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Epoxy Coatings Market: Development of Eco-friendly Epoxy Coatings to Herald Growth 2024
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Epoxy coating consists of two components of which one part is epoxy resin, while the other is polyamine hardener. As an epoxy coating cures and hardly dries like paint, they produce a durable and hard surface resistant to abrasion. As epoxy coatings can last for long periods of time without the need for maintenance, their high resistance to damage, chemicals, and moisture has been a key growth driver of the market. Several warehouses, laboratories, food and beverage industry plants, and pharmaceutical companies have been using epoxy floor coatings. Epoxy floor coating also ensures safety, and aesthetic appeal because of numerous options in patterns, enhancing the growth of the market.
However, high costs of these coatings might impede the growth of the global market for epoxy coatings. Yet, the market might witness steady growth due to supportive policies of governments aimed at reducing air pollution via adoption of eco-friendly epoxy coatings. As a result, a number of market players have been investing in research and development projects. The launch of advanced, eco-friendly epoxy coatings appears to be waiting in the wings during the forthcoming period.
By type, the global market for epoxy coatings can be segmented into powder-based coatings and waterborne coatings. The pPowder-based coatings segment dominated the marketemerged as a lucrative segment in 2015, accounting for a maximum amount of shares inof the global market. This segment is likely to retain its leading positionto exhibit attractive opportunities during the forecast period as well. The growing demand for this type of epoxy coating can be attributed to the non-volatile organic compound (VOC) emission of these coatings. Moreover, the increased demand from flourishing end users such as construction and transportation has also been responsible for the prominence of this product segment.
By geography, the global market for epoxy coatings can be segmented into Asia Pacific, North America, Western Europe, Eastern Europe, the Middle East and Africa, and Latin America. Asia Pacific surfaced asemerged as an attractive the leadingregional market for epoxy coatings in 2015. The high demand from countries such as India and China is driving the growth of this region, owing to the expeditious growth of infrastructure and industrialization. Latin America and the Middle East and Africa are also slated for growth, as urbanization gains traction.
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Some of the major companies operating in the global market for epoxy coatings are Berger Paints India Limited, BASF, Tikkurila Oyj, AkzoNobel N.V., The Sherwin Williams Company, PPG Industries Inc., Kansai Paint Company Limited, Axalta Coating Systems, RPM International Inc., and The Valspar Corporation.
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