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Epoxy Coating Market Size, Share & Trends Analysis Report By Technology (Solvent-based, Water-based and Powder-based), By Application (Building & Construction, Transportation, Industrial and Others), By Regional Outlook and Forecast, 2024 - 2031

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    Report

  • 277 Pages
  • April 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5972540
The Global Epoxy Coating Market size is expected to reach $47.6 billion by 2031, rising at a market growth of 5.4% CAGR during the forecast period. In the year 2023, the market attained a volume of 2,349.0 Kilo Tonnes, experiencing a growth of 19.9% (2020-2023).

The Asia Pacific region is undergoing rapid urbanization, accompanied by extensive infrastructure development projects such as roads, bridges, airports, railways, and commercial buildings. Therefore, the Asia Pacific region captured $14,007.1 million revenue in the market in 2022. Also, China would utilize 411.5 Kilo Tonnes of epoxy coating by 2031. These are widely used in these construction projects for their durability, corrosion resistance, and aesthetic appeal, driving significant demand for them in the region.



The major strategies followed by the market participants are Product Launches and Product Expansions as the key developmental strategy to keep pace with the changing demands of end users. For instance, In October, 2023, Berger Paints India Limited released an innovative lineup of waterproofing solutions, Berger DAMPSTOP. These meticulously formulated products are capable of executing various waterproofing treatments, such as dampness, silane, or salt leaching treatment, with remarkable efficiency. Additionally, In March, 2023, Axalta Coating Systems Ltd. unveiled its newest ICONICA range of Alesta SD powder coatings. The ICONICA collection blends premium-grade pigments and stabilizers, offering exceptional exterior durability to enhance the longevity of architectural ventures.

Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the Cardinal Matrix; The Sherwin-Williams Company is the forerunner in the market. In April, 2024, The Sherwin-Williams Company released Sher-Bar TEC, an innovative coating technology tailored for the concrete sector. This textured epoxy coating holds promise in substantially prolonging the life cycle of essential infrastructure components, presenting a cost-efficient option that introduces unparalleled benefits. Companies such as PPG Industries, Inc., Akzo Nobel N.V., Axalta Coating Systems Ltd. are some of the key innovators in the market.



Market Growth Factors

Infrastructure assets such as bridges, highways, airports, railways, and utilities are susceptible to deterioration and damage from environmental factors, corrosion, and wear and tear over time. These provide durable and long-lasting protection against corrosion, abrasion, chemical exposure, and weathering, extending the service life and preserving the structural integrity of infrastructure assets. Hence, rising investments in infrastructure and maintenance are propelling the market’s growth.

Advanced electronics such as semiconductors, printed circuit boards (PCBs), sensors, and microelectronics contain delicate components that require protection from environmental factors, mechanical stress, moisture, and chemical exposure. In conclusion, emerging these applications in advanced electronics drive the market’s growth.

Market Restraining Factors

Epoxy resins, the primary component of epoxy coatings, can be relatively expensive compared to alternative coating materials such as acrylics or alkyds. The cost of raw materials, including epoxy resins, hardeners, and additives, contributes to the overall high cost of these coatings. Hence, the high cost is impeding the market’s growth.

Application Outlook

On the basis of application, the market is segmented into transportation, building & construction, industrial, and others. The building & construction segment recorded 39.8% revenue share in the market in 2023. These are frequently used to coat concrete floors in commercial, industrial, and residential buildings. In terms of volume, the building & construction segment would require 1,225.4 Kilo Tonnes of this product by 2028.



Technology Outlook

Based on technology, the market is divided into water-based, solvent-based, and powder-based. The water-based segment procured 34.3% revenue share in the market in 2023. Water-based products have lower volatile organic compound content, making them more environmentally friendly and compliant with stringent regulatory requirements. In terms of volume, the water-based segment utilized 791.4 Kilo Tonnes of this coating in 2023.

Regional Outlook

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region generated 25.6% revenue share in the market. North America has various industries, including automotive, aerospace, manufacturing, and oil and gas. These protect industrial equipment, machinery, and infrastructure from corrosion, abrasion, and chemical exposure. In terms of volume, US registered 243.2 Kilo Tonnes demand of this coating in 2020.

Market Competition and Attributes



The market competition in the epoxy coating market is fierce, driven by a multitude of factors. With numerous established players ranging from large multinational corporations to smaller regional manufacturers, competition centers on various fronts. Companies vie for market share based on factors such as product quality, brand reputation, and customer service. Additionally, technological advancements play a pivotal role, with firms investing heavily in research and development to innovate new formulations that offer superior performance characteristics like durability, chemical resistance, and environmental sustainability.

Recent Strategies Deployed in the Market

  • Apr-2024: The Sherwin-Williams Company released Sher-Bar TEC; an innovative coating technology tailored for the concrete sector. This textured epoxy coating holds promise in substantially prolonging the life cycle of essential infrastructure components, presenting a cost-efficient option that introduces unparalleled benefits.
  • Nov-2023: AkzoNobel N.V. expanded its geographic footprint through the establishment of a new facility at its Vilafranca site in Spain. This establishment helps to manufacture coatings devoid of bisphenol, tailored for the metal packaging sector across Europe, the Middle East, and Africa (EMEA). Equipped with cutting-edge automation technology, the facility is meticulously crafted to adhere to stringent eco-efficiency norms, facilitating significant enhancements in both energy consumption and material utilization.
  • May-2023: Axalta Coating Systems Ltd. introduced Axalta Irus Mix, the quickest fully automated mixing machine designed specifically for the automotive refinish sector. The new product ensures precision in colour matching and operates seamlessly with Axalta’s cutting-edge packaging, optimizing profitability and reducing environmental footprint. The new product empowers refinish customers to achieve or surpass their crucial business objectives.
  • Dec-2022: Akzo Nobel N.V. completed the acquisition of the wheel liquid coatings division from Lankwitzer Lackfabrik GmbH, the international leader in many fields of industrial applications. Through this acquisition, the companies strengthened the existing lineup of powder coatings and broadened its spectrum of innovative offerings in the market.
  • Oct-2022: The Sherwin-Williams Company formed a partnership with SINOBOOM, a leading manufacturer of access equipment. Under this partnership, Sherwin-Williams provided its Valde ECP powder coating for application on SINOBOOM's scissor and boom lifts. Additionally, this partnership bolstered the competitive standing of the heavy machinery manufacturer within the industry.

List of Key Companies Profiled

  • Akzo Nobel N.V.
  • Axalta Coating Systems Ltd.
  • Endura Manufacturing Company Ltd.
  • Kansai Paint Co., Ltd.
  • PPG Industries, Inc.
  • RPM International, Inc.
  • The Sherwin-Williams Company
  • Thermal-Chem Corporation
  • BASF SE
  • Berger Paints India Limited

Market Report Segmentation

By Technology (Volume, Kilo Tonnes, USD Billion, 2020-2031)
  • Solvent-based
  • Water-based
  • Powder-based
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
  • Building & Construction
  • Transportation
  • Industrial
  • Others
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Epoxy Coating Market, by Technology
1.4.2 Global Epoxy Coating Market, by Application
1.4.3 Global Epoxy Coating Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.2.4 Expansion
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2020-2024)
4.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2020, Sep - 2024, Apr) Leading Players
4.4 Porter’s Five Forces Analysis
Chapter 5. Global Epoxy Coating Market by Technology
5.1 Global Solvent-based Market by Region
5.2 Global Water-based Market by Region
5.3 Global Powder-based Market by Region
Chapter 6. Global Epoxy Coating Market by Application
6.1 Global Building & Construction Market by Region
6.2 Global Transportation Market by Region
6.3 Global Industrial Market by Region
6.4 Global Others Market by Region
Chapter 7. Global Epoxy Coating Market by Region
7.1 North America Epoxy Coating Market
7.1.1 North America Epoxy Coating Market by Technology
7.1.1.1 North America Solvent-based Market by Country
7.1.1.2 North America Water-based Market by Country
7.1.1.3 North America Powder-based Market by Country
7.1.2 North America Epoxy Coating Market by Application
7.1.2.1 North America Building & Construction Market by Country
7.1.2.2 North America Transportation Market by Country
7.1.2.3 North America Industrial Market by Country
7.1.2.4 North America Others Market by Country
7.1.3 North America Epoxy Coating Market by Country
7.1.3.1 US Epoxy Coating Market
7.1.3.1.1 US Epoxy Coating Market by Technology
7.1.3.1.2 US Epoxy Coating Market by Application
7.1.3.2 Canada Epoxy Coating Market
7.1.3.2.1 Canada Epoxy Coating Market by Technology
7.1.3.2.2 Canada Epoxy Coating Market by Application
7.1.3.3 Mexico Epoxy Coating Market
7.1.3.3.1 Mexico Epoxy Coating Market by Technology
7.1.3.3.2 Mexico Epoxy Coating Market by Application
7.1.3.4 Rest of North America Epoxy Coating Market
7.1.3.4.1 Rest of North America Epoxy Coating Market by Technology
7.1.3.4.2 Rest of North America Epoxy Coating Market by Application
7.2 Europe Epoxy Coating Market
7.2.1 Europe Epoxy Coating Market by Technology
7.2.1.1 Europe Solvent-based Market by Country
7.2.1.2 Europe Water-based Market by Country
7.2.1.3 Europe Powder-based Market by Country
7.2.2 Europe Epoxy Coating Market by Application
7.2.2.1 Europe Building & Construction Market by Country
7.2.2.2 Europe Transportation Market by Country
7.2.2.3 Europe Industrial Market by Country
7.2.2.4 Europe Others Market by Country
7.2.3 Europe Epoxy Coating Market by Country
7.2.3.1 Germany Epoxy Coating Market
7.2.3.1.1 Germany Epoxy Coating Market by Technology
7.2.3.1.2 Germany Epoxy Coating Market by Application
7.2.3.2 UK Epoxy Coating Market
7.2.3.2.1 UK Epoxy Coating Market by Technology
7.2.3.2.2 UK Epoxy Coating Market by Application
7.2.3.3 France Epoxy Coating Market
7.2.3.3.1 France Epoxy Coating Market by Technology
7.2.3.3.2 France Epoxy Coating Market by Application
7.2.3.4 Russia Epoxy Coating Market
7.2.3.4.1 Russia Epoxy Coating Market by Technology
7.2.3.4.2 Russia Epoxy Coating Market by Application
7.2.3.5 Spain Epoxy Coating Market
7.2.3.5.1 Spain Epoxy Coating Market by Technology
7.2.3.5.2 Spain Epoxy Coating Market by Application
7.2.3.6 Italy Epoxy Coating Market
7.2.3.6.1 Italy Epoxy Coating Market by Technology
7.2.3.6.2 Italy Epoxy Coating Market by Application
7.2.3.7 Rest of Europe Epoxy Coating Market
7.2.3.7.1 Rest of Europe Epoxy Coating Market by Technology
7.2.3.7.2 Rest of Europe Epoxy Coating Market by Application
7.3 Asia Pacific Epoxy Coating Market
7.3.1 Asia Pacific Epoxy Coating Market by Technology
7.3.1.1 Asia Pacific Solvent-based Market by Country
7.3.1.2 Asia Pacific Water-based Market by Country
7.3.1.3 Asia Pacific Powder-based Market by Country
7.3.2 Asia Pacific Epoxy Coating Market by Application
7.3.2.1 Asia Pacific Building & Construction Market by Country
7.3.2.2 Asia Pacific Transportation Market by Country
7.3.2.3 Asia Pacific Industrial Market by Country
7.3.2.4 Asia Pacific Others Market by Country
7.3.3 Asia Pacific Epoxy Coating Market by Country
7.3.3.1 China Epoxy Coating Market
7.3.3.1.1 China Epoxy Coating Market by Technology
7.3.3.1.2 China Epoxy Coating Market by Application
7.3.3.2 Japan Epoxy Coating Market
7.3.3.2.1 Japan Epoxy Coating Market by Technology
7.3.3.2.2 Japan Epoxy Coating Market by Application
7.3.3.3 India Epoxy Coating Market
7.3.3.3.1 India Epoxy Coating Market by Technology
7.3.3.3.2 India Epoxy Coating Market by Application
7.3.3.4 South Korea Epoxy Coating Market
7.3.3.4.1 South Korea Epoxy Coating Market by Technology
7.3.3.4.2 South Korea Epoxy Coating Market by Application
7.3.3.5 Singapore Epoxy Coating Market
7.3.3.5.1 Singapore Epoxy Coating Market by Technology
7.3.3.5.2 Singapore Epoxy Coating Market by Application
7.3.3.6 Malaysia Epoxy Coating Market
7.3.3.6.1 Malaysia Epoxy Coating Market by Technology
7.3.3.6.2 Malaysia Epoxy Coating Market by Application
7.3.3.7 Rest of Asia Pacific Epoxy Coating Market
7.3.3.7.1 Rest of Asia Pacific Epoxy Coating Market by Technology
7.3.3.7.2 Rest of Asia Pacific Epoxy Coating Market by Application
7.4 LAMEA Epoxy Coating Market
7.4.1 LAMEA Epoxy Coating Market by Technology
7.4.1.1 LAMEA Solvent-based Market by Country
7.4.1.2 LAMEA Water-based Market by Country
7.4.1.3 LAMEA Powder-based Market by Country
7.4.2 LAMEA Epoxy Coating Market by Application
7.4.2.1 LAMEA Building & Construction Market by Country
7.4.2.2 LAMEA Transportation Market by Country
7.4.2.3 LAMEA Industrial Market by Country
7.4.2.4 LAMEA Others Market by Country
7.4.3 LAMEA Epoxy Coating Market by Country
7.4.3.1 Brazil Epoxy Coating Market
7.4.3.1.1 Brazil Epoxy Coating Market by Technology
7.4.3.1.2 Brazil Epoxy Coating Market by Application
7.4.3.2 Argentina Epoxy Coating Market
7.4.3.2.1 Argentina Epoxy Coating Market by Technology
7.4.3.2.2 Argentina Epoxy Coating Market by Application
7.4.3.3 UAE Epoxy Coating Market
7.4.3.3.1 UAE Epoxy Coating Market by Technology
7.4.3.3.2 UAE Epoxy Coating Market by Application
7.4.3.4 Saudi Arabia Epoxy Coating Market
7.4.3.4.1 Saudi Arabia Epoxy Coating Market by Technology
7.4.3.4.2 Saudi Arabia Epoxy Coating Market by Application
7.4.3.5 South Africa Epoxy Coating Market
7.4.3.5.1 South Africa Epoxy Coating Market by Technology
7.4.3.5.2 South Africa Epoxy Coating Market by Application
7.4.3.6 Nigeria Epoxy Coating Market
7.4.3.6.1 Nigeria Epoxy Coating Market by Technology
7.4.3.6.2 Nigeria Epoxy Coating Market by Application
7.4.3.7 Rest of LAMEA Epoxy Coating Market
7.4.3.7.1 Rest of LAMEA Epoxy Coating Market by Technology
7.4.3.7.2 Rest of LAMEA Epoxy Coating Market by Application
Chapter 8. Company Profiles
8.1 Akzo Nobel N.V.
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Recent strategies and developments:
8.1.4.1 Acquisition and Mergers:
8.1.4.2 Geographical Expansions:
8.1.5 SWOT Analysis
8.2 Axalta Coating Systems Ltd.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments:
8.2.5.1 Product Launches and Product Expansions:
8.2.5.2 Acquisition and Mergers:
8.2.6 SWOT Analysis
8.3 Endura Manufacturing Company Ltd.
8.3.1 Company Overview
8.3.2 SWOT Analysis
8.4 Kansai Paint Co., Ltd.
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Regional Analysis
8.4.4 SWOT Analysis
8.5 PPG Industries, Inc.
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent strategies and developments:
8.5.5.1 Product Launches and Product Expansions:
8.5.6 SWOT Analysis
8.6 RPM International, Inc.
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expense
8.6.5 SWOT Analysis
8.7 The Sherwin-Williams Company
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental
8.7.4 Research & Development Expenses
8.7.5 Recent strategies and developments:
8.7.5.1 Partnerships, Collaborations, and Agreements:
8.7.5.2 Product Launches and Product Expansions:
8.7.5.3 Acquisition and Mergers:
8.7.6 SWOT Analysis
8.8 Thermal-Chem Corporation
8.8.1 Company Overview
8.8.2 SWOT Analysis
8.9 BASF SE
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental and Regional Analysis
8.9.4 Research & Development Expense
8.9.5 Recent strategies and developments:
8.9.5.1 Partnerships, Collaborations, and Agreements:
8.9.6 SWOT Analysis
8.10. Berger Paints India Limited
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Regional Analysis
8.10.4 Recent strategies and developments:
8.10.4.1 Product Launches and Product Expansions:
8.10.5 SWOT Analysis
Chapter 9. Winning Imperatives of Epoxy Coating Market

Companies Mentioned

  • Akzo Nobel N.V.
  • Axalta Coating Systems Ltd.
  • Endura Manufacturing Company Ltd.
  • Kansai Paint Co., Ltd.
  • PPG Industries, Inc.
  • RPM International, Inc.
  • The Sherwin-Williams Company
  • Thermal-Chem Corporation
  • BASF SE
  • Berger Paints India Limited

Methodology

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