In 2020, the market for epoxy coatings was worth USD 34.55 billion. The market is anticipated to expand at a CAGR of 5.2% between 2021 and 2028, rising from USD 36.53 billion in 2021 to USD 52.13 billion in 2028. The impact of COVID-19 on the world has been unprecedented and astounding, and the pandemic has had a detrimental effect on demand for epoxy coating in every region. According to our data, the global market showed a 2.5% fall in 2020 compared to the average annual increase throughout the years of 2017 to 2019. When the pandemic is gone, this market’s demand and growth will resume to pre-pandemic levels, which explains the abrupt decrease in CAGR.
The World Paint & Coatings Industry Association reports that COVID-19 caused a 3% decrease in the global paints & coatings industry sales volume in 2020, to USD 167.6 billion. Although the overall trend in the paints and coatings business fluctuates, notable variances have formed in several market areas. Asia had the initial COVID-19 pandemic breakout and strict lockdown and detection efforts, which caused its market performance to fluctuate first downward and then upward and overall performance to be 1% worse than the previous year.
Continuous lockdown procedures have negatively impacted the production and commercial conditions of the factories in the Euro-American region due to the COVID-19 epidemic’s long-term recurrence and lack of effective control, leading to unequal results in the global performance.
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India’s urban population as a share of the country’s total population has been increasing throughout time. Due to a variety of factors, people from rural areas move to urban areas in search of better employment and training possibilities as well as better quality of life. By 2030, the World Economic Forum projects that 40% of Indians would live in cities.
The demand for housing, especially luxury homes, has increased across Indian communities as a result of the country’s growing urbanisation. Future demand for decorative paint will rise as a result of the rising desire for high-quality residences. The demand for architectural paints has increased in India as a result of rising middle-class income levels and rising revenues from protection coating applications during the previous ten years. The expansion of the epoxy coating market is fueled by shifting home remodelling trends and rising disposable income.
Epoxy coatings are resilient coatings that are used in a variety of settings. These coatings are well-liked because they give metals and other materials a quick-drying, strong, and protective coating. These coatings are quick and simple to apply, unlike conventional powder coatings, which makes them perfect for a number of applications.
When used in flooring applications, they create a long-lasting and resilient flooring solution. In a range of commercial and industrial settings, including commercial and retail establishments, manufacturing facilities, industrial facilities, hospitals, warehouses, showrooms, aeroplane hangars, and garages, they are used on concrete floors. They feature a glossy surface and are available in a range of hues and designs. Some of the decorative options when using an epoxy floor finish include terrazzo flooring, hardwood floors, and coloured floors. Epoxy floor coatings can be applied directly to new or old concrete floors and are a chemically resistant, cleanable flooring option.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa