Epoxy Coating Market Overview
“The global Epoxy Coating Market is expected to grow rapidly at a 5.82% CAGR consequently, it will grow from its existing size of from $3.478 billion in 2023 to $5.285 billion by 2030.”
What Exactly Is Epoxy Coating?
Epoxies are resins with a reactive CH(O)CH2 function, with an oxygen atom in a three-membered cyclic ring arrangement outside the carbon backbone.
Epoxies, created by reacting epichlorohydrin with bisphenol-A, are a type of polymer with exceptional endurance. They are ideal for polymer curing due to their small-ring geometry, which leads to full-chain saturation in resin chemistry. Amines are the most common choice for curing with epoxies, creating the hardener component, which includes acids and acid anhydrides. These cured polymers are ideal for demanding applications due to their exceptional endurance.
Epoxy synthesis can be customized to meet specific application requirements due to the diverse chemical chain lengths and structural components found in both epoxide and hardener components.
Epoxy chemistry, derived from structurally advanced materials, is used in various industrial applications like coatings, adhesives, fiber-reinforced polymers, and electrical encapsulating materials. These coatings require extreme durability and can be made into liquid or powder forms. Epoxies also have anti-corrosion properties in both forms.
Types of Epoxy Coating:
Novolac-based Epoxies
Novolac resins are phenol-formaldehyde resins, while novolac epoxies are phenoxy-formaldehyde resins with a glycidyl molecule etherifying the phenoxy group. This allows for more extensive crosslinking and high aromatic ring content. These chemical structures are suitable for protective applications, such as tank linings where solvents and corrosive chemicals may be housed, due to their high crosslink density and high aromatic ring content.
Powder coatings made of epoxy
Epoxy powder coatings are dry powders that are heat-cured, ranging from pure to hybrid and polyester. These coatings are highly resistant to corrosion, making metals more durable and efficient.
Epoxies that have been fused together
FBEs are high-temperature epoxy coatings created by fusion of epoxy resin with a hardener in a fluid bed. These thermoset coatings maintain their shape at higher temperatures and adhere to metal surfaces, providing a protective layer when cooled. The interaction between resin and hardener is not possible at room temperature.
Epoxies based on coal tar
Coal tar epoxies are waterproof coatings made from coal tar, but their presence of polycyclic aromatic hydrocarbons (PAHs) is considered a health risk due to their carcinogenicity, mutagenicity, and reprotoxicity, making them banned in industrialized countries.
Advantages of Epoxy Coatings:
- Outstanding long-term durability
- Resistance to high temperatures
- Resistance to chemicals
- Cost-effectiveness
- Simple to maintain
- Aesthetics (in cases where they are required)
- Excellent safety characteristics
- Eco-friendly (because to the lack of chemical use)
- Application simplicity
- Rapid implementation
- Increased throughput
- Reduced waste
Demand Outlook
The epoxy coating market is experiencing rapid growth due to increased demand for aqueous epoxy coating, increased applications, and growing demand in developing countries. These long-lasting, strong, and chemically resistant coatings are used in various industries like construction, automotive, electrical, and marine, demonstrating their versatility and increasing demand from various end-use sectors.
The Epoxy Coating market is categorized into Technology and Application, with three technology segments: Solvent-Based, Water-Based, and Powder-Based. It is divided into four applications: construction, transportation, and general industrial. The market is based on value in USD Billion for each segment, and is categorized into regions like North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
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Market Dynamics
Growth Drivers
Increased demand as a result of widespread application
Epoxy coatings are effective for quick-drying surfaces like metal and flooring, and are used in commercial and industrial flooring applications. They are also used on concrete floors in various settings like retail establishments, airplane hangars, hospitals, showrooms, manufacturing facilities, and garages.
Rapid urbanization and substantial investment
The growth of the epoxy surface coatings market is expected to be accelerated by rapid urbanization and high building expenditure in developing nations like India.
Restraints/Challenges
Availability of a suitable alternative
Polyurethane (PU) coatings outperform epoxy coatings in wear, cross-link density, abrasion resistance, and impact resistance, making them ideal for electrical, electronics, transportation, construction, automotive, and other end-use segments. The availability of replacements is expected to hinder market expansion during the projection period.
Opportunities
Technological progress
Epoxy coating technology, often linked to VOC emission restrictions, can significantly reduce environmental impact, acting as market drivers and boosting the industry's growth rate, thereby enhancing its competitiveness.
The popularity of self-cleaning super-hydrophobic surfaces is growing
Chemical changes and surface texturing create super-hydrophobicity on surfaces. Super hydrophobic nanocomposites can be used to create super hydrophobic coatings by covering highly accessible surfaces with polymers like epoxy. This growth in epoxy surface coating applications is expected to expand the industry share in the coming years.
The Impact of COVID-19 on the Epoxy Coating Market:
The Epoxy Coating market experienced a dip and rise due to the COVID-19 pandemic, causing a 1% decrease in total performance from the previous year. The long-term recurrence of the outbreak and inadequate Euro-American management have impacted factory output and commercial situations, leading to variable global performance.
COVID-19 reduced Epoxy Coating market sales volume by 3.3% in 2020, with significant variances in various market sectors, despite the overall trend evolving in anticipation.
In 2020, industrial coating demand decreased by 6.4% compared to 2019, with a predicted recovery expected in the second half of 2021. Architectural coatings experienced a 5.3% increase, indicating a return to pre-pandemic levels, despite the abrupt drop in CAGR.
Epoxy Coating Market Segment Analysis
The market is divided into three categories: water-based, solvent-based, and powder-based coating. Water-based coating is the dominant sector, predicted to grow at a CAGR of 6.1%. This is due to its eco-friendliness and compliance with regulations like REACH. Water-based coating is preferred due to its VOC-free nature and compliance with REACH standards. It now competes with solvent-based coating in most applications.
In 2017, the solvent-based coating sector accounted for 25% of total revenue and is expected to grow at a CAGR of 4.7% due to industrialization and increased steel usage in plant structure fabrication. The Powder-based segment, accounting for 60.9% of the industry share, is expected to gain traction due to its adaptability across various applications, including commercial, industrial, ornamental, flooring, non-slip, and heavy industrial.
The Epoxy Coating market is categorized into four applications: construction, transportation, and general industrial. Construction, accounting for 47.2% of the market in 2021, is expected to grow at a 5.7% CAGR. The construction segment is expected to hold a significant share due to rising residential, commercial, and general industrial projects in Asia Pacific, driven by rising disposable income, expanding GDP, and rapid urbanization.
In 2017, transportation accounted for 30% of revenue, with rising vehicle demand driven by an expanding middle-class population and disposable income in emerging markets like India, predicted to continue driving epoxy coating demand.
The demand for epoxy-based coatings in the automobile sector has decreased due to temporary production shutdowns and non-essential commodity production halts. However, by 2024, demand for OEM coating is predicted to increase due to a rebound in vehicle manufacturing, especially in Asia Pacific, boosting the industry.
The Epoxy Coating market is expected to experience growth over the next eight years due to its exceptional features such as resistance to chemicals, heat, UV radiation, durability, strength, and flexibility, which will contribute to its success.
Competitive Landscape of the Epoxy Coating Market
Recent Development in Epoxy Coating Market
September 6 2023, Empa researchers have developed an epoxy resin that can be repaired and recycled, in addition to being flame-retardant and mechanically strong. Potential applications range from coating for wooden flooring to composites in aerospace and railways.
April 2023: Dur-A-Flex Inc. introduced Vent-E, a revolutionary formulation specially designed to provide additional protection to concrete floors that surpass the moisture and salt content thresholds of traditional epoxy coatings. This coating solution is well-suited for various applications, including commercial buildings, storage areas, warehouse floors, assembly and production areas, and more.
March 2023: Wanhua Chemical Group Co. Ltd. delivered technical talks on four of its innovative coating solutions at the 2023 European Coatings Show (ECS) in Nuremberg, Germany. These concepts include actively promoting the conversion of traditional oil-based coatings to water-based formulations and producing bio-based solutions, all while helping clients enhance production efficiency and cost-effectiveness.
In April 2021, In Qatar, Sika increased its concrete admixture production capacity and began producing epoxy resins, which are significant components in high-quality floor coverings and adhesives.
October 2020 –After being acquired by an associate of Lone Star, a worldwide private equity company, the MBCC Group has arisen from the former BASF Construction Chemicals business and on October 1, 2020, it will begin operations.
September 2020– PPG announced the launch of full range of coating systems that include base coats, prime coats, and topcoats under PPG flooring coatings. It is designed to deliver the best performance based on specific work environment.
Regional Insights
The Asia-Pacific epoxy coatings market, accounting for 44% of the industry, is expected to grow at a 6.1% CAGR, reaching USD 16.55 billion in 2022. The growth is driven by the region's stable economy, rising disposable income, and improved living standards in developing countries like China, India, Malaysia, and Vietnam. China dominates the market with 53% of the demand.
The construction and automotive industries in emerging economies like Thailand, China, India, and Taiwan are expected to boost industry development. APAC countries like Japan, China, India, Malaysia, Indonesia, and the Philippines prioritize residential and commercial structures construction. India's growth is expected at 6.1% CAGR due to civil construction advancements and increasing epoxy paint demand.
Environmental concerns are driving North American coatings' appeal due to their superior qualities, including exceptional finishing, durability, and resistance to corrosion, chipping, and abrasion. Major automakers' development in the US is expected to support market growth, while increased construction and production in Germany, Romania, Hungary, Austria, and the UK are expected to boost demand.
Segments Covered in the Epoxy Coating Market
Epoxy Coating Market by Technology
- Solvent-Based
- Water-Based
- Powder-Based
Epoxy Coating Market by Application
- Construction
- Transportation
- General Industrial
- Others
Epoxy Coating Market By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
Frequently Asked Questions:
What segments are covered in the Global Epoxy Coating Market report?
The segments covered in the Epoxy Coating Market report are based on Technology and Application.
Which region is expected to hold the highest share in the Global Epoxy Coating Market?
Asia Pacific region is expected to hold the highest share in the Epoxy Coating Market.
What is the market size of the Global Epoxy Coating Market by 2029?
Market size of the Epoxy Coating Market by 2030 is expected to reach USD 5.295 Billion.
What is the forecast period for the Global Epoxy Coating Market?
The forecast period for the Epoxy Coating Market is 2023-2030.
