LONDON, Sept. 28, 2016 /PRNewswire/ -- The global epoxy
coating market is expected to reach USD
41.71 billion by 2024, according to a new report by Grand
View Research, Inc. Increase in spending on residential and
commercial construction in emerging regions such as Asia Pacific and Middle East is expected to drive global Epoxy
Coating Market growth over the next eight years.
Rapid industrialization in Asia
Pacific has resulted in an increase in utilization of epoxy
coatings for flooring applications for both commercial and
industrial structures such as retail stores, hospitals, showrooms,
and warehouses. These coatings provide superior gloss and aesthetic
finish in form of terrazzo flooring, chip flooring, and colored
aggregate flooring.
Growing automotive sector in developing economies of
Asia Pacific and Latin America owing to a surge in population
base and rising disposable income is expected to stimulate epoxy
coatings demand. Growing application scope in rust and corrosion
prevention of vehicle bodies and other metal components is likely
to augment market growth. In addition, rising use of epoxy-based
coatings as primer ensuring paint adhesion for automotive parts
will drive the market demand over next eight years.
Solvent borne epoxy emerged as the dominant product segment
accounting for over one-third of the total market volume in 2015.
Traditionally, they were designed to protect steel, however; they
are extensively being used now-a-days for concrete structures and
adapted for flooring. Solvents allow easy coating application in
required areas without any formulating problems.
Further key findings from the report suggest:
Global epoxy coating market demand was 1,080.7 kilo tons in 2015
and is expected to reach 2,115.6 kilo tons by 2024, growing at a
CAGR of 7.9% from 2016 to 2024.
Waterborne coatings are expected to witness the highest growth of
9.0% from 2016 to 2024 owing to factors such as low VOC content,
durability, quick dry time and mitigated hazardous disposal in
contrast to its counterparts.
Construction sector emerged as the leading and fastest growing
application segment accounting for about 28.0% of the total market
volume in 2015. Rapid population growth coupled with increasing
migration towards urban centers has necessitated demand for new
commercial, residential and industrial infrastructure. Low-interest
rates on housing loans in both developed as well as developing
regions is poised to impact market growth.
Asia Pacific was the dominant
regional market with demand share estimated at over 48% in 2015.
Increasing demand for institutional buildings coupled with the
shift in production landscape towards China, India,
and South East Asian countries are expected to drive the regional
market. The region is also projected to witness the highest growth
of 8.9% from 2016 to 2024.
Epoxy coatings industry is moderately fragmented with the presence
of large number of prominent market participants across the globe.
Sherwin Williams is engaged in
manufacturing and marketing of paints, coatings, finishes,
applicators, and varnishes for structural steel, ships, metals,
buildings, and automobiles. In September
2013, Sherwin Williams
acquired the U.S./Canada
operations of Comex for USD 90
million and assumed liabilities in the range of USD 75 million.
Download the full report:
https://www.reportbuyer.com/product/4144269/
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