The global epoxy surface coating market size is expected to be valued at USD 26.0 Billion in 2016 and it is anticipated to grow at an approximate CAGR of over 5% over the forecast period 2016 to 2024. Demand for waterborne epoxy coating is expected to be a key driver for the growth of the market.
Increasing demand for waterborne epoxy coating is owing to low VOC, very low odor, non-flammable/noncombustible, fast dry and recoat, and ease of cleanup. Increasing demand from developing countries is also expected to boost the demand over the next eight years.
High growth in end-use industries such as construction transportation and industrial are expected to fuel the market growth over the forecast period. The low-interest rate on housing loan is also expected to drive the construction sector.
Low performance in exterior application and slow growth in the developed countries is expected to be a restraint in the epoxy surface coating market.
High economic growth in emerging economies and high growth in powder based epoxy coating are expected to offer lucrative growth opportunities for the key industry player.
Stringent regulations and fluctuating raw material prices are expected to be major challenges in the epoxy surface coating market. It exhibits the superior properties such as corrosion resistance, superior adhesion, and flexibility.
The market has been segmented on the basis of technology such as waterborne, powder-based and solved based.
Waterborne epoxy coating is expected to have substantial growth over the forecast period owing to low odor and free of volatile organic compounds. It has wide scope applications such as warehouses, garages, institutional, transportation, agricultural, construction and industrial.
Powder-based epoxy coating is expected to have a substantial growth owing to environmental-friendly nature and superior performance.
The epoxy powdered coating has a wide scope of applications such as ceiling panels, display shelving, heaters, household goods, instrument casings, internal vehicle components, sports equipment, tubular steel furniture and wire work.
Solvent based coating generally provides good abrasion and chemical resistance. It has a wide scope of flooring application in chemical fertilizer, petroleum refineries, power plants, sewage, and water treatment plant, paper and pulp mills and warehouse floors.
These solvent based coatings are highly flammable and it should be kept away from any source of ignition, welding operation, and naked flames. Epoxy Surface coatings are used in floor applications they exhibit the properties of low volatility, tough, quick drying, and protective coating. They are used on steel and concrete to give resistance to water, acids and alkali.
Epoxy coating is used in the automobile, marine, and industrial applications to prevent corrosion and rust. Metal containers and cans used in food and beverage industry are treated with the epoxy coating for rust prevention.
Epoxy coatings are commonly used to coat the following substrates such as aluminum, carbon steel, galvanized steel, fiberglass, polyester, ceramics, copper, and zinc. It also provides optimum protection against large/fine particle abrasion, corrosive fluids, cavitations, turbulence and compressive forces.
Asia Pacific is expected to be a dominant player in the epoxy surface coating market owing to increasing investment in construction and high growth of end-use industries. Rapid industrialization is expected to drive the market growth.
In 2014, the overall market share of China has contributed over 50% in this region. India and Taiwan are also expected to have a substantial growth over the forecast period.
Europe is expected to witness moderate growth over the next eight years and it is anticipated to increase in demand owing to the growth of automobile industry, particularly in France, U.K, and Germany.
North America is anticipated to have steady growth owing to the stringent regulations to adopt environmentally friendly technologies in this region.
Construction spending in the Middle East & Africa and Central & South America is also expected to have a positive impact in this region. Rapid urbanization and rising government investment in public infrastructure are anticipated to be a key driver for the market growth.
Some of the key industry players in the epoxy surface coating market include Axalta Coating Systems, AkzoNobel N.V., Berger Paints, Henkel, Kansai Nerolac, PPG Industries, Nippon Paint Company Ltd., The Sherwin-Williams Company, RPM International, The Valspar Corporation, Tikkurila Oyj and BASF.
Research Support Specialist, USA