Epoxy Coating Market Report 2024

This Epoxy Coating market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The epoxy coating market size has grown strongly in recent years. It will grow from $34.58 billion in 2023 to $36.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth during the historic period can be attributed to several factors, including the expansion of the automotive industry, growth in the marine industry, an increase in demand for industrial flooring, the development of the oil and gas sector, and the expansion of the electronics industry.

The epoxy coating market size is expected to see strong growth in the next few years. It will grow to $45.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth during the forecast period can be attributed to several factors, including the rising demand for green and sustainable coatings, technological advancements in epoxy resins, the implementation of stringent environmental regulations, an increase in renewable energy projects, and a surge in oil and gas exploration. Key trends expected in this period include a growing demand for bio-based epoxy coatings, an increasing adoption of smart coatings, an expansion of epoxy powder coatings, and a rise in anti-microbial epoxy coatings.

The expanding building and construction sector is anticipated to drive the growth of the epoxy coating market in the coming years. This sector encompasses the planning, design, and construction of various infrastructure, including residential, commercial, and industrial projects, alongside the maintenance and renovation of existing structures. The growth of the building and construction industry is fueled by increasing urbanization, population growth, and a rising demand for infrastructure and housing developments. Epoxy coatings are utilized within this industry to protect surfaces such as floors, walls, and concrete structures, providing enhanced durability, corrosion resistance, and a long-lasting finish. Notably, in August 2024, the Australian Bureau of Statistics reported that building work completed in June 2024 rose to $33.81 billion, an increase from $32.44 billion in June 2022. Consequently, the growth of the building and construction industry is significantly contributing to the expansion of the epoxy coating market.

Leading companies in the epoxy coating market are prioritizing the development of innovative solutions, such as textured epoxy coating technology, to enhance bond strength, damage tolerance, and corrosion resistance for both horizontal and vertical concrete applications. Textured epoxy coatings incorporate additives or materials that impart a rough or patterned texture to the surface. For example, in April 2024, Sherwin-Williams Company, a US-based paint and coating manufacturer, introduced Sher-Bar TEC, a groundbreaking new coating technology tailored for the concrete industry. Sher-Bar TEC features an advanced formulation that delivers exceptional durability and chemical resistance while preserving a smooth finish. This innovative technology enables quicker application and curing times, providing enduring protection with minimal downtime.

In February 2022, Westlake Chemical Corporation, a US-based petroleum company, acquired Hexion Inc.'s global epoxy business for approximately $1.2 billion. This acquisition strengthens Westlake's chemical materials portfolio by integrating a prominent downstream portfolio of coatings and composite products. Hexion Inc. is a US-based chemical company specializing in epoxy coatings.

Major companies operating in the epoxy coating market are BASF SE, DOW Chemical Company, Wanhua Chemical Group Co. Ltd., Sherwin-Williams Company, PPG Industries Inc., Evonik Industries AG, Solvay SA, AkzoNobel N.V., Sika AG, Nan Ya Plastics Corporation, Nippon Paint Holdings Co. Ltd., Wacker Chemie AG, Masco Corporation, Huntsman Corporation, RPM International Inc., Axalta Coating Systems, Asian Paints Ltd., Kansai Paint Co. Ltd., Jotun Group, Pidilite Industries Limited, Rust-Oleum Corporation, Berger Paints, Hempel A/S, CTM Coatings.

Asia-Pacific was the largest region in the epoxy coating market in 2023 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the epoxy coating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the epoxy coating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Epoxy coating refers to a durable protective finish created from epoxy resin, typically applied to surfaces such as concrete, metal, and wood. This coating forms a hard, chemical-resistant layer that offers excellent adhesion, corrosion protection, and resistance to wear and chemicals. Epoxy coatings are particularly favored for use in flooring, pipelines, and equipment exposed to harsh environments.

The primary technology types of epoxy coatings include water-based, solvent-based, powder-based, and others. Water-based epoxy coatings utilize water as the primary solvent, making them environmentally friendly due to their lower volatile organic compound (VOC) emissions. These coatings can be applied to various substrates, including concrete, wood, and metal, and are utilized in diverse applications such as flooring, countertops, decks, panels, pipelines, storage tanks, ballast tanks, containers, and packaging.

The epoxy coating market research report is one of a series of new reports that provides epoxy coating market statistics, including epoxy coating industry global market size, regional shares, competitors with a epoxy coating market share, detailed epoxy coating market segments, market trends and opportunities, and any further data you may need to thrive in the epoxy coating industry. This epoxy coating market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The epoxy coating market consists of sales of epoxy floor coatings, epoxy primer coatings, epoxy top coats, epoxy marine coatings, epoxy concrete sealers, epoxy adhesives, and epoxy anti-corrosion coatings. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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