Epoxy surface coatings market size 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%. 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. Global epoxy resins market size is estimated to exceed USD 12 billion by 2023.
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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. Taiwan and India epoxy surface coatings market size is likely to witness significant rates of more than 5.5% up to 2023. Europe is likely to witness moderate growth rates of more than 2% up to 2023.
Increase in construction spending, particularly in emerging regions of Latin America, MEA and Asia Pacific is likely to drive 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 on 2013. China led the region with an estimated construction spending of approximately USD 1.78 trillion. India & Indonesia construction spending was estimated at USD 427 billion and USD 267 billion respectively in the same year.
Rapid industrialization in Asia Pacific is also another factor likely to drive market growth. They are used in flooring applications in commercial and industrial application such as retail stores, warehoused, showrooms, hospital and garages. Epoxy coatings provide high gloss and decorative finish which are available in numerous colors & styles.
Decorative options on floor applications include chip flooring, colored aggregate flooring and terrazzo flooring. They offer solutions which are easy to clean & are chemically resistant and can be applied over old & new concrete floors. Epoxy surface coatings are used for corrosion prevention in steel pipes & fittings used in oil & gas industry, steel re-bar plants and water transmission pipelines.
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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 base to countries such as Thailand and Indonesia owing to government incentive schemes and cheap labor wages. Countries such as China and India are witnessing population expansion and growth in per-capita middle class disposable income which us expected to drive automobile demand in Asia Pacific.
They are used for preventing rust and corrosion on automobile body and key metal components. It is used as a primer for ensuring paint adhesion on automobile parts.
This latest Epoxy surface coatings Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Epoxy surface coatings industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Epoxy Surface Coatings Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development, Price Trend, Competitive Market Share & Forecast, 2016 – 2023.” in detail along with the table of contents
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Key Insights in this Report
- Global Epoxy surface coatings Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Epoxy surface coatings Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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