An
Epoxy Coating has compounds that are used as coatings or paints,
cross-linked with a co-reactant or hardener prior to application in
order to give a performance oriented outcome. Epoxy Coatings are widely
used in the production of adhesives and resins. They are the type of
external coverings, provided by Epoxy Resins which serves resistance to
UV light and corrosive chemicals among other properties. The Global
Epoxy Coating Market relies on improved and durable coatings. Moreover,
stringent rules and regulations are implemented by the regional
governments to curb down VOC content in the paints and coatings industry
which are projected to drive the demand of Global Epoxy Coating
Markets. These coatings are used in combination with concrete and steel
to give them water, alkali, and acid resistance. Epoxy Coatings are
generally used in industrial and automotive applications.
The
prominent driving factors in the Global Epoxy Market are increasing
construction activities and growing demand from the paints and coatings
industry. Rapid growth in automotive and construction industries are
projected to fuel the demand of Global Epoxy Market during the forecast
period, 2017-2023.
Market Segmentation:
The Global Epoxy Coating Market Size is segmented by type, application, and region.
Waterborne,
solvent-based and powder coatings are classified on the basis of market
type. Water Borne Coatings use water as a solvent to scatter the resin
which is used for making coatings or paints. These coatings use water as
a solvent and are easy to apply. Due to these reasons, it is termed as
an eco-friendly product. Waterborne coatings are further sub-divided
into waterborne catalyzed epoxy, direct to metal acrylic, and waterborne
acrylic. During the forecast period, it is estimated that the Global
Waterborne Coating Market is set to expand at a higher CAGR of 5.77% due
to growing demand in the architectural sector. Powder based coatings
are of two types, namely thermoset and thermoplastic. Thermoset are
further segmented into epoxy resin, acrylic resins, polyester powder
coats, and polyvinyl fluoride. Polyester powder coatings hold the
largest share in the thermoset segment and expected to continue its
dominance during the forecast period. On the basis of application, the
market is segmented into construction, automobile, transport, electrical
& electronics, and others. Among these, construction accounted for
more than 36% of global consumption in the year 2016 and anticipated to
continue its growth owing to an increase in construction activities.
Rapid growth integrated with the availability of incentives and skilled
workers has been recognized in the automobile and transport industry.
Competitive Analysis:
Well
known players functioning in the Global Epoxy Coating Market are BASF
SE(Germany), AkzoNobel N.V( the Netherlands), Axalata Coating System LLC
(U.S.), The Valspar Corporation( U.S.), PPG industries (U.S.), Aditya
Birla Chemicals (India), Tikkurila OYJ (Finland), RPM International Inc
(U.S.) and others.
Regional Analysis:
The
world’s largest share of Global Epoxy Coating Market has been held by
Asia Pacific followed by Europe, North America, Latin America, and the
Middle East & Africa. China, India and Malaysia are the countries
in Asia Pacific region, expected to grow with the same pace in the
forecast period, 2017-2023. Germany, U.K and Italy in Europe have
observed a rapid growth due to increasing investment by the paints and
coating industries. A stunning growth has been projected in North
American and Latin American regions due to the production of
environmental friendly products. The demand for Epoxy Coating Market has
been increasing in the Middle East and Africa due to growing
investments in the construction and industrial activities.
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