Epoxy Resins Paints Market Is Estimated To Witness High Growth Owing To Opportunity In Construction Industry
Epoxy resins paints are protective and durable coatings used on various surfaces like wood, concrete and metals. They provide excellent adhesion, chemical and heat resistance along with waterproofing. Epoxy paints are predominantly used in construction industry for flooring, wall coatings, equipment lining etc. given their high strength and long lasting nature.
The global Epoxy Resins Paints Market is estimated to be valued at Us$ 12.84 Bn in 2023 and is expected to exhibit a CAGR Of 8.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in construction industry is expected to fuel the demand for epoxy resins paints during forecast period. Rapid infrastructure development and rising construction activities across both commercial and residential sector are translating to increased consumption of protective and durable coatings. Epoxy resins being ideal for flooring, wall coatings find widespread applications in various construction projects. Further, growing repairs and remodeling activities also contribute to the market growth. Epoxy resins paints protect building structures from weathering, chemicals, moisture and ensure longer life of assets. Thus, the significant infrastructure investments and construction boom particularly in developing countries present lucrative scope for epoxy resins paints market during 2023-30.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the epoxy resins paints market requires high capital investment for manufacturing facilities and R&D. Brand loyalty and established distribution channels also act as a barrier.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitute products. Buyers can switch to alternative products like polyurethane, acrylic or alkyd paints based on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials for epoxy resins like epichlorohydrin are produced by few manufacturers globally.
Threat of new substitutes: The threat of substitutes is high as alternative resin technologies like polyurethane offer properties similar to epoxy at competitive prices.
Competitive rivalry: The competitive rivalry is high owing to presence of numerous global and regional players offering differentiated products.
SWOT Analysis
Strength: Epoxy resins provide excellent adhesion, chemical and heat resistance. Growing infrastructure and construction sectors boost demand.
Weakness: Epoxy resins paints have lower flexibility and higher toxicity compared to alternatives. Regulations on VOCs emissions pose challenges.
Opportunity: Increasing usage in protective coatings for floors, machinery and automotive refinishing segments present opportunities.
Threats: Volatility in raw material prices and stringent environmental norms in developed markets restrict growth.
Key Takeaways
The Global Epoxy Resins Paints Market Size is expected to witness high growth during the forecast period of 2023 to 2030.
Regional Analysis:
The Asia Pacific region dominates the market holding over 40% share owing to presence of major construction markets like China and India. Infrastructure development and growth in automotive production in China, India and Southeast Asian countries will boost demand in the region.
Key players operating in the epoxy resins paints market are Merck KGaA, Solvay, DAIKIN INDUSTRIES, Ltd., Navin Fluorine International Limited, Gujarat Fluorochemicals Limited, Otto Chemie Pvt Ltd, Regal Remedies Limited, and Rational Labs Private Limited. These players are focused on new product development, expansion in emerging markets and strategic acquisitions to strengthen their positions.
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