Epoxy Powder Coatings Market - Forecast(2023 - 2028)

Epoxy Powder Coatings Market Overview

Epoxy Powder Coatings Market size is forecast to reach US$5.2 billion by 2026 and is growing at a CAGR of 3.4% during 2021-2026. Epoxy powder coating is called as thermoset polymer coating. It is durable, chemically resistant, flexible, and it adheres well. Epoxy resins are thermosetting polymers that include more than one three-membered ring, called as an epoxide. Epoxy Powder-Coated Insulation has a high dielectric insulation strength and is resistant to environmental factors. Epoxy coatings are a popular protective coating in the automotive industry. Bisphenol Aliquid epoxy resins are being used in coatings, adhesives, electrical insulating materials, and others. It is also used in reactive intermediates. Due to the use of Epoxy powder coating in various industries, the Epoxy Powder Coatings Market is going to grow in the forecast period.

COVID-19 Impact

Due to the COVID-19 pandemic, the Epoxy Powder Coatings Market was highly impacted. Most of the manufacturing plants of Epoxy Powder Coatingswere shut down, which declined the production of Epoxy Powder Coatings. Also, due to supply chain disruptions such as raw material delays or non-arrival, disrupted financial flows, and rising absenteeism among production line staff, OEMs have been forced to function at zero or partial capacity, resulting in lower demand and consumption for Epoxy Powder Coatings. However, with gradual lockdown relaxations, manufacturers started operating with a minimum workforce abiding by necessary covid-19 norms. The Architectural and Industrial coating works gradually started across the globe. The Epoxy Powder Coatings Market is expected to overcome the small economic disruption and further grow in the forecast period. 

Report Coverage

The report: “Epoxy Powder Coatings Market – Forecast(2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Epoxy Powder Coatings Market.

By Coatings Type: Fusion Bonded Epoxy Coating, Spray Grade Fusion Boded Epoxy, Others.

By End Use Industry: Automotive, Building and Construction, Industrial, Aerospace and Defence, Marine, Electrical and Electronics, Oil and Gas, and Others.

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).

Key Takeaways

• Asia Pacific dominates the Epoxy Powder Coatings Market, owing to the increasing demand of Automotive in the region.
• Manufacturers are witnessing huge demand for Epoxy powder-coated consumer products due to increasing awareness in customers about the adverse effects of lead paint and the benefits of Epoxy powder coatings. Thus the latest consumer trends will further boost the demand for Epoxy powder coatings.
• Furniture industry is especially gaining attraction as informed consumers look to buy furniture products with enhanced Epoxy powder coating that ensures safety and prolongs product lifecycles.
• Powder coatings are also used extensively in the automotive industry. They're applied on wheels that are UV-resistant and scratch-resistant. Powder chemistries used in the automotive sector include polyesters, acrylics, super durables, and urethanes. Hence the growing use of Epoxy powder coatings is going to boost the Epoxy Powder Coatings Market.

Figure: Asia Pacific Epoxy Powder Coatings Market Revenue, 2020-2026 (US$ Billion)

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Epoxy Powder Coatings Market Segment Analysis – By Coating Type

The Fusion Bonded Epoxy Coating segment held the largest share in the Epoxy Powder Coatings Market in 2020 and is growing at a CAGR of 3.6% during 2021-2026. Fusion-bond epoxy powder coating, also known as FBE coating, is an epoxy-based powder coating that is frequently used to protect steel tubing from corrosion. It is also utilized to protect reinforcing bars and a variety of piping connectors, valves, and other components. Thermoset polymer coatings are FBE coatings. In the paint and coating industry, they are classified as protective coatings. Under normal storage circumstances, the resin and hardener components in the dry powder FBE stock remain unredacted. The components of the powder melt and turn into a liquid form at common coating application temperatures, which are usually in the range of 180 to 250 °C. The liquid FBE film wets and flows onto the steel surface is applied to, and chemical cross-linking, aided by heat, quickly turns into a solid coating. Fusion bonding is the term for this procedure. In this instance, the chemical cross-linking reaction is irreversible. Hence due to the better performance feature of Fusion Bonded Epoxy, it is going to boost the Epoxy Powder Coatings Market in the forecast period

Epoxy Powder Coatings Market Segment Analysis – By End Use Industry

The Automotive segment held the largest share in the Epoxy Powder Coatings Market in 2020 and is growing at a CAGR of 5.3% during 2021-2026. Epoxy resins have been employed in the automotive industry because of their protective covering properties. Mechanical strength, metal adhesion, and heat resistance are among their chemical qualities. These qualities make it easier to prevent automotive bodywork against corrosion and other hazards, potentially doubling a car's lifespan. Flooring with Epoxy powder coating is an important display component that must be both attractive and useful. Epoxy flooring solutions are seamless and adaptable, resulting in gleaming high-gloss finishes. Epoxy resin coatings also give designers the freedom to personalize their look by including branding, logos, and art to obtain their perfect look. It’s the ideal platform for displaying gleaming new autos. Epoxy flooring can withstand a lot of weight. It resists chipping, cracking, and damage from stationary or mobile machines, humans, and automobiles. It's also resistant to impact, heat, fire, and chemicals.77,621,582 total vehicles were produced in 2020 in the world according to OICA (International Organization of Motor Vehicle Manufacturers). Hence due to the various uses of Epoxy powder coating in the Automotive Industry, it is going to boost the Epoxy Powder Coating Market in the forecast period.

Epoxy Powder Coatings Market Segment Analysis – By Geography

Asia Pacific region held the largest share in the Epoxy Powder Coatings Market in 2020 up to 43%. According to OICA, 25,225,242 total vehicles were produced in Cina which is the highest vehicle producing country in 2020. 3,394,446 vehicles were produced in India in 2020.8,067,557number of vehicles were produced in Japan in 2020. The US automotive industry is also massive. The Automotive Industry in the United States is the world’s second-largest number of vehicles produced around the globe. According to OICA (International Organization of United Motor Vehicle Manufacturers), 8,822,399 vehicles were produced in the USA in 2020. Automobiles is a technology that has liberated people all around the world. People can now live, work, and play in ways that would have been unthinkable a century ago. Hence the growth of the Automotive Industry around the world is going to boost the Epoxy Powder Coating Market in the forecast period.

Epoxy Powder Coatings Market Drivers

Growing Industrial use of Epoxy Powder Coating around the world:

Epoxy Powder Coating is widely used to protect industrial piping against corrosion. It’s more robust, and it can help metals work at temperatures ranging from -100° to 230°F. This is made feasible in part by the epoxy coating’s unique application procedure, which involves pre-heating the surface before applying the coating and curing it. Fusion bonding is used to create this sophisticated powder coating. The use of industrial epoxy as an adhesive is one of the most common applications. When a resin and a hardener are mixed together, epoxy is formed. A curing process is created by combining these substances. Varying Epoxy powder coating measurements produce different strengths, which can be employed for various purposes. Due to the demand for Industrial Epoxy as adhesives in many industries, the Epoxy Powder Coatings Market is going to be boosted in the forecast period. 

Rising use of Epoxy Powder Coating in Building and Construction globally :

Adhesives, polymers, acrylics, varnishes, primers and sealants, carpeting, and other building and construction applications and materials use epoxy resins. Epoxies make up the majority of "structural" or "engineering" adhesives. These high-performance adhesives are utilized in the production of laminated woods for decks, walls, roofing, and other building applications, as well as other goods that require strong connections to a range of substrates, such as concrete or wood. Epoxy powder coatings are heat and chemical resistant and can be applied on wood, metal, glass, stone, and some polymers. Epoxy coatings that are powder-based dry rapidly and provide a durable, protective finish. Their low volatility and water clean-up make them ideal for manufacturing cast iron, steel, and aluminum applications, posing significantly less risk of exposure or flammability than organic solvent-based alternatives. According to CIC (Central Information Commission), the global construction industry was expected to reach US$1 Trillion in 2020. Hence due to the rising construction industry globally, the Epoxy Powder Coating Market is also going to grow in the forecast period.

Epoxy Powder Coatings Market Challenges

Inability to withstand unfavorable environmental conditions:

One downside of epoxy powder coats is their inability to withstand the elements. When exposed to the elements, they might chalk and fade in the sun. Under unfavorable weather conditions, they tend to decay after a few months. They are, on the other hand, well-suited to indoor applications. Many primers are epoxy-based, which means they're resistant to corrosion and have high adhesive strength. They are used as a precoat underneath other paint kinds since they do not perform well when exposed to the sun. This simultaneously hides its flaws while maximizing its strengths.

Epoxy Powder Coatings Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Epoxy Powder Coatings Market. Epoxy Powder Coatings Market top companies include:

1. PPG Industries.Inc
2. Akzo Nobel
3. Sherwin Williams Company
4. Axalta Coating Systems
5. Berger Paints India Ltd
6. Diamond Vogel
7. Durolac Paints, Inc
8. Hempel
9. SolEpoxy, Inc.
10. 3M

Acquisitions/Technology Launches

• In 2019, Kansai Nerolac Paints Acquired Perma Construction Aids Private Ltd. Perma Construction Aids’ product range encompasses water-proofing, adhesives, epoxy and admixtures as the acquisition will increase its product offerings in the construction chemicals business. 

Relevant Reports:

Powder Coatings Market - Forecast(2021 - 2026)
Report Code: CMR 0113

Industrial Coatings Market - Forecast(2021 - 2026)
Report Code: CMR 0110

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