development to Gain a Competitive Edge

The market’s competitive scenario suggests industry participants will emphasize organic and inorganic strategies, including mergers & acquisitions, product launches, technological advancements, and innovations.

Key Industry Development

• March 2024 – Grasim Industries Limited, a subsidiary of Aditya Birla Group, in its chemical business inaugurated the capacity expansion project of Epoxy resins and formulation capacity at Vilayat, Gujarat. With this capacity expansion, the company’s overall capacity of its advanced materials will increase to 246,000 tons per annum.  
• September 2023 – PPG announced that it completed the capacity expansion of its powder coating plant located in Sumaré, Brazil. With an investment of USD 2.7 million, the company expanded the production capacity of the plant by 40%.