by Epoxy resins paints are versatile advanced coating materials formed by reaction of epoxy resins with reactive curing agents. They offer excellent adhesion, chemical and corrosion resistance due to superior bonding to substrates like concrete, metals and plastics. Epoxy resins paints are widely used for flooring, automotive, marine, industrial machinery and equipment coatings where durability and protection in harsh environments is critical. Their moisture proof and waterproof nature makes them suitable for flooring in bathrooms, kitchens, basements and other wet areas to prevent corrosion of underlying surface. They provide smooth and glossy finish along with good abrasion and impact resistance compared to conventional paints. Epoxy resins paints adhere strongly and form durable films on metal substrates offering protection from corrosion in seawater, chemicals and weathering.
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 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the epoxy resins paints market is the rising demand for water-based epoxy coating systems. Waterborne epoxy coatings are environment-friendly as they contain lower Volatile Organic Compounds (VOCs) compared to solvent-borne epoxy paints. They offer performances characteristics comparable to solvent-borne variants and meet stringent environmental regulations regarding VOC emissions. Growing environmental awareness and implementation of stringent regulations regarding VOC emissions from paints and coatings is driving the demand for water-based epoxy resin systems in industries such as construction, automotive and marine. Another major trend is the development of powder epoxy coatings which do not contain solvents. They are durable, have lower curing temperatures and do not produce hazardous fumes. Thus, they are increasingly used in applications such as automotive and home appliances where low VOC emissions and high performance are crucial.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the epoxy resins paints market is low due to high capital investments required to build manufacturing facilities and establish distribution channels. However, new entrants can come up with innovative products to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of alternatives in the market. However, growing construction and infrastructure development activities globally increases the demand for epoxy resins paints.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials for epoxy resins paints are commodity chemicals available from multiple global suppliers. Suppliers face pressure on pricing from buyers.
Threat of new substitutes: The threat of substitutes is moderate as alternatives like acrylic, alkyd, and polyurethane exist. However, epoxy resins have superior properties that reduce the threat from substitutes.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering comparable products. Players focus on product innovation, quality, and expanding production capacities.
Key Takeaways
The Global Epoxy Resins Paints Market Size is expected to witness high growth on account of rising construction activities globally. The Asia Pacific region dominates the market and is expected to continue its lead over the forecast period supported by increasing building & construction activities in China, India, Indonesia, and other developing countries.
Regional analysis
The Asia Pacific accounts for over 40% share of the global epoxy resins paints market led by China, India, Japan, and Southeast Asian countries. Growing population, improving economic conditions, and government initiatives to develop infrastructure are fueling the growth of the construction industry in the region.
Key players
Key players operating in the epoxy resins paints market are 3M,,Aditya Birla Management Corp. Pvt. Ltd.,,Atul Ltd.,,BASF SE,,Solvay,,Huntsman International LLC,,Kukdo Chemical Co., Ltd.,,Olin Corporation,,Sika AG,,Nan Ya Plastics Corp.,,Jiangsu Sanmu Group Co., Ltd.,,Jubail Chemical Industries LLC,,China Petrochemical & Chemical Corporation (SINOPEC),,Hexion,,Kolon Industries, Inc.,,Techstorm,,Nagase & Co., Ltd.
