Epoxy coatings, which are formed by mixing polymine hardener and epoxide resin, exhibit properties such as flexibility, corrosion resistance, and enhanced adhesion. With these properties, epoxy coatings have found highly useful applications in several industries including automotive, marine, industrial, and others. In the recent past, automotive sector has been touching new peaks, while the industrial sector is flourishing in Asia Pacific. Consequently, a recent report from Transparency Market Research (TMR) suggests that the demand in the global epoxy coatings market will grow at a healthy rate during the forecast period of 2016 to 2024.
What factors augur well for the future of epoxy coatings market?
Rapid industrialization in Asia Pacific, especially in emerging economies such as China and India, is the primary driving factor of the market for epoxy coatings market. Epoxy coatings offer aesthetic finish and superior gloss, and are commonly used for flooring applications in both industrial and commercial structures such as hospitals, retail stores, warehouses, and showrooms. These coatings are now also used on metal cans and containers used by the food and beverage industry increase the shelf life of the products.
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The prosperity of the automotive sector, owing to rapid urbanization and increasing disposable income, is another significantly favorable factor for the epoxy coatings market. In automotive, these coatings are used as protective measure against rust and corrosion for vehicle bodies and other metal components. In addition to that, epoxy-based coatings are now frequently used for paint adhesion, which will further increment the demand from the automotive sector. Increasing construction spending, wherein epoxy coating is used to protect steel pipes and fittings from rusting, further augmenting the demand in the global epoxy coatings market.
Which product segment is most profitable?
Solvent borne, waterborne, and powder are three basic product-wise segments of epoxy coatings market, out of which solvent borne epoxy coating currently has maximum demand, which is a reflection of its diverse applications such as protection of steel in industrial plant structure and automotive. Solvent based epoxy coatings aid in easy applicability of coating on films without imparting any surface tension. However, growing preference of concrete structures and adapted for flooring is expected to hinder the growth rate of this market segment to a certain extent in the near future.
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How strong is the competition among the leading players?
The division of share of the global epoxy coatings market is moderately consolidated with BASF, Akzo Nobel, Kansai Nerolac, and Henkel collectively holding most of the shares. BASF manufactures plastics, chemicals, coatings, and performance products, and operates in over 80 countries, while AkzoNobel N.V. focuses on the production of performance coatings and specialty chemicals. Some of the other key participants in the global epoxy coatings market are The Valspar Corp, PPG Industries, Sika AG, RPM International, The Sherwin-Williams Company, and Axalta