Epoxy Coating Global Market Report 2024: Expanding Building And Construction Industry To Propel Growth
Epoxy Coating Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, November 26, 2024 /EINPresswire.com/ -- The coating world is set to witness an impressive growth in the epoxy coating market size in the coming years. From $34.58 billion in 2023, the market is predicted to rise to $36.52 billion in 2024, marking a compound annual growth rate CAGR of 5.6%. The boost can be traced back to several factors, including the expansion of the automotive and marine industries, rising demand for industrial flooring, increase in oil and gas industry activities, as well as the flourishing electronics sector.
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What does the future have in store for the epoxy coating market size?
Following the strong performance in the recent years, the market size is projected to further rise to $45.60 billion in 2028, displaying a CAGR of 5.7%. Key factors that will influence this upward trend include growing demand for green and sustainable coatings, advancements in epoxy resins technology, increasingly stringent environmental regulations, rise in renewable energy projects, and spur in oil and gas exploration activities.
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What is driving the growth of the epoxy coating market?
A significant growth driver for the epoxy coating market is the expanding building and construction industry. Involved in a host of activities from planning and construction to renovation of infrastructure, including residential, commercial, and industrial projects, the industry's growth is fuelled by rising urbanization, increasing population, and escalating demand for infrastructure development and housing projects.
Complementing the growth of the building and construction industry, epoxy coatings are extensively used to enhance durability, corrosion resistance, and finish of surfaces such as floors, walls, and concrete structures. A prime example of this upward trend would be the Australian Bureau of Statistics' report on the building work carried out in June 2024, which saw an increase to $33,815.0 million, a significant leap from $32,443.2 million in June 2022.
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What developments are unfolding in the epoxy coating market?
Leading companies in the market are relentlessly working on innovative solutions such as textured epoxy coating technology to provide superior bond strength, damage tolerance, and corrosion resistance for a variety of concrete projects. An example would be the Sherwin-Williams Company which launched their transformative Sher-Bar TEC coating technology in April 2024. The innovative formula offers exceptional durability and chemical resistance, facilitating faster application and curing which provides long-lasting protection with minimal downtime.
How is the epoxy coating market segmented?
With a variety of technology, substrates, and applications associated, the epoxy market is broadly segmented as follows:
1 By Technology: Water-Based, Solvent-Based, Powder-Based, Other Technologies
2 By Substrate: Concrete, Wood, Metal, Other Substrates
3 By Application: Flooring, Countertops, Decks, Panels, Pipelines, Storage Tanks, Ballast Tanks, Containers, Packaging, Other Applications
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