June 24, 2024

Epoxy Resins Paints Market is Estimated to Witness High Growth Owing to Technological Advancements in Coatings Industry

Epoxy resins paints are protective and durable coatings that provide excellent adhesion and chemical resistance. They are formulated using epoxy resins which possess toughness, high strength and water and corrosion resistance properties. Epoxy resins paints find wide applications in industrial, automotive, oil & gas, construction and aerospace industries. The Global epoxy resins paints Market is estimated to be valued at US$ 13.62 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.

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 major players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.

The key opportunities in the market include increasing demand from end use industries like oil & gas, construction and automotive. Also, growing demand for lightweight and durable coatings from aerospace industry offers scope for market growth.

Technological advancements like development of bio-based epoxy resins and powder coatings with improved performance characteristics will further drive the demand of epoxy resins paints in coming years.

Market drivers
Rising industrial and infrastructure development activities in emerging economies of Asia Pacific and Latin America are driving the growth of epoxy resins paints market. Rapid urbanization and growth in construction industry especially in China, India along with robust investments in civil engineering works will augment the market expansion. Strict environmental regulations regarding volatile organic compound emissions is also propelling the demand of epoxy resins paints owing to their low VOC content.

Current challenges in Epoxy Resins Paints Market
The epoxy resins paints market is facing challenges due to rising environmental regulations regarding the usage of volatile organic compounds (VOCs) in paints and coatings. Stringent VOC norms by regulatory bodies like REACH and EPA have restricted the use of solvent-based epoxy resins paints. Water-borne and powder coating technologies are increasingly being adopted as alternatives but require huge investments and operational changes. Fluctuating prices of crude oil, a key raw material, also impact the stability and affordability of epoxy resins paints.

SWOT Analysis
Strength: Excellent chemical and corrosion resistance along with good electrical insulation properties makes epoxy resins suitable for flooring, industrial & protective coatings. Weakness: Limited by temperature and humidity conditions during application. Higher cost than alternatives. Opportunity: Growing infrastructure development and construction industries in emerging nations driving the demand. Threats: Strict environmental regulations limiting VOCs. Easy availability of substitutes like polyurethanes poses competition.

Geographical regions of concentration
The Asia Pacific region dominates the epoxy resins paints market in terms of value share attributed to being a global manufacturing hub along with rapid infrastructural and industrial development. China alone accounts for over 35% of the regional market. North America and Western Europe are other major consumers owing to large paints and coatings industries and renovation activities.

Fastest growing region
Central and Eastern European countries are expected to be the fastest growing regional market for epoxy resins paints over the forecast period. After experiencing economic downturns, the construction sectors in nations such as Poland, Czech Republic, and Hungary are witnessing a resurgence in activities boosting the demand for protective, floor and industrial coatings made from epoxy resins. Additionally, infrastructure projects under China’s Belt and Road Initiative would further accelerate the CEE region’s market growth.

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1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it