The market for epoxy coatings is estimated to grow from USD 26.34 billion in 2016 to USD 33.97 billion by 2021, at a CAGRof 5.22% between 2016 and 2021. The epoxy coatings industry is witnessing high growth because of rise in its application areas, increased demand of waterborne epoxy coatings, and growing demand in the developing regions. Epoxy coatings are largely used in construction applications. Rapid growth of the epoxy coatings market is driven by high growth in construction and transportation applications.
“Powder-based epoxy coatings: the fastest-growing technology in the epoxy coatings market”
Powder-based epoxy coating is the fastest-growing technology among all the technologies of epoxy coatings due to its environmental-friendly nature and superior performance. Stringent government regulations in the U.S. and Western Europe, especially to reduce air pollution, are likely to trigger the need for adopting new, low-pollution coating technologies. The demand for powder-based epoxy 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, epoxy powder-based 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.
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“Asia-Pacific: the largest market for epoxy coatings”
Asia-Pacific has been a bright spot in the global epoxy coatings market in the backdrop of the overall slowdown in the global economic development. The rising demand from construction, transportation, and general industrials sector is driving the epoxy coatings market in Asia-Pacific. Concerns for environmental, health, and safety issues are driving the demand for waterborne epoxy coatings in the above-mentioned applications. Currently, waterborne epoxy coatings are replacing solventborne epoxy coatings in many specialty applications. In view of this, the waterborne epoxy coatings are being expected to account for a major market share in the overall epoxy coatings market in future.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided in three categories: by company type; by designation; and by region.
• By Designation: C Level — 35%, Director Level — 25%, and Others — 40%
• By Region: North America — 35%, Western Europe — 30%, Asia-Pacific — 25%, and RoW- 10%
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