Epoxy Coatings Market To Report Impressive Growth, Revenue To Surge To US$ 38.92 Billion by 2024
With the presence of a large pool of participants, the global epoxy coatings market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Akzonobel N.V., RPM International Inc., BASF SE, The Valspar Corporation, PPG Industries, Nippon Paint Co. Ltd., The Sherwin-Williams Company, Tikkurila OYJ, Axalta Coating Systems LLC, and Kansai Paint Co. Ltd are some of the key vendors of epoxy coatings across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the epoxy coatings market study.
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Citing an instance, on September 27, 2018, DalFort Capital Partners, LLC – a private equity firm based in Texas in the U.S. – declared to have signed a deal to acquire Milamar Coatings, LLC– an Oklahoma-based producer of resinous coatings for walls, floors, and various other industrial applications. This, in turn, is likely to prove as a major boost for the U.S. epoxy coatings market in the coming years.
As estimated in this report, the global epoxy coatings market stood at US$ 27.66 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this epoxy coatings market is expected to reach US$ 38.92 billion by the end of the forecast period. The main products available in this epoxy coatings market are powder-based epoxy coatings, waterborne epoxy coatings, and solvent borne epoxy coatings. Among the three, the demand for powder-based epoxy coatings is relatively higher and the trend is anticipated to remain so over the next few years, notes the epoxy coatings market research report.
Spectrum Of Applications Across Myriad Sectors To Augment Market Growth
“Massive product demand across end-use industries such as transportation, paints & coatings, electrical & electronics, construction, and adhesives is anticipated to drive epoxy coatings market growth in the years to come,” says the author of this epoxy coatings market study. Apart from this, rising popularity of the product across emerging economies will further steer the epoxy coatings market scope within the stipulated period.
Low performance in exterior applications and a slowdown in developed countries, however, are expected to impede the epoxy coatings market demand. Nevertheless, high economic growth in developing countries and extensive use of powder-based coating across myriad sectors are likely to open new growth vistas for global epoxy coatings during the estimated timeline. This, in turn, normalize the impact of hindrances on the epoxy coatings market, reports the epoxy coatings market study.
Flourishing Construction Sector to Aid APAC’s Regional Dominance
Regionally, Asia Pacific has been leading the worldwide epoxy coatings market and is anticipated to continue on the dominant position in the years to come, states the epoxy coatings market study. Thriving construction and industrial development activities in countries such as China, Japan, and India is the main factor behind the dominance of the Asia Pacific epoxy coatings market. The high number of market players being headquartered in Asia Pacific is another significant factor that is supporting the growth of this regional epoxy coatings market.
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