According to the analysis of MRFR,
the major market forces and trends driving growth of the global Epoxy coatings
Market includes growth of construction sector and the burgeoning growth in the
automobile industry. Epoxy coatings are a lucrative market and is expected to
have a steady growth during the forecast years. Epoxy resins are synthetic
resins that are extensively used in the manufacturing of plastics and
adhesives. Epoxy coatings are formed through the process of mixing polymine hardener
and epoxide resin by a process called curing. Epoxy coatings possesses various
qualities such as corrosion resistance, superior adhesion, flexibility which
paves their way into many end user industries. These coatings acts as an
excellent adhesion to various substrates such as metal, fiber and glass.
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Moreover, the increasing personal
disposable income in the developing economies throughout the globe has
augmented the construction activities especially in India and china which in
turn is further expected to fuel the growth of the global Epoxy coatings market
during the forecast period.
According to the market analysis,
the Global Epoxy Coating Market is divided into water-borne coatings, solvent
borne coatings, and powder coatings. Water-borne coatings are not reactive and
easy to use. Solvent based coatings are composed of higher organic solvents and
emit a strong odor that are harmful to human beings and the environment.
Leading
Players:
AkzoNobel N.V. (Netherlands),
Axalta Coating Systems(U.S.), BASF SE (Germany), Berger Paints India Limited
(India), Kansai Paint Company Limited (Japan), Nippon Paint Company Limited(Japan),
PPG Industries Inc. (U.S.), RPM International Inc. (U.S.), The Sherwin Williams
Company (U.S.), The Valspar Corporation (U.S.), and Tikkurila Oyj (Finland)
among others are some of the prominent players at the forefront of competition
in the global Epoxy coatings Market and are profiled in MRFR Analysis.
Segmentation:
The Global Epoxy
Coating Market is segmented into
type and application.
Market by type is
fragmented as waterborne, powder-based, and solvent borne. Transportation,
automobile, construction, and paints & coatings are classified on the basis
of application. Powder based coatings hold the largest share in the market due
its less hazardous nature toward the environment.
They are used in
various applications as it can be controlled under high temperature. Waterborne
coatings are water soluble and non-reactive. Due to these reasons, powder-based
Coatings Market is expected to dominate the Epoxy Coating Market in the coming
years.
Regional
Outlook
Asia pacific is expected to be the
fastest growing region during the forecast years. The increasing Globalization
and urbanization in the developing economies of the region has propelled the
construction of residential and commercial infrastructure which is a dominant
factor for the demand for epoxy coatings in the region. Moreover, the shifting
of manufacturing base by the automobile companies to Asia Pacific owing to
favorable government policies and cheap labor is further expected to boost the
market. In addition to this, the growing encouragement by the government to
reduce greenhouse emissions is also surging the market owing to the environmentally
friendly qualities of epoxy coatings.
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