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The global Epoxy Resins Paints Market Growth Accelerated by Strong Demand from the Construction Industry

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Sumedha
The global Epoxy Resins Paints Market Growth Accelerated by Strong Demand from the Construction Industry

Epoxy resins paints are thermosetting polymers produced by reacting epichlorohydrin with bisphenol A. They exhibit superior adhesion, chemical and heat resistance, anti-corrosion properties, and strength. They are increasingly being used in automotive OEM coatings, automotive refinish coatings, heavy-duty equipment coatings, building & construction coatings, and general industrial coatings. The global Epoxy Resins Paints Market is estimated to be valued at US$ 12.84 billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Opportunity:

Innovations In Paints Applications

Emerging innovations in paints applications in various end-use industries represent a major market opportunity. Epoxy resins are now being used as coatings on printed circuit boards, components of fiber reinforced plastics, and floor coatings due to their high strength, adhesion, and chemical resistance. Moreover, they are gaining increasing acceptance as adhesives in automotive and transportation industries owing to their ability to withstand exposure to solvents, moisture, and impacts. The growing demand from these applications is expected to drive the epoxy resins paints market substantially over the forecast period.


Porter’s Analysis


Threat of new entrants: Paint industry has high switching costs for buyers. Established brands have strong brand loyalty which makes it difficult for new players to enter.


Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of substitute products. However, epoxy resins paints provide better value which attract more customers.


Bargaining power of suppliers: Major manufacturers forward integrate to produce raw materials giving them control over supplies. This reduces supplier bargaining power.


Threat of new substitutes: Substitutes like polyurethane and acrylic paints exist but epoxy resins paints have superior properties which make them difficult to replace.


Competitive rivalry: The market has several global and local players leading to high competition. Players differentiate through product innovation, quality, and brand value.


SWOT Analysis

Strength: Epoxy resins paints have high durability, chemical & moisture resistance. They bonding strength makes them suitable for industrial applications.

Weakness: Epoxy resins paints have an offensive odor during curing. They also have a learning curve for application.

Opportunity: Growing infrastructure and construction industries drive demand. Increasing application scope in automotive and transport sector offers new opportunities.

Threats: Stringent environmental regulations around VOCs. Substitute products if developed with better properties.


Key Takeaways


The Global Epoxy Resins Paints Market Size is expected to witness high growth over the forecast period. The market was valued at US$ 12.84 Bn in 2023 and is projected to reach US$ 22.43 Bn by 2030, registering a CAGR of 7.3% during the forecast period.


Regional analysis

The Asia Pacific region currently dominates the market with a share of over 35% in 2023 due to growing construction and infrastructure development activities in major economies like China and India. The region is expected to continue its dominance over the forecast period as well due to rapid urbanization and industrialization.


Key players

Key players operating in the epoxy resins paints market are 3M, Aditya Birla Management Corp. Pvt. Ltd., Atul Ltd., BASF SE, Solvay, Huntsman International LLC, Kukdo Chemical Co., Ltd., Olin Corporation, Sika AG, Nan Ya Plastics Corp., Jiangsu Sanmu Group Co., Ltd., Jubail Chemical Industries LLC, China Petrochemical & Chemical Corporation (SINOPEC), Hexion, Kolon Industries, Inc., Techstorm, Nagase & Co., Ltd.


Get More Insights Here

https://www.trendingwebwire.com/epoxy-resins-paints-market-size-share-growth-outlook-2023/


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