Epoxy Resins Paints Market is booming with higher crosslinking density
The Epoxy Resins Paints Market is estimated to be valued at US$ 13.62 billion in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period from 2024 to 2031. Epoxy resins are advanced thermosetting polymeric materials which are formed by reacting epichlorohydrin with bisphenol A to form resin. Epoxy resins paints provide exceptional mechanical properties such as higher modulus, strength and adhesion. Epoxy resins paints offer superior chemical and corrosion resistance to metals, concrete and other construction surfaces along with high thermal stability. They provide excellent adhesion to most substrates with minimum surface preparation. Epoxy resins paints have vast usage in infrastructure, automotive, industrial and marine coating applications.
Key Takeaways
Key players operating in the Epoxy Resins Paints are Momentive Performance Materials, Kukdo Chemical, Huntsman Corporation, The Dow Chemical Company, Atul Ltd, Sika AG, Cytec Industries Incorporation, DuPont, 3M, BASF SE, Aditya Birla Chemicals Ltd, NAMA Chemicals, LEUNA-Harze GmbH, and Spolchemie A.S. The growing infrastructure and construction activities across the globe are propelling the demand for epoxy resins paints in flooring, wall coating and preventive anti-corrosion applications. Asia Pacific dominated the global epoxy resins paints market in 2020 attributed to increasing infrastructural investments in China, India and other Southeast Asian countries.
Major players are expanding their production facilities across Latin America and Middle East Africa to capture the growing demand for epoxy resins paints in these untapped markets. Technological advancements in epoxy resins such as high solids, low VOC and powder coatings with higher crosslinking density tailored for specific applications will drive the market growth over the forecast period.
Market key trends
Waterborne epoxy paints are gaining popularity due to stringent environmental regulations on VOC emissions from solvent-borne coatings. Waterborne epoxy paints reduce VOC emissions by 60-80% and offer excellent gloss retention, mechanical strength and corrosion resistance. Innovation in pigment technology has led to the development of advanced pigments offering anticorrosive protection, UV resistance and self-cleaning properties for epoxy resins paints. Innovation in nanotechnology has enabled development of nano-epoxy coatings providing a thinner film, higher gloss and self-healing properties compared to conventional epoxy paints.
Porter's Analysis
Threat of new entrants: The epoxy resins paints market requires high capital investment and has several established brands, making entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products like polyurethane and acrylic paints.
Bargaining power of suppliers: A few large suppliers exist for raw materials like bisphenol A and epichlorohydrin, giving them significant influence on prices.
Threat of new substitutes: New substitute materials like thermoplastic polyurethanes pose a medium threat as they have similar properties to epoxy resins paints.
Competitive rivalry: The market has many global and regional players competing on pricing and product differentiation.
Geographical Regions
North America accounts for the largest share of the epoxy resins paints market in terms of value due to high demand from the construction and transportation industries. Asia Pacific is growing at the fastest pace owing to rising infrastructure development in countries such as China and India coupled with a growing middle-class population.
The epoxy resins paints market in Europe is predominantly driven by Germany, France, and the UK. In South America, Brazil represents the major consumer of epoxy resins paints. The Middle East Africa region is projected to witness steady growth over the forecast period with the increasing repair and maintenance activities in various end-use industries.
