New York, NY, July 13, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Epoxy Coatings Market by Type (Powder-Based, Waterborne, and Solvent Borne), by Application (Transportation, Paints & Coatings, Electrical & Electronics, Construction, Adhesives, and Other Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global epoxy coatings market was valued at USD 27.66 billion in 2017 and is expected to reach USD 38.92 billion in 2024, growing at a CAGR of 5% between 2018 and 2024.
Epoxy coatings are durable, offer high-surface finish, chemical resistant, and strong. All above-mentioned characteristics make epoxy useful in many industries which includes automotive, marine, and electrical, among others. It is highly popular owing to providing toughness, protective, and quick dry coating to the metals, concrete floor, and other materials.
Browse through 55 Tables & 31 Figures spread over 110 Pages and in-depth TOC on "Global Epoxy Coatings Market Size 2017: Industry Type, Share, Demand, Growth, Analysis and Forecast, 2024”.
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The market is driven by various factors such as increasing demand from developing countries and the high demand in end-use industries is estimated to drive the epoxy coatings market over the forecast period. However, low performance in exterior applications and a slowdown in developed countries are expected to impede the demand of the market. Nevertheless, high economic growth in developing countries and extensive growth of epoxy coatings for powder-based coating are creating major opportunities to global epoxy coatings during the projected years.
The epoxy coatings market is segmented into type, application, and region. In term of the type, the epoxy coatings market is divided into powder-based, waterborne, and solvent-borne. Powder-based segment held the largest market share in 2017. Powder-based epoxy coatings from past few years are very popular and are gaining its popularity owing to the type of VOC-free coating. Epoxy coatings market is anticipated to exhibit rapid growth owing to the development of new formulation, material and advancement of the application process, and equipment. Rising demand from end-use application including transportation, general industrial, and transport is one of the reasons behind the growth of powder-based coating. Water-borne coatings show high toughness and mechanical strength along with thermal and electrical properties. The absence of flammable constituents and isocyanate and additionally reasonable ventilation systems of water-based coatings made it as the first choice. The solvent-based coating is very easy to apply on the surface without any surface tension these aspects are anticipated to propel the demand in the near future.
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The Asia Pacific accounted for the largest market share in 2017 for the epoxy coatings market owing to high demand from the developing economies as well as developed countries of the region. China was the largest market in 2017 and is estimated to dominate in the near future. The rapid growth in end-use industries which includes steel, petrochemicals, and steel has enhanced the demand for epoxy coating in China. India and Taiwan are also showing substantial growth within the forecast period. Rising government incentives and economical skilled labor availability in developing countries are providing a favorable atmosphere to the automobile manufacturers to shift their manufacturing base into such countries. Some countries in the region include Taiwan and Indonesia is considered as the hub of shipbuilding participants and automobile manufacturer which is regarded as one of the end-user industry which utilizes epoxy coating.
Increasing demand for green buildings in North America is the key sign of increase of the epoxy coating market in the region. Green buildings have special characteristics such as cost-effective benefits than the conventional structure. It can reduce the overall load on metal structures, consume 1/3 amount of energy, and it is useful to improve the quality of air in the indoor area. Increasing remodeling and renovation activity in the indoor construction especially in the residential construction sector and falling prices of a new house along with a recent trend toward the separated families are anticipated to have a positive impact on epoxy coatings over the estimated years.
Browse the full "Epoxy Coatings Market by Type (Powder-Based, Waterborne, and Solvent Borne), by Application (Transportation, Paints & Coatings, Electrical & Electronics, Construction, Adhesives, and Other Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/epoxy-coatings-market
Europe is the third largest market of epoxy coatings market after Asia Pacific and North America. Europe is expected to show significant growth rate over the projected time period, as it is a mature market as compared to Asia Pacific, the Middle East Africa, and Latin America. Renovation and remodeling in the region can propel the market within the forecast period.
The Middle East & Africa and Latin America are anticipated to be a potential market for epoxy coatings as it is less developed region. Many industries are moving their production plant in the region for geographical expansion will create new opportunities for epoxy coatings in the near future.
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The key players in the global epoxy coatings market are Akzonobel N.V., RPM International Inc., BASF SE, The Valspar Corporation, PPG Industries, Nippon Paint Co. Ltd., The Sherwin-Williams Company, Tikkurila OYJ, Axalta Coating Systems LLC, and Kansai Paint Co. Ltd. The detailed description of players includes parameters such as company overview, financial overview, business and recent developments of the manufacturers.
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This report segments the epoxy coatings market as follows:
Epoxy Coatings Market: Type
- Powder-Based
- Waterborne
- Solvent Borne
Epoxy Coatings Market: Application Analysis
- Transportation
- Paints & Coatings
- Electrical & Electronics
- Construction
- Adhesives
- Others
Epoxy Coatings Market: Region Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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