Epoxy Coatings Market is projected to reach USD 33.97 Billion by 2021, at a CAGR of 5.22%. he epoxy coatings industry is witnessing high growth because of increasing applications, growing demand from waterborne epoxy coatings, and its rising demand in developing countries. Epoxy coatings are largely used in construction applications. Rapid growth of the epoxy coatings market is driven by increasing demand from its end-use industries.
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The powder-based technology of epoxy coatings is growing at the highest rate among all the technologies of epoxy coatings. The demand for epoxy powder-based coatings is expected to increase in the future owing to their non-VOC emission properties, thus providing high growth opportunity to the overall epoxy coatings market.
Construction is the largest application of epoxy coatings. The construction industry is driven by rising urbanization in Asia-Pacific and RoW, which has resulted in increased demand for residential, commercial, and industrial infrastructure. Low interest rates on housing loans are also responsible for increase in the demand for new houses, eventually driving the construction application of epoxy coatings.
Asia-Pacific is the largest market for epoxy coatings, both in terms of volume and value, followed by RoW and Europe. Countries such as the U.S., China, and Germany are the major markets of epoxy coatings. Due to the increasing demand on domestic front, rising income levels, and easy access to resources, Asia-Pacific has emerged as the leading market of epoxy coatings.
Key players in the epoxy coatings market
The key players in the epoxy coatings market are AkzoNobel N.V. (Netherlands), Axalta Coating Systems(U.S.), BASF (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).
New product launch is the main strategy adopted by the industry players to achieve growth in the epoxy coatings market. This strategy accounted for 46% share of all the growth strategies adopted by market players. Increasing demand for epoxy coatings in different applications, such as construction, transportation, general industrial, and others, has encouraged companies to launch new products to cater to all the application of epoxy coatings. Market players are focusing on improving their product portfolio to enter the market and increase their global market share. Valspar Corporation (U.S.) and The Sherwin-Williams Company (U.S.) are some of the leading market players that adopted this strategy to develop their businesses.
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Besides new product launch, agreements & partnerships are also one of the popular growth strategies adopted by the key market players. This strategy accounted for a share of 36% of the total number of growth strategies adopted by the players. Companies such as Valspar Corporation, PPG Industries, and AkzoNobel N.V. are focusing on increasing their presence by entering into partnerships, agreements, and joint ventures to meet the rising demand for epoxy coatings. The strategies of expansions and mergers & acquisitions accounted for a share of 9% each of the total number of growth strategies adopted by the players.
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