by Epoxy resins paints are durable and waterproof protective coatings used widely across industries like construction, automotive, and manufacturing. In construction sector, epoxy resins are used as primers, sealants and protective coatings for cement floors, roofs, basements and other structures to enhance durability and water resistance. They are also used as adhesives, binders and sealants in various manufacturing processes. With rising infrastructural development initiatives globally, the demand for epoxy resins from construction industry is growing rapidly.
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 Dynamics:
Increased Demand from Construction Sector: As mentioned in the heading, growing construction activities across both residential and non-residential sectors is one of the key drivers boosting the epoxy resins paints market. Rapid urbanization, rising disposable income and increasing population are fueling infrastructural development in emerging economies, thereby driving the demand for epoxy resins from construction industry.
Epoxy Resins Superior Characteristics: Epoxy resins exhibits superior qualities like high mechanical strength, water resistance, corrosion resistance and adhesion which make them suitable for wide range of applications requiring high performance protective coatings. This widespread applicability of epoxy resins across industries is expected to support the market growth over the forecast period.
Segment Analysis
The epoxy resins paints market is segmented into water-based and solvent-based types. The solvent-based type segment dominates the market currently due to its better performance properties compared to water-based types. However, stringent environmental regulations have led to increasing adoption of water-based types which is expected to be the fastest growing segment during the forecast period.
PEST Analysis
Political: Stringent environmental regulations in regions like Europe and North America regarding VOC emissions from solvent-based coatings are favoring the adoption of water-based epoxy resin paints.
Economic: The growing infrastructure and construction industries in developing economies of Asia Pacific are driving demand for epoxy resin paints used in these sectors.
Social: Increasing consumer preference for low odor and environment-friendly water-based paints is positively impacting the water-based epoxy resin paints segment.
Technological: Advancements in water-based epoxy resin formulations have improved the performance characteristics making them a viable alternative to solvent-based types.
Key Takeaways
The Global Epoxy Resins Paints Market Size is expected to witness high growth at a CAGR of 8.3% during the forecast period of 2023 to 2030.
Regional analysis:
Asia Pacific dominates the market currently due to strong growth in construction and infrastructure industries in countries like China and India. The region is expected to remain the fastest growing as well as the largest market during the forecast period.
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 analysis comprises Merck KGaA is one of the prominent suppliers of epoxy resin solutions and formulations globally
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
