New York, Aug. 04, 2020 (GLOBE NEWSWIRE) -- The Global is projected to reach USD 48.40 billion in 2027. The growth of the Global Epoxy Coating Market in the next eight years is expected to drive increased expenditures on residential and commercial construction in emerging areas such as Asia Pacific and the Middle East.
Rapid industrialization in Asia-Pacific has led to an increase in the use of epoxy coatings in flooring applications in retail shops, hospitals, showrooms and warehouses, both commercial and industrial structures. These coatings offer superior shine and elegant finish in the form of terrazzo floors, chipboards, and colorful walls.
The growing automotive industry in the developing economies Asia-Pacific and Latin America is expected to increase demand for epoxy coatings due to an increasing population base and disposable income. The expanding application of the coatings in vehicle bodies and other metal components to avoid rust and corrosion is expected to increase market development. Moreover, the increasing use of epoxy-based coating as the foundation for automotive parts to ensure paint adhesion would fuel demand on the market over the next years.
Solvent-borne epoxy has grown to represent over a third of the overall market volume as the dominant product segment. However, they have been historically built to protect steel; they have now been widely used and adapted to flooring and for cement structures. Solvents allow fast coating application without formulation problems in the required areas.
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COVID-19 Impact Analysis:
The COVID-19 pandemic is not likely to jeopardize the sustainability of the industry. Core market leaders are skeptical about the industry's prospects and are searching for ways to fix the issue. Hospitals were forced to enhance their facilities and other operations to endure the impact of the pandemic. Countries faced challenges in issuing complete lockdowns, which had a severe impact on several economies. A significant decrease in domestic demand was reflected in trade, exports, and foreign COVID-19 imports. The world's largest corporations prefer to smooth out their budgets and build cash reserves. Real production levels must eventually be that for workers and businesses are searching for new ways to satisfy customer demand at even lower prices.
Further key findings from the report suggest
- Factors such as low VOC quality, longevity, quick dry time, and mitigated hazardous disposal as compared to their counterparties are projected to rapidly increase during watersports from 2020 to 2027.
- The construction sector is the leading segment of applications with the fastest-growing growth. The need for new commercial, residential and industrial infrastructure has needed rapid population rise and increasing migration into urban areas. In both developed and emerging regions, low-interest rates on housing loans would impact the demand.
- Owing to policy incentives and the availability of low-cost skilled labor, carmakers are moving their production bases to these countries. In such economies, higher disposable incomes and population growth are expected to increase transport demand in epoxy layering eventually.
- Asia-Pacific has a majority market share as the dominant regional market. The regional market is expected to be driven by increased demand for institutional frameworks coupled with the change in the production landscape to China, India, and Southeast Asia. From 2020 to 2027, the area is expected to experience the fastest growth.
- In August 2019, Polytek Development Corp. announced the acquisition of Stone Coat Countertops, a supplier of specialty polymers for mold making and casting applications. Polytek is Arsenal Capital Partners' portfolio firm.
- Key players in the market include The Valspar Corporation, AkzoNobel N.V., Axalta Coating System, BASF, Berger Paints India Limited, Nippon Paint Company Limited, PPG Industries Inc., Tikkurila Oyj, The Sherwin Williams Company, and RPM International Inc, among others.
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For the purpose of this report, Reports and Data has segmented the Global Epoxy Coating Market on the basis of product, application, and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Solvent Borne
- Waterborne
- Powder
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Construction
- Industrial
- Transportation
- Others
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Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- U.S
- Canada
- Europe
- U.K
- Germany
- France
- BENELUX
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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