The global epoxy surface coatings market is anticipated to gain remarkable momentum over 2021-2027, as a result of the mounting product applications for protecting and sealing pipelines and warehouse floors. Likewise, the burgeoning building and construction activities in countries including the U.S. due to the rapid technological advancements and improvements in construction techniques will amplify the demand for epoxy surface coating materials in the upcoming years.
Epoxy coating is a compound used to strengthen materials and protect them from decay and corrosion. Despite the high costs of epoxy as compared to other coating materials, its capability to deliver durable and superior corrosion resistance, flexibility, and adhesion to surfaces has resulted in its widespread usage as an ideal industrial finish.
Rapid urbanization and high investment in the construction sector in developing countries like India, is the major contributing factor to the epoxy surface coatings market trends. During April 2000-September 2020, the construction sector in the nation received FDI of $17.22 billion for infrastructure activities and $25.78 billion for construction development.
On the basis of end-user industry, the automotive segment is set to hold a considerable share over the forecast spell, on account of the escalating product adoption as an ideal coating in auto-repair shops due to its capability to withstand heavy load of commodities and goods. Several other epoxy surface coating benefits such as cost-effectiveness, hassle-free maintenance, and stain-resistant properties will further add impetus to the segmental expansion over the estimated timeframe.
From a regional perspective, the Asia Pacific is set to emerge as a prominent epoxy surface coatings market in years to come. This is attributable to the rapid advancements of the automotive surface treatment sector in countries like India to serve utilitarian and functional purposes, along with the anticipated recovery of the Indian auto industry in the post COVID world.
The global epoxy surface coatings industry share is bolstered by the presence of prominent companies such as Sherwin-Williams Company, Axalta Coating Systems, The Valspar Corporation (Sherwin-Williams), RPM International, PPG Industries, Sika AG, Kansai Nerolac (Kansai Paint), BASF, Henkel, and Akzo Nobel, among others. Strategic product launches are among the key efforts being undertaken by the industry players to gain a competitive edge over rivals in the global market.
For instance, in September 2020, PPG unveiled PPG Flooring coatings with a concrete epoxy primer & self-leveling epoxy basecoat to deliver optimum performance based on their specific work environment.
Meanwhile, Euclid Chemical launched two epoxy-based coatings namely Dural 50 LM FS and Dural Aquatight 100 Plus in December 2020, designed to combat water-related damage as well as ensure maximum protection and repair of concretes.
Growing Interest In Self-Cleaning Superhydrophobic Surfaces Amid COVID-19 & its impact on Epoxy Surface Coatings Market Trends:
The implementation of lockdown and other restrictions during the coronavirus pandemic has impacted every segment of life. There has been a steep economic decline due to the temporary closures of institutions and businesses to curb the spread of the virus. According to the WHO, the main concern is the tenacity of the virus to spread from droplets that directly land on a surface or via transmission by an infected person.
Research studies have been conducted with the objective to examine the potential of superhydrophobic surfaces in combating the spread of fomites infected by the virus strand. In order to acquire super-hydrophobicity on surfaces, a combination of surface texturing and chemical modifications is required. Superhydrophobic nanocomposites can be applied to develop a superhydrophobic coating, using polymers such as epoxy to coat the frequently touched and highly accessible surfaces. These increased epoxy surface coatings applications are thus likely to expand the scope of the overall industry share in the forthcoming years.