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.
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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.
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