The
global Epoxy Coating Market is expected to reach USD
41.71 billion by 2024, according to a new report by Grand View Research, Inc.
Increase in spending on residential and commercial construction in emerging
regions such as Asia Pacific and Middle East is expected to drive global Epoxy
Coating Market growth over the next eight years.
Rapid
industrialization in Asia Pacific has resulted in an increase in utilization of
epoxy coatings for flooring applications for both commercial and industrial
structures such as retail stores, hospitals, showrooms, and warehouses. These
coatings provide superior gloss and aesthetic finish in form of terrazzo
flooring, chip flooring, and colored aggregate flooring.
Growing
automotive sector in developing economies of Asia Pacific and Latin America
owing to a surge in population base and rising disposable income is expected to
stimulate epoxy coatings demand. Growing application scope in rust and
corrosion prevention of vehicle bodies and other metal components is likely to
augment market growth. In addition, rising use of epoxy-based coatings as
primer ensuring paint adhesion for automotive parts will drive the market
demand over next eight years.
Solvent
borne epoxy emerged as the dominant product segment accounting for over
one-third of the total market volume in 2015. Traditionally, they were designed
to protect steel, however; they are extensively being used now-a-days for
concrete structures and adapted for flooring. Solvents allow easy coating
application in required areas without any formulating problems.
Further
key findings from the report suggest:
- Global epoxy coating
market demand was 1,080.7 kilo tons in 2015 and is expected to reach
2,115.6 kilo tons by 2024, growing at a CAGR of 7.9% from 2016 to 2024.
- Waterborne coatings are
expected to witness the highest growth of 9.0% from 2016 to 2024 owing to
factors such as low VOC content, durability, quick dry time and mitigated
hazardous disposal in contrast to its counterparts.
- Construction sector
emerged as the leading and fastest growing application segment accounting
for about 28.0% of the total market volume in 2015. Rapid population
growth coupled with increasing migration towards urban centers has
necessitated demand for new commercial, residential and industrial
infrastructure. Low-interest rates on housing loans in both developed as
well as developing regions is poised to impact market growth.
- Asia Pacific was the
dominant regional market with demand share estimated at over 48% in 2015.
Increasing demand for institutional buildings coupled with the shift in
production landscape towards China, India, and South East Asian countries
are expected to drive the regional market. The region is also projected to
witness the highest growth of 8.9% from 2016 to 2024.
- Epoxy coatings industry is
moderately fragmented with the presence of large number of prominent
market participants across the globe. Sherwin Williams is engaged in
manufacturing and marketing of paints, coatings, finishes, applicators,
and varnishes for structural steel, ships, metals, buildings, and
automobiles. In September 2013, Sherwin Williams acquired the U.S./Canada
operations of Comex for USD 90 million and assumed liabilities in the
range of USD 75 million.
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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