Epoxy resins are thermosetting polymers that provide corrosion and chemical resistance along with strength and adhesion to various substrates like metals, concrete, wood, etc. Epoxy resins find major application as coatings in various industries like automotive, aerospace, marine, construction, etc. owing to their durable characteristics. They provide high mechanical strength, toughness, and chemical resistance and thus used as primers, sealers, coatings, and adhesives in construction industry for flooring, roofing, and other applications.
The global Epoxy Resins Paints Market is estimated to be valued at Us$ 12.84 Bn in 2023 and is expected to exhibit a CAGR Of 8.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from construction industry is a major trend spurring the demand for epoxy resin paints. Epoxy resins provide durable, water and chemical resistant protective coating on concrete floors, walls, pipes, and other surfaces used extensively in residential and commercial construction. They are also used as adhesives and sealants owing to their high bonding strength. The growth of the construction industry especially in emerging countries of Asia Pacific and Latin America is contributing to the increasing consumption of epoxy resin paints. The infrastructure development and growing residential construction provide lucrative growth opportunities for epoxy resin paint manufacturers over the forecast period.
Segment Analysis
The global epoxy resins paints market can be segmented based on type, technology, end-use industry, and region. Based on type, the water-based segment dominates the market and accounts for over 55% share owing to its low VOC content and easy application properties. Based on end-use, the construction industry accounts for the largest share as epoxy resins are corrosion resistant and highly durable, making it suitable for use in concrete coatings and flooring applications.
Key Takeaways
The Global Epoxy Resins Paints Market Size is expected to witness high growth over the forecast period.
Regional analysis:
Asia Pacific accounts for the largest share and is expected to be the fastest growing market on account of rapid urbanization and infrastructure development activities in countries like China and India. Key players operating in the epoxy resins paints market are Merck KGaA, Solvay, DAIKIN INDUSTRIES, Ltd., Navin Fluorine International Limited, Gujarat Fluorochemicals Limited, Otto Chemie Pvt Ltd, Regal Remedies Limited, and Rational Labs Private Limited.
Key players operating in the epoxy resins paints market are Merck KGaA, Solvay, DAIKIN INDUSTRIES, Ltd., Navin Fluorine International Limited, Gujarat Fluorochemicals Limited, Otto Chemie Pvt Ltd, Regal Remedies Limited, and Rational Labs Private Limited. Merck KGaA dominates the global market and is a major producer of epoxy resins. It offers wide range of epoxy resin products for various end-use industries. Solvay is another global leader and offers water-based epoxy resin dispersions under the brand name DERAKANE.
Get more insights on this topic :
Check more trending articles on this topic:
https://shoutingstars.com/automotive-embedded-systems-future-of-in-vehicle-technology
Comments
0 comment