Epoxy coatings Market Size, Share, Analysis, Trends, Growth, 2032

Industry Prospective:

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 market.

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Epoxy coatings Market: Overview

Epoxy coatings are largely popular in construction and building applications that are formed by the process called curing. These epoxy coatings provide a strong and resistant coating that protects structures and has excellent adhesion properties. The epoxy coatings are used in multiple industries such as building, construction, automotive & transportation, and other industrial applications that require coatings.

The advantages of the epoxy coatings coating over other coatings is expected to propel the epoxy coatings market potential over the forecast period, and this trend will majorly influence the epoxy coatings market potential in the long run. Increasing construction activities and rising industrialization on a global scale are also expected to shape epoxy coatings market potential through 2028.

However, fluctuating costs of raw materials are anticipated to have a hindering effect on the global epoxy coatings market growth through the forecast period.

COVID-19 Impact:

The COVID-19 pandemic led to a downfall in the epoxy coatings market. The world witnessed lockdowns across multiple nations, and this led to a substantial change in industrial activity on a global scale. Shuttering of multiple production facilities and slow down of the construction sector majorly led to a drop in demand for epoxy coatings in 2020.  

Shortage of raw materials, strict restrictions prohibiting outdoor activity, etc., were factors that further made it difficult for the epoxy coatings companies to run their business efficiently.

The epoxy coatings market is expected to make a good recovery in the post-pandemic era as the world returns to normal and construction activity resumes to drive the epoxy coatings market potential over the forecast period.

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Epoxy coatings Market: Growth Drivers

Increasing Industrialization and Construction Activity

The world is witnessing rapid industrialization, as a result the demand for construction activity is high on a global scale. This factor is majorly influencing the epoxy coatings market growth positively. Rapid urbanization has also led to a substantial rise in demand for construction in the residential sector. Increasing use of epoxy coatings in this construction activity to make them more efficient is expected to majorly drive the epoxy coatings market potential through 2028.

Epoxy coatings Market: Restraints

Fluctuating Costs of Raw Material to Hinder Growth

The raw materials that are used in the manufacturing and formulation of epoxy coatings follow a highly volatile trend, and this factor causes uncertainty in the pricing of epoxy coatings and hence slows down the overall epoxy coatings market growth. The prices of these raw materials are subject to change with changing economic landscape of the world and hence are out of manufacturer control and this is why this factor is expected to hinder the epoxy coatings market potential beyond the forecast period as well.

Global Epoxy Coatings Market: Segmentation

The global epoxy coatings market is segregated based on technology, application, and region.

By technology, the market is divided into Solvent borne, Waterborne, and Powder-based. The water-borne coatings segment will account for a dominant market share and is anticipated to be the most lucrative segment over the forecast period. Its popularity can be attributed to the growing demand for moisture barrier applications across multiple industrial verticals.  

By Application, the epoxy coatings market is segmented into Construction, Transportation, General Industrial, and Others. The transportation segment held a major market share and is projected to maintain this stance over the forecast period. Increasing demand for vehicles and growing automotive and transportation industries have largely influenced the epoxy coatings sales and are expected to drive growth through 2028.  

Recent Developments

• In January 2022 - Milburn Flooring a leading name in the flooring industry announced the acquisition of Blendex Industrial Corp and added a new division dedicated to epoxy and hence widening its application scope and serving its existing and potential consumer base.

Regional Landscape

Asia Pacific region leads the global epoxy coatings market in terms of share and accounts for more than 40% of the global epoxy coatings industry landscape. The growth in this region for the epoxy coatings market can mainly be attributed to rising urbanization and industrialization, which is increasing demand for epoxy coatings in multiple sectors. China is a major producer of epoxy coatings and this is expected to boost the epoxy coatings market potential in this region over the forecast period. China and India are projected to be the most notable markets for epoxy coatings, owing to the high demand for infrastructural development in these economies.

The market for epoxy coatings in North America will account for the second-largest market share in the global epoxy coatings industry landscape. Increasing demand for epoxy coatings in industrial flooring applications to be a major trend through 2028.

Competitive Landscape

Some of the main competitors dominating 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.

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