Epoxy Surface Coatings Market AkzoNobel, Henkel, BASF, PPG Industries, Sherwin-Williams, RPM International, Valspar, Kansai Nerolac Paints Ltd
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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.
China was the dominant region and accounted for more than 50% of the total demand in 2014 with expected gains of more than 5% from 2016 to 2023. Taiwan and India epoxy surface coatings market size is likely to witness significant rates of more than 5.5% up to 2023. Europe is likely to witness moderate growth rates of more than 2% up to 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.
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.
Decorative options on floor applications include chip flooring, colored aggregate flooring and terrazzo flooring. They offer solutions which are easy to clean & are chemically resistant and can be applied over old & new concrete floors. Epoxy surface coatings are used for corrosion prevention in steel pipes & fittings used in oil & gas industry, steel re-bar plants and water transmission pipelines.
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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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