Industry Study Predicts Growth in Epoxy Coatings Market
OCEAN VIEW, DE – The market for epoxy surface coatings was estimated at more than 800 kilo tons in 2014 and is likely to exceed 1 million tons by 2023 with expected gains of more than 3%, according to a report released by Global Market Insights. Properties such as flexibility, corrosion resistance and superior adhesion are expected to favor demand for applications used in end-use industries such as industrial, transportation, constructions and marine. The report estimates global epoxy resins market size to exceed $12 billion by 2023.
China was the dominant region and accounted for more than 50% of the total demand in 2014 with expected gains of more than 5% from 2016 to 2023. Market size in Taiwan and India is likely to witness significant growth rates of more than 5.5% up to 2023. Europe is likely to witness moderate growth rates of more than 2% up to 2023.
An increase in construction spending, particularly in emerging regions such as Latin America, the Middle East and Africa, and Asia-Pacific is likely to drive growth in the epoxy surface coatings market. Asia-Pacific was the leading region and accounted for more than 40% of the total construction spending in terms of revenue in 2013. China led the region with an estimated construction spending of approximately $1.78 trillion. Construction spending in India and Indonesia was estimated at $427 billion and $267 billion, respectively, in the same year.
Rapid industrialization in Asia-Pacific is another factor likely to drive market growth. Epoxy coatings are used in commercial and industrial flooring applications in areas such as retail stores, warehouses, showrooms, hospitals and garages.
Decorative options for flooring applications include chip flooring, colored aggregate flooring and terrazzo flooring. They offer solutions that are easy to clean, are chemically resistant, and can be applied over old and new concrete floors. Epoxy surface coatings are used for corrosion prevention in steel pipes and fittings used in the oil and gas industry, steel re-bar plants, and water lines.
Growth witnessed in automobile production over the past few years is likely to drive epoxy surface coatings market price, particularly in Asia-Pacific. Automobile manufacturers are shifting manufacturing bases to countries such as Thailand and Indonesia owing to government incentive programs and cheap labor. Countries such as China and India are witnessing population expansion, and growth in per-capita middle class disposable income is expected to drive demand for automobiles in Asia-Pacific.
Epoxy coatings are used in the automotive industry to prevent rust and corrosion on car bodies and key metal components. They are also used as a primer for ensuring paint adhesion on automotive parts.
Epoxy coatings are also used in the electrical, metal cans, marine and consumer goods industries. For these industrial segments, epoxy coatings are used on printed circuit panels and on large appliances such as driers and washers where they are easy to apply and durable.
Metal cans and containers used in the food and beverage industry are treated with epoxy coatings for rust prevention, particularly, when used to package acidic food such as tomatoes. This application is likely to witness below-average growth rates over the forecast period.
China was the largest market for epoxy surface coatings in 2014 and is expected to witness an increase in demand owing to growth in shipbuilding and repair and other end-use industries such as petrochemicals, steel, and pulp and paper. China has seen an increase in production capacity for epoxy resins over the past few years in order to meet the demand.
India, Thailand, Taiwan, Malaysia and Indonesia accounted for more than 12% of the total demand for epoxy coatings. Some of the countries in this region, such as Indonesia and Thailand, are major automobile manufacturers and are key shipbuilding participants. These factors are expected to drive the market in these areas.
Europe is likely to witness sluggish gains over the forecast period with demand coming from growth in the automotive industry, particularly in Germany, France and the UK. According to the report, North America is likely to witness below-average growth rates over the forecast period.
For additional information about the report, Epoxy Surface Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development, Price Trend, Competitive Market Share & Forecast, 2016 – 2023, visit www.gminsights.com.