Epoxy Coatings Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2021 - 2026

Report Code: CMR 11355 Report Format: PDF + Excel

Epoxy Coatings Market Overview

Epoxy Coatings market size is forecast to reach US$30.5 billion by 2026, after growing at a CAGR of 5.2% during 2021-2026. Properties of epoxy coatings are versatile owing to which it is increasingly being used in various end-use industries. Globally, with the rising building and construction industry, the demand for commercial epoxy coatings in industrial flooring applications is also estimated to rise. Since these coatings provide extra-ordinary resistance to heat, corrosive chemicals, and UV light, as compared to polyurethane floor coating it is widely being preferred by the industrial finishers as epoxy surface coatings. Epoxy coatings provide excellent dimensional stability, extreme toughness, and adhesion to metals, fibers, glass, and several other material surfaces. The opportunity for epoxy coatings in the future lies with its introduction as epoxies with minimal or no VOC emissions. Such outstanding properties of epoxy coatings are predicted to fuel the epoxy coatings industry during the forecast period.

COVID-19 Impact

The COVID-19 outbreak widely affected the building and construction, healthcare, and transportation industries over the year 2020. Owing to the nationwide lockdown, construction projects have faced a delay and stagnation in this tuff time of the pandemic. The epoxy coatings market has witnessed many challenges due to COVID-19 by impacting construction, transportation, and general industrial sectors. Economies of each sector are affected due to the nationwide lockdown and have even resulted in stagnation in activities across the industries that uses epoxy coatings. However, once the building and construction and transportation activities will get back on track and start functioning with full capacity by 2021, the market for epoxy coatings is estimated to expand.

Report Coverage

The report: “Epoxy Coatings Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the epoxy coatings market.

By Technology: Water-based, Solvent-based, Powder-based, and Others.
By Substrate: Concrete, Wood, Metal, and Others.
By Application: Flooring, Countertops, Decks, Panels, Pipelines, Storage Tanks, Ballast Tanks, Containers, Packaging, Passive Electronics, Potting Compounds, and Others.
By End-Use Industry: Building and Construction (Residential Construction, Commercial Construction, Industrial, and Infrastructure), Transportation (Aerospace, Marine, Automotive, and Others), Oil and Gas, Food and Beverage, Power, Generation, Electrical & Electronics, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).

Key Takeaways


Figure: Asia-Pacific Epoxy Coatings Market Revenue, 2020-2026 (US$ Billion)

Asia-Pacific Epoxy Coatings Market Revenue

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Epoxy Coatings Market Segment Analysis – By Technology

The powder-based segment held the largest share in the epoxy coatings market in 2020. Powder-based epoxy coatings offer superior performance and are also economical for applications that require high abrasion resistance and hardness. Also, owing to the high adaptability they are used in various applications. A controlled high temperature is even required for curing powder-based coatings. Furthermore, due to the non-volatile organic compound emission properties of powder-based epoxy coatings, this segment is predicted to continue its dominance and is also likely to drive the epoxy coatings market in the forecast period.

Epoxy Coatings Market Segment Analysis – By Substrate

Concrete substrate held the largest share in the epoxy coatings market in 2020. Epoxy floor coatings are used over concrete substrates due to their impact resistance, hardness, and durable properties. An epoxy floor coatings adhere to the concrete floors better than any conventional enamel, oil-based, or water paint. Industrial facilities, logistic centers, warehouses, and other areas coming under applications of heavy-duty make use of commercial epoxy coatings due to their ideal properties. Since the building and construction activities are booming rapidly with industrial flooring as the major application in it, the demand for epoxy coating on the concrete substrate is also set to rise. Thus, increased usage of epoxy coatings on the concrete substrate will drive the growth of the market in the forecast period.

Epoxy Coatings Market Segment Analysis – By Application

The flooring segment held the largest share in the epoxy coatings market in 2020. Epoxy coatings are majorly used to provide extreme toughness, quick-drying, and abrasion resistance to the floors. In industrial or commercial sectors, for flooring applications, epoxy coatings can be used as floor paints over concrete floors such as in manufacturing plants, airplane hangars, hospitals, commercial and retail stores, showrooms, garages, and others. For instance, Larsen & Toubro, in India, in 2019, won contracts for building hospitals, commercial complexes, and manufacturing capacity. The orders range between 2,500 crores (US$ 336.6 million) to 5000 crores (US$ 673.2 million), falling under the large category. Thus, such investments will drive the demand for flooring applications and would raise the growth of the market over the forecast period.

Epoxy Coatings Market Segment Analysis – By End-Use Industry

Building and construction industry held the largest share in the epoxy coatings market in 2020 and is estimated to grow at a CAGR of 5.45% during 2021-2026. In the building and construction industry epoxy coatings find usage in numerous applications such as in industrial flooring, self-leveling floors, decks, architectural surfaces, and others. In recent years, with the rising building and construction activities, the demand for epoxy coatings is also set to rise. The building and construction activities are increasing rapidly in emerging economies such as India, United States, China, and other countries. For instance, according to the World Bank, in 2020, the building and construction industry reached about US$ 11.9 trillion, with an increase of about 4.2% from 2019. Furthermore, according to Invest India, by 2025, the building and construction industry is expected to reach US$ 1.4 Tn. Thus, with the growth of the construction sector, the market for epoxy coatings will further rise over the forecast period.

Epoxy Coatings Market Segment Analysis – By Geography

Asia-Pacific region dominated the epoxy coatings market with a share of 45.6% in the year 2020. The Asia Pacific region is predicted to continue its dominance in the market during the forecast period due to the increasing requirement for epoxy coatings in developing countries such as China, Japan, India, and South Korea. China is expected to continue its dominance in the epoxy coatings market during the forecast period. This is due to the growth of the transportation and construction industries in the country. For instance, according to International Trade Administration, in China, construction industry revenue was reported to increase from US$ 968 billion in 2019 to US$ 1.1 trillion in 2021. India and Taiwan are also predicted to grow their epoxy coatings market during the forecast period, with increased investments by the government in construction, transportation, and other end-use industry. Epoxy coatings are used in automobiles for preventing corrosion and rust on the body parts and other components of automobiles. According to Invest India, in 2020, the transportation industry was worth US$ 806.63 billion and is further expected to grow at a CAGR of 5.9%. Thus, the rising usage of epoxy coatings in various end-use industries will drive the market growth in the forecast period.

Epoxy Coatings Market Drivers

Increasing Demand for Water-borne Coatings

The increasing demand for water-borne coatings is the key driver for the epoxy coatings market, especially from developing countries. High mechanical strength and toughness are the major properties exhibited by the water-borne epoxy coatings, additionally with electrical and thermal properties. The high cost of epoxy coatings can be foreshadowed by the excellent properties and long life of the water-borne coatings. In addition, epoxy coatings technology is projected to be majorly adopted due to the low pollution caused by them, under the government strict regulations, especially to control the air pollution. In various regions, under the paints and coatings segment, the major share is held by the water-borne epoxy coatings. Thus, the excessive use of water-borne coatings in building and construction, transportation, and other end-use industries will drive the growth of the epoxy coatings market in the forecast period.

Increasing Demand for Epoxy Coatings in Transportation Industry

Epoxy coatings in the transportation industry provide great advantages in preventing rust and corrosion on automotive body parts. It involves applying a primer to metal parts that are anti-corrosive and are made up of a thin epoxy-based coating. Furthermore, with formulations availability, concrete, and steel marine structures are protected by epoxy coatings, to adhere to wet substrates, such as coating water tanks, outfall structures, fish ladders, and dams. Automotive applied in water suspension uses epoxy coatings as a primer, and as two-part liquid marine coatings. In recent years the rising production of automotive has further raised the demand for epoxy coating. For instance, according to Organisation Internationale des Constructeurs d'Automobiles (OICA), in Austria, motor vehicle production increased from 1,64,900 units in 2018 to 1,79,400 units in the year 2019. Similarly, in Vietnam, the production of motor vehicles increased from 2,37,000 units in 2018 to 2,50,000 units in the year 2019. With the increasing production of automobiles, it is estimated that in the upcoming years the requirement for epoxy coatings in the transportation industry will rise. Thus, which will boost the growth of the market.

Epoxy Coatings Market Challenges

The difficult application process of epoxy floor coatings will hamper the market growth

The difficult application process of the epoxy floor coatings is its major disadvantage. Epoxy flooring cannot be applied to contaminated, unprepared, or damaged surfaces, unlike polyurethane floor coating. The floor must be clean without any grease, solvent, or oils over it, to ensure the long life of the coating. Repairing of the damaged surfaces is often required, and the concrete is needed to be ground to profile the surface, also seven days are required by epoxy coatings, approximately, to cure. Therefore, in comparison to other coatings, epoxy flooring has a slower turnover time. Thus, due to difficulty in the application process, the growth of the epoxy coatings market will be hindered in the forecast period.

Epoxy Coatings Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the epoxy coatings market. Major players in the 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 Sherwin Williams Company, and The Valspar Corporation. 

Acquisitions/Technology Launches

In April 2020, Chugoku launched solvent-free epoxy coating for water ballast tanks. It also meets new Korean regulations under the Atmospheric Environment Conservation Act for the management of volatile organic compounds (VOCs).

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1. Epoxy Coatings Market- Market Overview
    1.1 Definitions and Scope
2. Epoxy Coatings Market - Executive Summary
    2.1 Key Trends by Technology
    2.2 Key Trends by Substrate
    2.3 Key Trends by Application
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Epoxy Coatings Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Epoxy Coatings Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Epoxy Coatings Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Epoxy Coatings Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Epoxy Coatings Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Epoxy Coatings Market – By Technology (Market Size -US$ Million/Billion)
    8.1 Water-based
    8.2 Solvent-based
    8.3 Powder-based
    8.4 Others
9. Epoxy Coatings Market – By Substrate (Market Size -US$ Million/Billion)
    9.1 Concrete
    9.2 Wood
    9.3 Metal
    9.4 Others
10. Epoxy Coatings Market – By Application (Market Size -US$ Million/Billion)
    10.1 Flooring
    10.2 Countertops
    10.3 Decks
    10.4 Panels
    10.5 Pipelines
    10.6 Storage Tanks
    10.7 Ballast Tanks
    10.8 Containers
    10.9 Packaging
    10.10 Passive Electronics
    10.11 Potting Compounds
    10.12 Others
11. Epoxy Coatings Market – By End-Use Industry (Market Size -US$ Million/Billion)
    11.1 Building and Construction
        11.1.1 Residential Construction
            11.1.1.1 Independent homes
            11.1.1.2 Row homes
            11.1.1.3 Large apartment buildings
        11.1.2 Commercial Construction
            11.1.2.1 Hospitals and Healthcare Infrastructure
            11.1.2.2 Educational Institutes
            11.1.2.3 Hotels and Restaurants
            11.1.2.4 Banks and Financial Institutions
            11.1.2.5 Airports
            11.1.2.6 Hyper and Super Market
            11.1.2.7 Shopping Malls
            11.1.2.8 Others
        11.1.3 Industrial
            11.1.3.1 Manufacturing Plants
            11.1.3.2 Industrial Plants
            11.1.3.3 Warehouses
            11.1.3.4 Others
        11.1.4 Infrastructure
            11.1.4.1 Tunnels and Mining
            11.1.4.2 Dams
            11.1.4.3 Bridges
            11.1.4.4 Roads
            11.1.4.5 Others
    11.2 Transportation
        11.2.1 Aerospace
        11.2.2 Marine
        11.2.3 Automotive
            11.2.3.1 Passenger Cars
            11.2.3.2 Light Commercial Vehicles
            11.2.3.3 Heavy commercial Vehicle
        11.2.4 Others
    11.3 Oil and Gas
    11.4 Food and Beverage
    11.5 Power Generation
    11.6 Electrical & Electronics
    11.7 Other
12. Epoxy Coatings Market - By Geography (Market Size - US$ Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zeeland
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Epoxy Coatings Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Epoxy Coatings Market – Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Epoxy Coatings Market – Key Company List by Country Premium Premium
16. Epoxy Coatings Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Epoxy Coatings Market By Technology Market 2019-2024 ($M)
1.1 Waterborne Market 2019-2024 ($M) - Global Industry Research
1.1.1 Applications of Waterborne Coatings Market 2019-2024 ($M)
1.1.2 Advantages & Disadvantages Market 2019-2024 ($M)
1.2 Solvent Borne Market 2019-2024 ($M) - Global Industry Research
1.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
1.3 Powder-Based Market 2019-2024 ($M) - Global Industry Research
1.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2019-2024 ($M)
2.Global Epoxy Coatings Market By Technology Market 2019-2024 (Volume/Units)
2.1 Waterborne Market 2019-2024 (Volume/Units) - Global Industry Research
2.1.1 Applications of Waterborne Coatings Market 2019-2024 (Volume/Units)
2.1.2 Advantages & Disadvantages Market 2019-2024 (Volume/Units)
2.2 Solvent Borne Market 2019-2024 (Volume/Units) - Global Industry Research
2.2.1 Advantages & Disadvantages Market 2019-2024 (Volume/Units)
2.3 Powder-Based Market 2019-2024 (Volume/Units) - Global Industry Research
2.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2019-2024 (Volume/Units)
3.North America Epoxy Coatings Market By Technology Market 2019-2024 ($M)
3.1 Waterborne Market 2019-2024 ($M) - Regional Industry Research
3.1.1 Applications of Waterborne Coatings Market 2019-2024 ($M)
3.1.2 Advantages & Disadvantages Market 2019-2024 ($M)
3.2 Solvent Borne Market 2019-2024 ($M) - Regional Industry Research
3.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
3.3 Powder-Based Market 2019-2024 ($M) - Regional Industry Research
3.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2019-2024 ($M)
4.South America Epoxy Coatings Market By Technology Market 2019-2024 ($M)
4.1 Waterborne Market 2019-2024 ($M) - Regional Industry Research
4.1.1 Applications of Waterborne Coatings Market 2019-2024 ($M)
4.1.2 Advantages & Disadvantages Market 2019-2024 ($M)
4.2 Solvent Borne Market 2019-2024 ($M) - Regional Industry Research
4.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
4.3 Powder-Based Market 2019-2024 ($M) - Regional Industry Research
4.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2019-2024 ($M)
5.Europe Epoxy Coatings Market By Technology Market 2019-2024 ($M)
5.1 Waterborne Market 2019-2024 ($M) - Regional Industry Research
5.1.1 Applications of Waterborne Coatings Market 2019-2024 ($M)
5.1.2 Advantages & Disadvantages Market 2019-2024 ($M)
5.2 Solvent Borne Market 2019-2024 ($M) - Regional Industry Research
5.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
5.3 Powder-Based Market 2019-2024 ($M) - Regional Industry Research
5.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2019-2024 ($M)
6.APAC Epoxy Coatings Market By Technology Market 2019-2024 ($M)
6.1 Waterborne Market 2019-2024 ($M) - Regional Industry Research
6.1.1 Applications of Waterborne Coatings Market 2019-2024 ($M)
6.1.2 Advantages & Disadvantages Market 2019-2024 ($M)
6.2 Solvent Borne Market 2019-2024 ($M) - Regional Industry Research
6.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
6.3 Powder-Based Market 2019-2024 ($M) - Regional Industry Research
6.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2019-2024 ($M)
7.MENA Epoxy Coatings Market By Technology Market 2019-2024 ($M)
7.1 Waterborne Market 2019-2024 ($M) - Regional Industry Research
7.1.1 Applications of Waterborne Coatings Market 2019-2024 ($M)
7.1.2 Advantages & Disadvantages Market 2019-2024 ($M)
7.2 Solvent Borne Market 2019-2024 ($M) - Regional Industry Research
7.2.1 Advantages & Disadvantages Market 2019-2024 ($M)
7.3 Powder-Based Market 2019-2024 ($M) - Regional Industry Research
7.3.1 Advantages & Disadvantages of Powder-Based Coatings Market 2019-2024 ($M)

LIST OF FIGURES

1.US Epoxy Coatings Market Revenue, 2019-2024 ($M)
2.Canada Epoxy Coatings Market Revenue, 2019-2024 ($M)
3.Mexico Epoxy Coatings Market Revenue, 2019-2024 ($M)
4.Brazil Epoxy Coatings Market Revenue, 2019-2024 ($M)
5.Argentina Epoxy Coatings Market Revenue, 2019-2024 ($M)
6.Peru Epoxy Coatings Market Revenue, 2019-2024 ($M)
7.Colombia Epoxy Coatings Market Revenue, 2019-2024 ($M)
8.Chile Epoxy Coatings Market Revenue, 2019-2024 ($M)
9.Rest of South America Epoxy Coatings Market Revenue, 2019-2024 ($M)
10.UK Epoxy Coatings Market Revenue, 2019-2024 ($M)
11.Germany Epoxy Coatings Market Revenue, 2019-2024 ($M)
12.France Epoxy Coatings Market Revenue, 2019-2024 ($M)
13.Italy Epoxy Coatings Market Revenue, 2019-2024 ($M)
14.Spain Epoxy Coatings Market Revenue, 2019-2024 ($M)
15.Rest of Europe Epoxy Coatings Market Revenue, 2019-2024 ($M)
16.China Epoxy Coatings Market Revenue, 2019-2024 ($M)
17.India Epoxy Coatings Market Revenue, 2019-2024 ($M)
18.Japan Epoxy Coatings Market Revenue, 2019-2024 ($M)
19.South Korea Epoxy Coatings Market Revenue, 2019-2024 ($M)
20.South Africa Epoxy Coatings Market Revenue, 2019-2024 ($M)
21.North America Epoxy Coatings By Application
22.South America Epoxy Coatings By Application
23.Europe Epoxy Coatings By Application
24.APAC Epoxy Coatings By Application
25.MENA Epoxy Coatings By Application
26.BASF SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Akzonobel N.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.PPG Industries, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.RPM International Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.The Sherwin-Williams Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.The Valspar Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Axalta Coating Systems LLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Nippon Paint Co. Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Kansai Paint Co. Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Tikkurila OYJ, Sales /Revenue, 2015-2018 ($Mn/$Bn)