Global Epoxy Coatings Market Outlook to 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Epoxy Coatings Market Outlook to 2026" report has been added to ResearchAndMarkets.com's offering.
Global epoxy coatings market is expected to witness a considerable growth rate during the forecast period
The market for epoxy coatings was found to be driven by the gradual and consistent growth in the global packaging industry and increasing demand from the construction industry, owing to the coating's strength, durability, and chemical resistance is the major driving factor.
With a growing soft corner towards the environment and workforce, the absence of volatile organic compounds (VOC) in coatings is a green signal for the increase in demand for the product. Powder-based epoxy coatings are one of the major factors for the rise of the epoxy coatings market.
Water-borne coatings are another category whose increasing demand is influencing the global epoxy coatings market. High glossy finish, excellent adhesion to several substrates, and easy to use nature are aiding in the growth of the global epoxy coatings market due to their growing consumption in the automotive industry as well.
However, the market growth is expected to be hindered by the presence of strict regulations on bisphenol A and VOC emissions. Low performance in exterior applications is a factor that negatively impacts the global epoxy coatings market growth. Further, the ongoing R&D improves the performance of the epoxy coatings and to make them more compliant for several end-user industries is likely to act as an opportunity in the coming years.
In recent years, the global packaging industry has witnessed steady growth owing to the technological innovations and changes in the consumers' behavior towards the overall aesthetics and protection of the packaged goods. Moreover, for internal coatings of packaged goods, epoxy coatings are the most preferred over its substitutes such as organosol, polyester, vinyl, and oleoresin among others.
Around 90% of the internal coatings are performed using epoxy coatings. Currently, epoxy coatings are the cheapest among all the class of coatings' resins. The major disruptions were observed in the Asia-Pacific region compared to other regions. The growth in the economies in the region, especially China and India has driven the growth in demand for packaging. All the end-user industries that utilize packaging and packaging coatings are well-settled in the region, giving scope for continuous demand. In 2019, the global packaging industry stood at USD 917 billion.
In 2020, the packaging industry witnesses around 10% growth owing to the greater demand for plastic packaging in healthcare and pharmaceutical industries due to the ongoing COVID-19 pandemic. In order to tackle the ban on single-use plastics and various regulations, the industry has gradually moved towards more innovative and eco-friendly packaging solutions.
The major segment within the global packaging industry is paper and board which accounts for about 34% of the market. Rigid and flexible plastic accounts for about 17% and 22% respectively. Metal owns a share of 11% and glass occupies about 6%. The global packaging industry is anticipated to reach USD 1 trillion by the end of 2024.
Currently, Asia-Pacific is the largest market in terms of geography and accounts for about 40% of the global packaging consumption. This is followed by North America and Western Europe with shares of about 22% and 20% respectively. Moreover, the packaging industry is being benefitted from the rising incomes, growth in population, rising urbanization, and the growth in the retail infrastructure in the developing countries in regions such as Asia, Africa, and Eastern Europe among others.
Globally, North America, Western Europe are anticipated to witness sluggish growth in the packaging industry owing to relatively high maturity compared to other regions. Asia-Pacific and MEA (Middle East & Africa) are likely to witness significant investments and revenue generation in the packaging industry. This ongoing demand is driving the growth in the consumption of packaging materials that comes with epoxy coatings. This trend is likely to propel the demand for packaging coatings during the forecast period.
The global epoxy coatings market is partially consolidated. The major companies include PPG Industries, AkzoNobel, Axalta Coating Systems, Sherwin-Williams Company, and Nippon Paint, among others.
Key Topics Covered:
1. Executive Summary
2. Research Scope and Methodology
2.1 Aim & Objective of the study
2.2 Market Definition
2.3 Study Information
2.4 General Study Assumptions
2.5 Research Phases
3. Market Analysis
3.2 Market Dynamics
3.3 Market Trends & Developments
3.4 Market Opportunities
3.5 Feedstock Analysis
3.6 Regulatory Policies
3.7 Analysis of Covid-19 Impact
4. Industry Analysis
4.1 Supply Chain Analysis
4.2 Porter's Five Forces Analysis
5. Market Segmentation & Forecast
5.1 By Technology
5.2 By End-user
5.2.2 Building and Construction
5.2.5 Other end-users
6. Regional Market Analysis
7. Key Company Profiles
7.1 Advanced Environmental Services Inc.
7.2 AkzoNobel NV
7.3 Asian Paints
7.4 Axalta Coating Systems LLC
7.5 BASF SE
7.6 Berger Paints India Limited
7.8 Graco Inc.
7.9 Kansai Paint Co. Ltd
7.10 KOSTER American Corporation
7.11 Nippon Paint Co. Ltd
7.12 PPG Industries
7.13 RPM International Inc.
7.14 Tennant Coatings
7.15 The Euclid Chemical Company
7.16 The Sherwin-Williams Company
7.17 The Valspar Corporation
7.18 Tikkurila OYJ
8. Competitive Landscape
8.1 List of Notable Players in the Market
8.2 M&A, JV, and Agreements
8.3 Market Share Analysis
8.4 Strategies of Key Players
9. Conclusions and Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/4odeib
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