Epoxy Coatings Market worth 33.97 Bn USD by 2021

Tuesday 17 May 2016, Amsterdam

The report, now available on ASDReports, "Epoxy Coatings Market by Technology (Solvent borne, Waterborne, and Powder-Based) and Application (Construction, Transportation, General Industrial, and Others) - Forecast to 2021", The global market size of epoxy coatings is projected to reach USD 33.97 Billion by 2021, at a CAGR of 5.22% from 2016.

The major drivers identified for the global epoxy coatings market are growing demand for waterborne epoxy coatings, high growth in end-use industries, and rising demand from developing countries. The demand from construction application is driven by growing urbanization in Asia-Pacific and RoW, which resulted into increased demand for residential, commercial, and industrial infrastructure.

Powder-based epoxy coatings growing at the highest rate

Stringent government regulations in the U.S. and Western Europe, especially to reduce air pollution, will trigger the need for adopting new, low-pollution coating technologies. The demand for epoxy powder-based coatings is expected to increase in the future owing to their non-VOC emission properties, thus providing high growth opportunity to the overall epoxy coatings market.

In the past few years, powder-based epoxy coating has gained substantial popularity as a VOC-free coating technology. This market is expected to grow rapidly in the future with the development of new materials, formulations, and advancement of equipment and application processes. The growth in epoxy powder-based coatings is also driven by high demand from the end-use applications such as construction, transportation, and general industrial.

Asia-Pacific is the largest market for epoxy coatings

Asia-Pacific is the largest market for epoxy coatings, both in terms of volume and value, followed by RoW and Europe. Countries such as the U.S., China, and Germany are the major markets of epoxy coatings. Due to the increasing demand on domestic front, rising income levels, and easy access to resources, Asia-Pacific has emerged as the leading market of epoxy coatings. South America, especially Brazil, has also emerged as a key market for epoxy coatings manufacturers. Not only is the demand for epoxy coatings expected to be strong in Brazil, but its proximity to the U.S. makes it an emerging market for setting up production facilities.

Key players in the epoxy coatings market

The key players in the epoxy coatings market are AkzoNobel N.V. (Netherlands), Axalta Coating Systems(U.S.), BASF (Germany), Berger Paints India Limited (India), Kansai Paint Company Limited (Japan), Nippon Paint Company Limited(Japan), PPG Industries Inc. (U.S.), RPM International Inc. (U.S.), The Sherwin Williams Company (U.S.), The Valspar Corporation (U.S.), and Tikkurila Oyj (Finland).