Epoxy surface coatings market size was estimated at more than 800 kilo tons in 2014 and is likely to exceed 1 million tons by 2023 with expected gains of more than 3%. Properties such as flexibility, corrosion resistance and superior adhesion are expected to favor demand for applications used in end-use industries such as Industrial, transportation, constructions and marine. Global epoxy resins market size is estimated to exceed USD 12 billion by 2023.
Increase in construction spending, particularly in emerging regions of Latin America, MEA and Asia Pacific is likely to drive epoxy surface coatings market. Asia Pacific was the leading region and accounted for more than 40% of the total construction spending in terms of revenue on 2013. China led the region with an estimated construction spending of approximately USD 1.78 trillion. India & Indonesia construction spending was estimated at USD 427 billion and USD 267 billion respectively in the same year.
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Rapid industrialization in Asia Pacific is also another factor likely to drive market growth. They are used in flooring applications in commercial and industrial application such as retail stores, warehoused, showrooms, hospital and garages. Epoxy coatings provide high gloss and decorative finish which are available in numerous colors & styles.
Growth witnessed in automobile production over the past few years is likely to drive epoxy surface coatings market price, particularly in Asia Pacific. Automobile manufacturers are shifting manufacturing base to countries such as Thailand and Indonesia owing to government incentive schemes and cheap labor wages. Countries such as China and India are witnessing population expansion and growth in per-capita middle class disposable income which us expected to drive automobile demand in Asia Pacific.
They are used for preventing rust and corrosion on automobile body and key metal components. It is used as a primer for ensuring paint adhesion on automobile parts.
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Epoxy coatings are also used for applications in end-user industries such as electrical, metal cans, marine and consumer goods. Electrical industries use it in printed circuit panel applications. They are also used for power coatings on driers, washers and numerous white goods as it is easy to apply as well as durable.
China epoxy surface coating market was the largest in 2014 and is expected to witness an increase in demand owing to growth observed in shipbuilding & repair and other end-use industries such as petrochemicals, steel and pulp & paper. China has also increased epoxy resins production capacity over the past few years owing to meet the demand.
India, Thailand, Taiwan, Malaysia and Indonesia accounted for more than 12% of the total demand. India epoxy coatings market dominated regional industry, with powder based coating leading the demand. Some of the countries in this region such as Indonesia and Thailand are major automobile manufacturers and are key shipbuilding participants. These aforementioned factors are expected to be drive market.
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Europe is likely to witness sluggish gains over the forecast period and is likely to witness an increase in demand owing to growth of automobile industry, particularly in Germany, France and UK. North America is likely to witness below average growth rates over the forecast period.
The global epoxy surface coatings market share is moderately consolidated. Key companies in this industry include Akzo Nobel, Henkel, BASF and Kansai Nerolac. Other prominent companies include Sika AG, PPG Industries, RPM International, The Valspar Corp, Axalta Coating Systems and The Sherwin-Williams Company.
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