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Epoxy Surface Coatings Market size is poised to amass remarkable revenue gains from 2023 to 2032 on account of the rising number of building and construction activities worldwide.
Epoxy surface coatings are widely used for sealing pipelines and warehouse floors. With mounting construction activities across the developed and developing economies, the demand for surface coatings is expected to rise. Moreover, to the rapid rate of urbanization has pushed several governments to launch supportive schemes and funds to boost construction and infrastructure development. For instance, under the National Infrastructure Pipeline (NIP), India plans to invest USD 1.4 trillion in infrastructure with 17% on urban infrastructure, 18% on roads and highways, 12% on railways, and 24% on renewable energy.
The advent of green infrastructure is accelerating the utilization of epoxy flooring since it is eco-friendly. The rise in green buildings and sustainable infrastructure will also propel the demand for recyclable materials in infrastructure activities to reduce the overall carbon footprint, thereby favoring the epoxy surface coatings market outlook.
The emergence of the COVID-19 pandemic had moderate impact on the epoxy surface coatings industry outlook. Due to stringent lockdowns and social distancing norms, businesses across the world were forced to cease operations. Several automobile manufacturers temporarily stopped production, while construction activities were delayed for preventing the spread of the virus, negatively influencing the product demand. However, extensive research on superhydrophobic nanocomposites and their ability to curb the spread of infection introduced new opportunities for the manufacturers of epoxy surface coatings.
The epoxy surface coatings market revenue from the automotive sector is anticipated to rise notably through 2032. The growth can be credited to the mounting demand for coatings across auto-repair shops as they offer excellent strength and the ability to withstand heavy loads. Epoxy coatings are applied to the vehicle bodies due to their anti-corrosion properties and protection from UL light damages. These coatings are cost-effective, stain resistant, and ensure hassle-free maintenance. With the surging demand for modern automobiles, the automotive applications for epoxy surface coatings will increase substantially.
Asia Pacific epoxy surface coatings market is poised to record significant expansion from 2023-2032 led by the booming automotive and construction sectors. The region is home to countries, such as India and China with the world’s largest populations, driving the need for adequate infrastructure. Moreover, the expanding automotive industry in these countries will offer lucrative scope for the adoption of epoxy surface coatings in APAC.
Epoxy surface coatings market key players includes Axalta Coating Systems, Sherwin-Williams Company, The Valspar Corporation (Sherwin-Williams), PPG Industries, RPM International, Sika AG, BASF, Kansai Nerolac (Kansai Paint), Henkel, and Akzo Nobel, among others. These companies are focusing on new deals, mergers, and acquisitions to expand their business footprint.
The outbreak of the Russia-Ukraine war is predicted to have notable impact on the epoxy surface coatings industry due to the soaring costs of oil and energy, hampering the paint and raw material prices. The skyrocketing costs associated with crude oil as a result of sanctions imposed on Russia and inflation have significantly disrupted solvent-based epoxy production, subsequently .