LONDON--(BUSINESS WIRE)--The global epoxy coatings market is expected to grow at a CAGR of more than 5% during the period 2017-2021, according to a new market research study by Technavio.
The report presents a detailed analysis of the global epoxy coatings market by technology type (water-borne epoxy coatings, powder-based epoxy coatings, and solvent-borne epoxy coatings) and by application (construction, transportation, and industrial application). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, North America, Europe, and ROW.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Market driver: increasing demand for water-borne epoxy coatings
Water-borne epoxy coatings are usually used in several applications such as transportation, building and construction, and industrial applications. This is because of their health, environmental, and safety benefits. There is a shift in the preference from solvent-borne epoxy coatings to water-borne epoxy coatings in the specialty applications. Therefore, water-borne epoxy coatings account for a major share in the paints and coatings market in APAC. Water-borne epoxy coatings exhibit properties such as high mechanical strength and toughness with electrical and thermal properties. This enables the extensive use of water-borne epoxy coatings in various industries, which is likely to boost the growth of the market.
According to Hitesh Bhatia, a lead analyst at Technavio for paints, coatings, and pigments research, “The increase in the demand for water-borne epoxy resin composites from the aerospace and wind energy industries is expected to drive the growth of the market during the forecast period. Additionally, the water-borne epoxy coatings are gaining popularity due to the reduced content of VOCs in comparison to solvent-based coatings. Thus, they meet the stringent environmental standards and offer sustainable paints and protective coatings.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Market trend: growth of the coating additives industry
Coating additives such as epoxy coatings, wetting and dispersion, biocides, anti-foaming, rheology modification, and impact modification are used in various applications such as paints and coatings because they enhance the properties of the final product. Epoxy coatings are widely used to improve the strength, appearance, chemical resistance, and performance of the coatings. The advancement in technology is enabling the use of various coating additives, particularly epoxy coatings, in a wide range of applications. For instance, epoxies are used as adhesives in various forms such as epoxy glue and epoxy primer, in the construction industry. Moreover, they are also used as epoxy floors.
Market challenge: high price of raw materials
The cost of water-borne epoxy coatings has been a concern for several industries. The price of water-borne epoxy coatings is controlled by the cost of epoxy resins. Alternatively, the production cost of novolac resins and Bisphenol A is low. They are usually used as coatings, composites, and adhesives in various end-user industries such as automotive, construction, and marine. The low production capacity of water-borne epoxy coatings acts as the major barrier to the growth of the water-borne epoxy coatings market. The other factor contributing to the higher price of water-borne epoxy coatings is the generation of the matrix, which involves expensive batch processes at high temperatures within a controlled atmosphere.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
Key vendors in the market
- Akzo Nobel
- BASF
- KANSAI PAINT
- PPG Industries
- The Sherwin-Williams Company
The global epoxy coatings market is moderately fragmented. It has the presence of prominent market participants such as BASF, Akzo Nobel, KANSAI PAINT, PPG Industries, and The Sherwin-Williams Company. The market consists of international players as well as regional vendors that are competing against each other and among themselves.
Get a sample copy of the global epoxy coatings market report free of cost
Access Technavio’s continuously growing paints, coatings, and pigments research library and find expert analysis on hundreds of markets.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
