GITNUX MARKETDATA REPORT 2024

Epoxy Coatings Industry Statistics

The epoxy coatings industry is expected to experience steady growth due to increasing demand in construction, automotive, and industrial sectors.

Highlights: Epoxy Coatings Industry Statistics

  • The global epoxy coatings market size was valued at USD 31.64 billion in 2020.
  • The market is expected to expand at a compound annual growth rate (CAGR) of 3.0% from 2021 to 2028.
  • Epoxy coatings have a penetration rate of 46.5% in Asia Pacific in 2020.
  • APAC is the largest and fastest growing market for epoxy coatings, accounting for more than 60% of the total demand.
  • The durability of epoxy coatings makes them the preferred choice, leading to 38.7% of market share in 2020.
  • Global market for epoxy coatings in 2019 was estimated at US$24.7 billion.
  • The epoxy coatings market size is projected to reach USD 41.2 billion by 2024, at a CAGR of 5.2% between 2019 and 2024.
  • China led the global epoxy coatings industry and accounted for the largest revenue share in 2020.
  • Powder-based epoxy coatings are projected to show a significant growth rate over the next seven years.
  • The building and construction end-use industry segment dominated the epoxy coatings market in 2020, accounting for the largest share.
  • The market in North America is expected to exhibit a CAGR of 2.6% over the forecast period.
  • Over the past year, raw material costs for epoxy coatings have increased by about 20-30%.
  • The high cost of epoxy resins is a major challenge for the industry.
  • The marine industry constituted around 25.5% share of the global epoxy coatings market in 2020.
  • The solvent-free segment was the largest product type segment in 2020, accounting for over half of the total market share.
  • Epoxy coatings market in the industrial sector is expected to see a 7.2% growth by 2028.
  • Epoxy coatings are projected to reach a revised market size of US$39.3 billion by 2026.

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As a key player in the construction and manufacturing industries, epoxy coatings play a significant role in enhancing the durability and aesthetic appeal of various surfaces. In this blog post, we will delve into the latest statistics and trends shaping the epoxy coatings industry. From market size and growth projections to key drivers and challenges, we will provide valuable insights into this dynamic sector. Join us as we explore the essential statistics that are shaping the future of the epoxy coatings industry.

The Latest Epoxy Coatings Industry Statistics Explained

The global epoxy coatings market size was valued at USD 31.64 billion in 2020.

The statistic indicates that the total market value of epoxy coatings worldwide was approximately USD 31.64 billion in the year 2020. Epoxy coatings are commonly used in various industries such as construction, automotive, and electronics due to their durability, high-performance characteristics, and ability to protect surfaces from corrosion and abrasion. This market size figure reflects the significant demand for these coatings in the global market and suggests a strong presence of epoxy coatings in different sectors. The value of the market also highlights the substantial revenue potential for businesses involved in the production and distribution of epoxy coatings.

The market is expected to expand at a compound annual growth rate (CAGR) of 3.0% from 2021 to 2028.

This statistic suggests that the market is projected to increase in size consistently over the period of 2021 to 2028, with an anticipated compound annual growth rate (CAGR) of 3.0%. The CAGR indicates the year-over-year growth rate of the market, taking into account the compounding effect of growth over time. In this context, a 3.0% CAGR implies that the market is expected to grow by an average of 3.0% every year during the specified period. This information can help stakeholders understand the pace and trajectory of market expansion, aiding in decision-making processes related to investments, marketing strategies, and overall business planning.

Epoxy coatings have a penetration rate of 46.5% in Asia Pacific in 2020.

The statistic ‘Epoxy coatings have a penetration rate of 46.5% in Asia Pacific in 2020’ indicates that epoxy coatings, a type of protective coating used in various industries, were present in 46.5% of the total market in the Asia Pacific region in 2020. This suggests that nearly half of all coatings used in the region were epoxy-based, reflecting a significant market share. The penetration rate signifies the level of adoption or market share of epoxy coatings compared to other types of coatings in the Asia Pacific region during that specific year, highlighting the popularity and usage of epoxy coatings in the region’s industries.

APAC is the largest and fastest growing market for epoxy coatings, accounting for more than 60% of the total demand.

This statistic indicates that the Asia-Pacific (APAC) region is the primary driver of demand for epoxy coatings, both in terms of market size and growth rate. With APAC accounting for over 60% of the total demand for epoxy coatings, it is evident that this region plays a significant role in driving the market forward. The dominance of APAC in the epoxy coatings market suggests a strong demand for these products in industries such as construction, automotive, and electronics, reflecting the region’s economic growth and infrastructure development. This statistic underscores the importance of the APAC region in the global epoxy coatings industry and highlights its potential for further expansion and opportunities in the future.

The durability of epoxy coatings makes them the preferred choice, leading to 38.7% of market share in 2020.

The statistic indicates that epoxy coatings are highly preferred due to their durability, which has resulted in them capturing 38.7% of the market share in 2020. This suggests that epoxy coatings have established themselves as a popular choice among consumers and businesses, likely due to their long-lasting and protective qualities compared to other types of coatings. The significant market share indicates that epoxy coatings are at the forefront of the industry, demonstrating a strong demand and trust from customers seeking durable and reliable coating solutions.

Global market for epoxy coatings in 2019 was estimated at US$24.7 billion.

The statistic that the global market for epoxy coatings in 2019 was estimated at US$24.7 billion indicates the total value of sales generated by the epoxy coatings industry worldwide during that year. Epoxy coatings are widely used in various industries including construction, automotive, aerospace, marine, and electronics due to their durable and versatile properties. The significant market size of US$24.7 billion highlights the widespread adoption and demand for epoxy coatings in different sectors, reflecting their essential role in protecting surfaces, enhancing aesthetics, and providing corrosion resistance. This statistic underscores the economic significance and growth potential of the epoxy coatings market on a global scale.

The epoxy coatings market size is projected to reach USD 41.2 billion by 2024, at a CAGR of 5.2% between 2019 and 2024.

The statistic suggests that the epoxy coatings market is expected to experience significant growth over the next few years, with a projected market size of USD 41.2 billion by 2024. This growth is anticipated to be driven by a compound annual growth rate (CAGR) of 5.2% between 2019 and 2024, indicating a steady increase in demand for epoxy coatings over the forecast period. Factors such as growing industrialization, increasing construction activities, and a rising emphasis on sustainable and durable coatings are likely to contribute to the expansion of the market. This statistic highlights the potential for substantial opportunities and market expansion within the epoxy coatings industry in the coming years.

China led the global epoxy coatings industry and accounted for the largest revenue share in 2020.

The statistic signifies that in 2020, China held the dominant position in the global epoxy coatings industry in terms of revenue generation. This indicates that China’s market share and sales in the epoxy coatings sector surpassed that of any other country worldwide. The leading position suggests that China’s epoxy coatings industry was likely the most significant player in the market, potentially due to factors such as production capacity, competitiveness, innovation, or demand. This statistic highlights China’s strong presence and influence in the global epoxy coatings market, positioning the country as a key player in driving the industry’s growth and shaping its trends in 2020.

Powder-based epoxy coatings are projected to show a significant growth rate over the next seven years.

The statistic that powder-based epoxy coatings are projected to show a significant growth rate over the next seven years suggests that there is a strong positive trend expected in the market for these types of coatings. This prediction indicates that there is increasing demand for powder-based epoxy coatings, likely driven by factors such as their durability, environmental benefits, and versatility in application. The projected growth rate implies that the market for powder-based epoxy coatings is expected to expand rapidly, presenting potential opportunities for businesses involved in their manufacturing, distribution, or application. This statistic serves as an important indicator for businesses and investors looking to capitalize on the growing market trend for powder-based epoxy coatings in the foreseeable future.

The building and construction end-use industry segment dominated the epoxy coatings market in 2020, accounting for the largest share.

In 2020, the epoxy coatings market was highly influenced by the building and construction end-use industry segment, which emerged as a dominant force by capturing the largest share of the market. This statistic indicates that a significant portion of the demand for epoxy coatings came from the building and construction sector, most likely due to the widespread use of these coatings in construction applications for protecting and enhancing the durability of various surfaces. The dominance of this industry segment underscores its pivotal role in driving the growth and demand for epoxy coatings in the market during the specified period.

The market in North America is expected to exhibit a CAGR of 2.6% over the forecast period.

The statistic indicates that the market in North America is projected to experience a Compound Annual Growth Rate (CAGR) of 2.6% throughout the designated forecast period, typically over several years. This growth rate signifies the anticipated annual expansion of the market size, suggesting a moderate but steady increase in market value in the North American region. The CAGR serves as a useful metric for understanding the overall trend of market growth, providing insights into the potential financial performance and market opportunities in the region over the specified duration.

Over the past year, raw material costs for epoxy coatings have increased by about 20-30%.

The statistic highlights that the raw material costs for epoxy coatings have risen significantly in the past year, with an approximate increase ranging from 20% to 30%. This substantial increase indicates a notable impact on the production and overall costs involved in manufacturing epoxy coatings. Such a surge in raw material costs may be influenced by various factors such as changes in supply and demand dynamics, fluctuations in global commodity prices, or disruptions in the supply chain. As a result, businesses operating in the epoxy coatings industry may face challenges in managing their production costs, pricing strategies, and overall profitability as they navigate the implications of this cost escalation.

The high cost of epoxy resins is a major challenge for the industry.

This statement refers to the significant financial obstacle that the industry faces due to the expensive nature of epoxy resins. Epoxy resins are commonly used in various industrial applications such as adhesives, coatings, and composites due to their desirable properties like strength, durability, and chemical resistance. However, their high cost can pose a challenge for businesses within the industry, impacting their production costs and overall profitability. Finding cost-effective alternatives or ways to reduce the expenses associated with epoxy resins can be crucial for the industry to remain competitive and sustainable in the market.

The marine industry constituted around 25.5% share of the global epoxy coatings market in 2020.

The statistic implies that in 2020, the marine industry accounted for approximately a quarter (25.5%) of the total global market share for epoxy coatings. Epoxy coatings are a type of protective paint widely used in various industries to provide corrosion resistance and durability. The fact that such a significant portion of the global market share is attributed to the marine industry highlights the importance of epoxy coatings in protecting marine vessels and infrastructure, such as ships, offshore platforms, and pipelines. This statistic suggests that the demand for epoxy coatings within the marine sector is substantial, driving growth and innovation in the industry to meet the specific requirements of maritime applications.

The solvent-free segment was the largest product type segment in 2020, accounting for over half of the total market share.

The statistical statement indicates that in 2020, the solvent-free segment was the most significant product type within a specific market, comprising more than half of the overall market share in terms of sales, revenue, or volume. This suggests that solvent-free products were the preferred choice among consumers or businesses during that time period. The dominance of the solvent-free segment signals a major trend in the market, potentially driven by factors such as increasing awareness of environmental concerns, health considerations, regulatory requirements, or technological advancements. Companies operating in this market may need to take note of this trend and adapt their strategies to capitalize on the demand for solvent-free products.

Epoxy coatings market in the industrial sector is expected to see a 7.2% growth by 2028.

The statistic indicates that the epoxy coatings market within the industrial sector is projected to experience a growth rate of 7.2% by the year 2028. This growth rate suggests an increasing demand for epoxy coatings within industries for applications such as corrosion protection, durability enhancement, and aesthetic improvement. Factors contributing to this growth could include the rising awareness about the benefits of epoxy coatings, technological advancements leading to improved product performance, and an expanding industrial sector overall. This statistic highlights a positive trend in the market and signals potential opportunities for businesses operating in the epoxy coatings industry to capitalize on the anticipated growth in the industrial sector.

Epoxy coatings are projected to reach a revised market size of US$39.3 billion by 2026.

The statistic “Epoxy coatings are projected to reach a revised market size of US$39.3 billion by 2026” indicates that the market for epoxy coatings, a type of protective and decorative coating, is expected to expand significantly in the coming years. This projection signifies anticipated growth in the demand for epoxy coatings due to factors such as increasing construction activities, infrastructure development, industrial applications, and the rising trend towards eco-friendly and durable coatings in various sectors. The forecasted market size of US$39.3 billion serves as a benchmark for the estimated total value of epoxy coatings that are projected to be sold or utilized globally by the year 2026, signaling substantial opportunities and growth potential in the epoxy coatings industry.

Conclusion

Understanding the epoxy coatings industry statistics provides valuable insights into market trends, consumer preferences, and future opportunities for growth. By analyzing the data and staying informed about the latest advancements in the industry, businesses can make informed decisions to stay competitive and drive success in this dynamic market.

References

0. – https://www.www.pcimag.com

1. – https://www.www.marketsandmarkets.com

2. – https://www.www.grandviewresearch.com

3. – https://www.www.globenewswire.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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