Epoxy coating is generally applied as protective coverings which are derived from epoxy resins. Epoxy resin is a synthetic resin that is generally used in the production of the plastics and adhesives. It is derived from a chemical process referred to as curing by epoxide and polyamine resin.
Rising demand for waterborne epoxy coatings and high demand from end-use industries is expected to drive the global epoxy coatings market. Moreover, increasing demand from developing countries is estimated to drive the epoxy coatings market during the years to come. However, slow down in developed countries and low performance in exterior applications is anticipated to impede the growth of the market. Nevertheless, high economic growth in developing country and extensive growth of epoxy coatings for powder-based coating are likely to set new wings to the market of the global epoxy coatings within the years to come.
The epoxy coatings market is classified into type, application, and region. In terms of type, the market is categorized into powder-based, waterborne, and solvent-borne. Among all other types, powder-based coatings market accounted the largest market share in 2017. It is rapidly used in construction and transport industry. In terms of application, epoxy coatings market is segmented into transportation, paints & coatings, electrical & electronics, construction, adhesives, and others. Construction application accounted for the largest market share in 2017. Rising commercial, residential, and other sports construction are anticipated to fuel the epoxy coating market during the forecast period.
The Asia Pacific accounted for the largest market share of the epoxy coatings market in 2017, followed by Europe and North America. Rising demand from emerging economies such as India, China, and Japan in the region is anticipated to propel the market growth rate in the coming years. In Europe, the epoxy coatings market is anticipated to exhibit significant growth rate in the near future owing to the rising demand for construction and automotive industry. North America is anticipated to exhibit rapid growth rate owing to the advantages of the eco-friendly product, strength, durability, and other. The Middle East & Africa and Latin America regions are projected to witness rapid demand in coming years, owing to the rising construction industry in the region.
The key players in the global epoxy coatings market are Akzonobel N.V., RPM International Inc., BASF SE, The Valspar Corporation, PPG Industries, Nippon Paint Co. Ltd., The Sherwin-Williams Company, Tikkurila OYJ, Axalta Coating Systems LLC, and Kansai Paint Co. Ltd. The detailed description of players includes parameters such as company overview, financial overview, business and recent developments of the manufacturers.
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