Epoxy Coating Market Size, Share & Trends Analysis Report By Product (Solvent Borne Epoxy, Waterborne Epoxy, Solid Epoxy), By Application (Construction, Industrial, Transportation), By Region, And Segment Forecasts, 2024 - 2030

Epoxy Coating Market Size & Trends

The global epoxy coating market size was valued at USD 38.4 billion in 2023 and is projected to grow at a CAGR of 6.7% from 2024 to 2030. This growth is driven by the increasing demand for durable and chemical-resistant coatings in various industries, particularly in construction and automotive, which is a significant driver. In addition, the rise of urbanization, especially in regions such as Asia Pacific, is fueling the need for high-quality architectural coatings. The shift towards water-borne epoxy coatings, which are more environmentally friendly, also contributes to market expansion. Furthermore, significant investments in infrastructure development worldwide are expected to enhance market growth during the forecast period.

Epoxy coating is generally used for various applications due to its strength, lightweight nature & durability comprising automotive and transportation, construction and building, electronics, marine industries, aerospace, and other significant industrial uses. The main properties of an epoxy coating, such as resistance to corrosion, flexibility, super adhesion, protective coating, and quick drying used by several commercial and industrial end-uses for metals, floors, and other equipment, make it an ideal choice to adopt for better results for final products with giving and making it water, chemical solvent, and corrosion resistance. Moreover, evolving industrial activities and foreign investments are taking place for strategic establishments worldwide where epoxy coating is employed for washers, fittings, structural inserts, and steel pipes as a protecting layer, along with increasing sales of epoxy coatings and demand from many countries further create broader opportunities for manufacturers to develop and improve the quality of solid epoxy coatings as per the requirement of industrial end uses.

In addition, the emphasis on minimizing the VOC content of epoxy coatings and paints by stringent regulations imposed by governments of various nations further pushes the market demand. Besides, the increasing demand from the automotive sector for epoxy coating for its protective properties, mainly in underbody coatings, assures vehicles against corrosion and external damages from other materials. The electronics industry is also experiencing the growing demand for epoxy coatings in insulating components, driven by device miniaturization and the need for high-performance materials.

The rising infrastructural development and renovation activities in emerging economies, the necessity of efficient epoxy coatings, and the increasing trend of sustainable and environmentally friendly products fuel the demand for epoxy coatings. Furthermore, manufacturers focus on innovations such as low-VOC formulations and enhanced performance characteristics to fulfill environmental regulations and industry standards. They are innovating in terms of hybrid epoxy coatings, which offer enhanced UV resistance, faster curing times, and improved mechanical properties. The market is predicted to benefit from the rising interest in sustainability, with increasing adoption of eco-friendly coatings, quick processes, and better performance for more extended protection in industry uses, which are about to fuel the epoxy coating market.

Product Insights

Solid epoxy coatings dominated the market and accounted for the largest revenue share of 57.6% in 2023. These epoxies are broadly utilized for several end-use applications such as construction, industrial machinery, electronics, etc. It is valued for superior properties and strength, which takes comparatively less time to dry and is easy to use, chemical resistance, thermal stability, and protection in extreme conditions, making the final product with longer better performance. Moreover, these epoxy coatings are widely adopted for construction and buildings' steel structures, pipelines, and concrete floors, providing long-lasting protection against wear and corrosion. Apart from this, there is growing demand from the automotive industries for applications such as coatings for engine parts and frames. Moreover, with advancements in coating technologies, the prospects for solid epoxy coating have an upbeat growth track, driven by the rising need for more durable and efficient materials from various industries worldwide.

Waterborne epoxy coating is expected to grow at a CAGR of 8.1% over the forecast period. The waterborne epoxy coating market is fueled by rising demand for environment-friendly coatings across construction, automotive, and marine industries. Waterborne epoxy coatings are utilized for their low VOC emissions, superior adhesion properties, and resistance to chemicals and moisture, making them an ideal choice for flooring and protective coatings on steel structures. They offer long-term durability without the environmental impact of other solvent-based alternatives. Furthermore, manufacturers are focusing on developing performance such as hybrid waterborne coatings that align the advantage of water-based systems with the performance characteristics of traditional epoxy coatings. 

Application Insights

Construction applications led the market and accounted for the largest revenue share of 30.4% in 2023. The robust expansion of the construction sector on a large scale in both developing and developed countries results in a high demand for epoxy coating for commercial and residential infrastructural buildings. As epoxy coating offers several benefits, therefore it is increasingly adopted in construction and building end uses such as roofing, flooring, and wall finishing, and its significant properties of being chemical resistance and adhesion to substrates of concrete and metals are poised to widen crucial applications with the demand of epoxy coatings.

Industrial application is expected to grow at a CAR of 7.4% over the forecast period. The epoxy coating offers numerous benefits and applications for building and enveloping, such as enhanced energy efficiency, thermal conditions, UV light, improved durability, and increased protection. The increasing industrial manufacturing plants' demand with respect to its extensive use in various industrial applications such as marine, electronics, automotive, and aerospace influences the market for epoxy coatings in upcoming years.

Regional Insights

The North America epoxy coating market is expected to grow substantially over the forecast years. Rising construction, robust developments in the automotive sector, demand from the commercial and industrial sectors, and increasing customer awareness about the advantages of environment-friendly materials are augmented by the demand for epoxy coatings.

U.S. Epoxy Coating Market Trends

The epoxy coating market in the U.S. is expected to grow significantly as the region has a strong and well-established construction sector, the use of the epoxy coating in paint and coating segments, applications, and improved durability and superior qualities. Rising government emphasis on decreasing the content of VOCs in epoxy coatings is predicted to boost the market demand for epoxy coating.

Asia Pacific Epoxy Coating Market Trends

The epoxy coating market in Asia Pacific dominated the global market and accounted for the largest revenue share of 48.0% in 2023 driven by the increasing demand from construction & buildings, the automotive sector, transportation, and other industrial applications in China, Japan, and India.

China epoxy coating market dominated the Asia Pacific market and accounted for the largest revenue share in 2023. The construction, electronics & electrical manufacturing, and other industries have witnessed huge growth in the market. Furthermore, increasing construction and renovation activities in the region have resulted in demand for epoxy coatings.

The epoxy coating market in India is experiencing lucrative growth, fueled by robust urbanization, increasing disposable incomes, and the use of epoxy coatings as surface coatings in broad sectors. The rise in the transportation and automotive sectors will impact the demand for epoxy coating during the forecast period.

Europe Epoxy Coating Market Trends

Europe epoxy coating market is expected to witness lucrative growth over the projected years. This growth is attributed to rising investments in the paint, coatings, or automotive industries and improving manufacturing facilities.

The growth of the epoxy coating market in Germany is driven by the demand for durable, high-performance, chemical-resistant coatings and other significant properties in various automotive, construction, and aerospace applications.

Key Epoxy Coating Company Insights

Some of the key companies in the epoxy coating market include PPG Industries, Akzo Nobel N.V., Sherwin-Williams Company, Asian Paints, and Berger Paintsin the market focusing on the development & innovation of newer products with enhanced quality.

• PPG Industries is a manufacturer of paints, coatings, and specialty materials. The company caters to a wide range of industries, including automotive, aerospace, construction, and industrial manufacturing. It also offers innovative and high-performance products such as sealants, adhesives, coatings, and specialty chemicals.

• Asian Paints manufactures decorative and industrial coatings, offering diverse products including interior and exterior paints, waterproofing solutions, wood finishes, adhesives, and wall coverings. 

Recent Developments

• In May 2024, Sherwin-Williams packaging coatings expanded its non-BPA (non-bisphenol A) epoxy coatings production in Europe after a multi-year investment with the production of its value V70 coatings for beverage drink cans. Further, this plant will produce commercial batches of the valPure V70 series to market and distribute across Europe, the Middle East, Africa, and the Indian region.

• In February 2024, BASF Coatings partnered with INEOS Automotive for their program known as “Global Body and Paint Program” that involves meeting industry standards and using sustainable refinish solutions. This collaboration also supplements sustainable refinish solutions, proficiency, digital color-matching solutions, and training.

Epoxy Coating Market Report Scope

Global Epoxy Coating Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global epoxy coating market report based on product, application, and region. 

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Solvent Borne Epoxy

  • Waterborne Epoxy

  • Solid Epoxy

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Construction

  • Industrial

  • Transportation

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Latin America

    • Brazil

    • Argentina