Epoxy Coatings Market: Overview
Epoxy resins are actually a type of synthetic resins that are utilized in producing adhesives and plastics. These resins are widely acknowledged for their versatile properties such as extreme toughness, resistance, and excellent dimensional stability. Epoxy resins provide an external coating called epoxy coating that serves as a superb resistance to UV light, corrosive chemicals, and heat. The overall growth of the epoxy coatings market relies on the increasing demand for improved and durable coatings and paints. In addition to this, regional governments are putting high emphasis on curbing down VOC content in the paints and coatings made of epoxy-base.
There are two types of epoxy coatings viz. waterborne and powder-based. The former is not reactive and fairly easy to use when treated with water. But waterborne coatings face relatively high number environmental issues. Thus, to counter the environmental issues, there has been an increased preference to powder-based epoxy coatings. Moreover, strict environmental policies are being adopted in various countries to curb down pollution and VOC emission. These type government policies are expected to significantly boost the powder-based epoxy coatings market in the coming years. However, fluctuating market prices of epoxy resins because of the volatile raw material prices is expected to have a negative influence on the market in the near future. But on the other hand, extensive research and development activities are underway that are backed by sound investments to develop eco-friendly epoxy resins. Such activities will substantially help in boosting the epoxy-coatings market in the coming years.
Epoxy resins is a group of synthetic resins that are used to manufacture plastics and adhesives. They are known for their versatile properties. Epoxy coating is a thick protective covering made of epoxy resins. Epoxy surface coatings are amongst the commonly used industrial finishes. They provide exceptional resistance to heat, UV light, and corrosive chemicals. They also exhibit outstanding dimensional stability, extreme toughness, and resistance to abrasion. In addition, they offer excellent adhesion to surfaces of metals, fibers, glass, and several other materials. Superior properties of epoxy coatings are expected to fuel the global market for epoxy coatings during the forecast period.
Based on the type, the global epoxy coatings market can be divided into two segments: waterborne coatings and powder-based coatings. The former type of coatings are water soluble and are normally cured with water. These are not reactive and are relatively easy to use. However, they face a fair amount of environmental issues. Powder-based coatings are cured under controlled high temperature. These are highly adaptable and useful in various applications. The powder-based segment held a major share of the global epoxy coatings market in 2015, due to minimal impact of these coatings on the environment. The segment is expected to continue its dominance during the forecast period, owing to non-VOC (volatile organic compound) emission properties of powder-based coatings. The segment is also likely to be driven by high demand from end-user industries such as transportation and construction.
Key drivers for the global epoxy coatings market are the increasing demand for waterborne and powder-based coatings, especially from developing countries. High cost of epoxy coatings may restrain the growth of the market, but the outstanding properties and long life of these coatings would foreshadow the high cost. Stern government regulations, especially to lower the air pollution, are projected to promote the adoption of low-polluting epoxy coatings technology. This is likely to boost the powder-based segment during the forecast period. Epoxy coatings are employed for preventing corrosion and rust on bodies and other components of automobiles. Growth of the automobile industry, particularly in Asia Pacific, is likely to drive the global epoxy coatings market.
In terms of region, the global epoxy coatings market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held the dominant share of the global epoxy coatings market in 2015, followed by Europe and North America. Asia Pacific is anticipated to continue its dominance in the global market during the forecast period. This is due to the increasing demand for epoxy coatings in developing countries and the developing economy of the region. China led the global epoxy coatings market in 2015 and is expected to continue its dominance during the forecast period. This is due to growth of automobile and construction industries in the country. The epoxy coatings market in India and Taiwan is likely to witness substantial growth during the forecast period. The epoxy coatings market in Europe is expected to expand at a moderate rate during the forecast period. The market in Latin America is estimated to expand rapidly during the forecast period, primarily due to demand for epoxy coatings and its proximity to the U.S. markets. This makes it a genuine choice for the set-up of production facilities.
The market for epoxy coatings is moderately consolidated. Major players operating in the global epoxy coatings market are BASF, Axalta Coating Systems, Berger Paints India Limited, Kansai Paint Company Limited, AkzoNobel N.V., PPG Industries Inc., Tikkurila Oyj, RPM International Inc., Nippon Paint Company Limited, The Valspar Corporation, and The Sherwin Williams Company.