According to Custom Market Insights (CMI), the global epoxy resin industrial coating market size was estimated at USD 22.78 billion in 2021 and is expected to hit around USD 48.95 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.
Epoxy resin industrial coatings are protective materials. It is made up of a mixture of two or more different types of epoxies such as epoxy resin, polyamine, and others. It possesses properties such as resistance to heat & abrasion and has high adhesion. In addition, it is less toxic, has low flammability, and has low VOC content owing to which it finds applications in various end-use industries including automotive, building & construction, transportation, electrical, medical, consumer goods, and others.
The global epoxy resin industrial coating market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities; thereby increasing the production capacity of epoxy resin industrial coatings thus, driving the market growth.
The growing use of epoxy resin industrial coatings in the industrial sectors especially in the metal manufacturing industry will aid market growth.
An increase in investment in building and infrastructure in countries such as U.S., China, India, Japan, and others has led the building and construction sector to witness significant growth where epoxy resin industrial coatings are used for flooring, wall finishing, roofing, and other applications. These factors are anticipated to increase the demand for epoxy resin industrial coatings in the building and construction sector.
Furthermore, proliferating the growth of the automotive sector has witnessed significant growth in the epoxy resin industrial coatings market. The growing adoption of automotive displays, human-machine interfaces, and automated systems are being embedded in luxurious cars by several key manufacturer players including TATA Motors, Mahindra, Hyundai, Tesla, Ford, Audi, and others. Epoxy resins are widely used in the automotive industry as protective coatings, preserving vehicles, and extending their average lifespan. These coatings possess various properties such as thermal insulation, anti-fingerprint, resistant to corrosion, and others. Thus, the growth of the automotive sector will drive the demand for epoxy resin industrial coatings in the upcoming years.
In addition, epoxy resin industrial coatings are predominately used in industrial, aerospace, and in molds for metal casting. The aforementioned factor is expected to drive the market in the upcoming years.
Epoxy resin industrial coating market: Segmentation.
Epoxy resin industrial coating market, segmented by Type
Depending upon the types, the epoxy resin industrial coating market is segmented into solvent type, waterborne type, non-solvent type, and others.
The solvent type segment dominated the market in 2021 and accounted for 40.56% of the total market share. This is attributed to the fact that solvent-type epoxy resin coatings are less susceptible to external atmospheric conditions such as temperature, humidity, moisture, and others. In addition, it is the best-suited epoxy coating for outdoor and indoor applications. Furthermore, solvent-type epoxy coatings are widely preferred in the aerospace and defense industry where fighter jets and other defense equipment are used. It is mainly used as a protective coating owing to its ability to work under harsh environmental conditions. These factors are escalating the demand for epoxy resin industrial coatings during the forecast period.
Furthermore, the water-borne type and non-solvent type segments are expected to show a significant growth rate during the forecast period.
Epoxy resin industrial coating market, segmented on the basis of Application
Based on application, the global epoxy resin industrial coating market is studied across aerospace, automobile, building and construction, marine, packaging, home appliances, and others. It is expected that the global building and construction application segment to hold a dominant position during 2022 – 2030 with a total share of 39.78%. Factors such as the government of developed and developing economies such as the U.S., China, India, and others have increased their spending on developing, towns, buildings, corporate sectors, and construction development projects has further driven the market where it is extensively used for concrete coating applications. According to data published by the National Investment Promotion and Facilitation Agency of India, the Indian parliament has set up a national bank for financing infrastructure which will fuel the market growth; thus, creating new avenues for the market to grow. In addition, advancement in technology, rapid growth in the furniture sector, and growing consumer demand for modified furniture have enhanced the performance of epoxy resin industrial coatings which it is widely employed on wooden furniture as a protecting coating. These factors are escalating the growth of the epoxy resin industrial coating market.
Furthermore, well-established industrial sectors in both developed and developing economies have surged the demand for epoxy resin industrial coatings which are used as protecting material for metals. In addition, several manufacturers have increased their production capacities for epoxy resin industrial coatings. This factor is likely to boost the market in the upcoming years.
|Feature of the Report||Details|
|Market Size in 2021||USD 22.78 Billion|
|Projected Market Size in 2030||USD 48.95 Billion|
|Market Size in 2022||USD (2022Value) Billion/Million|
|CAGR Growth Rate||5.8% CAGR|
|Key Segment||By Type, Application, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfill your requirements for research.|
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the dominant region in the epoxy resin industrial coatings market with a total share of 41.89%. The utilization of epoxy resin industrial coatings has increased in the sectors such as building & construction, automotive, electronics, and others are key market trends in the Asia-Pacific region. The building & construction sector is one of the booming sectors in the Asia-Pacific region. For instance, according to an article published by Invest India in August 2022, the construction industry in India is expected to reach $1.4 Tn by 2025 due to a robust increase in the urban population which will significantly enhance the demand for epoxy resin industrial coatings where it gives protection to infrastructure during the uncertain weather conditions. It is also used for protecting the windows & doors, floor slab surfaces from rain, moisture, UV radiation, and others.
Moreover, China is the topmost producer of electric vehicles in the world where epoxy resin industrial coatings are widely employed in sealing systems, interior roof panels, and other automotive parts as a glassifying agent and anti-corrosion agent which propel the market growth. In addition, countries such as Japan and Taiwan are constantly engaged in expanding their electrical & automation manufacturing output where epoxy resin industrial coatings are widely employed as a protecting material in various electrical & electronic products. For instance, according to a report published by Hennessy Funds, Japan accounts for around 30% market for supplying factory automation products in the world.
These factors are escalating the demand for epoxy resin industrial coatings in the Asia-Pacific region.
The Europe region has shown considerable growth due to the strong presence of top automobile manufacturers such as BMW, Mercedes-Benz, Porsche, Audi, and Volkswagen that are consistently adding value by producing desirable and attractive cars where anti-corrosion and conductive epoxy resin industrial coatings are used in sealing systems to enhance the aerodynamics of vehicles.
The North American region is also anticipated to maintain its dominance throughout the forecast period. Countries such as the U.S., Canada, and Mexico have significant contributions to the growth of the epoxy resin industrial coatings market in the region.
In addition, the U.S. has contributed a major share to the architecture industry. For instance, according to an article published by IBIS World in June 2022, the U.S. architecture sector has grown 2.2% per year on average between 2017 and 2022. These factors are expected to increase the potential sales of epoxy resin industrial coatings during the forecast period. Key factors for the growth in the North American region are growing nuclear power plants, automotive, electronics, medical, army, defense sectors, and other end-use industries where epoxy resin industrial coatings are used as antimicrobial, self-cleaning, antifouling, anti-corrosion, and others.
Key Market Players in the Epoxy Resin Industrial Coating Market
- Akzo Nobel
- Nippon Paints
- PPG Industries
- Wacker Chemie
- Axallta Coatings System LLC
- Hempel Marine Paints
- The solvent type segment dominated the market in 2021 and is expected to grow over the forecast period with a total market share of 40.56%.
- Global building and construction application segment to hold a dominant position during 2022 – 2030 and accounted for 39.78% of the total market share during the forecast period.
- Asia-Pacific is the dominant region in the epoxy resin industrial coating market with a total market share of 41.89% during the forecast period.
- In April 2022: The Sherwin-Williams Company acquired the European industrial coatings business of Sika AG. This strategic acquisition will significantly boost the coatings business in the Europe region.
- In February 2021: PPG acquired two major companies named as VersaFlex from DalFort Capital Partners. VersaFlex Company specializes in polyurea, epoxy, and polyurethane coatings for water and wastewater infrastructure. In addition, to flooring, transportation infrastructure, and industrial applications. This strategic acquisition has enhanced PPG’s product portfolio in the Asia-Pacific region.
- In February 2017: Axallta Coatings System LLC., has acquired Century Industrial Coatings company. This company is actively engaged in manufacturing and selling high-performance, and environmental epoxy coatings. This strategic acquisition has strengthened Axallata’s product portfolio for coatings.
The global epoxy resin industrial coatings market has had a negative and short-term impact due to the wake of the COVID-19 pandemic, owing to the rise in cases of COVID-19, implementation of emergency protocols and shutdown of various operations and facilities have been observed during 2020.
Due to the spread of the coronavirus pandemic, the manufacturer has faced challenges in terms of operation and supply chain due to government restrictions during the lockdown.
However, the epoxy resin industrial coatings market faced several difficulties with material supply chain disruptions, and labor shortages, in 2020. In addition, the complete shutdown of the automotive, building and construction, and home furnishing sector have affected the market negatively.
Also, several epoxy resin industrial coatings-based product manufacturing companies have either shut down or shrunk their operations due to the risk of infection among the workforce. In 2020, prices of epoxy resin industrial coatings due to regional demand trends and tight product availability have surged the potential sales of epoxy resin industrial coatings.
This has temporarily hampered the demand and supply chain of the epoxy resin industrial coatings market. In addition, the falling income of customers has led contraction in the demand for glasses, refractory materials, and others during the COVID-19 period.
In the first quarter of 2021, the market for epoxy resin industrial coatings experienced an increase in the demand for epoxy resin industrial coatings chemicals in building and construction, automotive, and other end-use industries worldwide, compared to that in 2020.
Segments covered in the report
- Solvent Type
- Waterborne Type
- Non Solvent Type
- Building and Construction
- Home Appliances
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America