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Jan 16, 2020 5:22 AM ET

Epoxy Primer Market is Forecast to Grow at CAGR of 5.2% During 2020-2025

iCrowd Newswire - Jan 16, 2020

Epoxy Primer Market is forecast to reach $11.5 billion by 2025, after growing at a CAGR of 5.2% during 2020-2025. Epoxy primer coatings help to keep the material waterproof while preventing it from being rusted. It has water resistant and corrosion inhibiting capabilities. The growing demand for epoxy primer in different applications and the growing awareness to reduce the loss caused by corrosion are expected to drive the epoxy market growth. The booming automotive sector has resulted in an enriched & cumulative paint & coatings need, thus further increasing the market size of the epoxy primer.
Key Takeaways
  • The market is driven primarily by increased demand for epoxy primers in several applications and increased awareness of corrosion-related loss.
  • Various players are developing strategies to mark the industry’s presence. For instance, a coating application company, Crown Group, was purchased by PPG Industries. The investment seeks to better serve North America’s customers.
  • PPG Industries has spent approximately USD 49 million on launching a brand new commercial operation and manufacturing facilities for paints & coatings in Russia’s Lipetsk region. Growth lets it better serve existing customers in Russia and Eastern Europe and enhances its European and Middle East & Africa (EMEA) presence.
Substrate- Segment Analysis
During the forecast period, the metal segment is expected to lead the global epoxy primer market. In various applications such as automotive, marine, aviation, energy infrastructural structures, and oil & gas, epoxy primers are commonly used on metal substrates.Throughout automotive and marine applications, these primers form a significant base, providing excellent adhesion and resistance to corrosion and chemicals. Their application also helps to reduce long-term maintenance costs.
Technology – Segment Analysis
During the forecast period, solvent-borne technology is expected to lead the market for epoxy primers. For a wide variety of substrates, epoxy primers developed using solvent-borne technology provide superior features such as less curing time, excellent adhesion, and corrosion, abrasion, and chemical resistance.
Application – Segment Analysis
The building & construction segment is expected to lead the market for epoxy primers. Epoxy primers are commonly used for flooring applications on concrete and masonry surfaces. In this process, metal substrates used for priming structures are also preferred. APAC is the largest market in building & construction applications for epoxy primers. Growth can be due to increased government investment in infrastructure growth in developing countries such as China, India, Malaysia, and others. In this region’s infrastructural developments result in a tremendous demand for coatings, boosting the epoxy primary market.
Geography- Segment Analysis
The APAC region represents the largest market share in 2019 up to 30%. This largest share is due to the massive demand for coatings from countries such as India, China, and other countries in Southeast Asia. An important factor expected to drive the region’s demand is also the growth of the automotive, manufacturing, marine, and industrial sectors.
Drivers –Epoxy Primer Market
  • Growing demand for paints and coatings.
New infrastructure projects, such as bridges and water treatment facilities along with the growth of commercial and industrial businesses are driving the demand for paints and coatings. The factor driving the demand for coatings is the growth in wind plants. Countries such as China, U.S, Germany, India and others are investing to increase the installed wind capacity. In 2016-2020, China invested more than $100 billion in wind power plants. Additionally, in 2018, China invested $12 billion in renewable energy generation (wind power electricity) in Europe and Australia. In the paints & coatings industry, epoxy primers are used in large quantities. Increasing demand for applications for paints and coatings also increases demand for epoxy primers.
Challenges – Epoxy Primer Market
  • Government regulations and fluctuating price of raw materials used in epoxy primers.
Solvent-borne technology produces pollution known to be harmful to the environment and poses a threat to human health. As a result, the government is introducing programs and regulations aimed at reducing the use of epoxy primers developed using solvent-borne technology which restricts market growth.
  • Fluctuating raw materials prices.
Increasing oil prices projected for coming years will lead to increased feedstock prices that will directly impact prices of all synthetic resins used in coating applications. The annual average oil price rose to $71.31 per barrel, from $54.19 per barrel in 2017.Resins, pigments, fillers, additives and solvents are the raw materials used to make coatings and paints. Resins are a major element for the production of paints and coatings. In the manufacture of epoxy primers, epoxy resins are used. High epoxy prices and other resins such as acrylic, alkyd and urethane will negatively affect the epoxy primer market.
Market Landscape
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the Epoxy Primer market. In 2019, the market of Epoxy Primer has been consolidated by the top five players accounting for xx% of the share. Major players in the Epoxy Primer Market are Axalta Coating Systems, Nippon Paint Holdings Company Limited, Jotun Group, Asian Paints Ltd, BASF SE, PPG Industries, Inc., Akzo Nobel N.V., Sherwin-Williams, Kansai Paints Company Limited, and 3M Company,among others.
Acquisitions/Technology Launches
  • In February 2019, PPG Industries introduced PPG SIGMAFAST 278 epoxy primer to the U.S. market. 
  • In May 2019, Hempel launched a new epoxy primer for heavy duty equipment and trucks – Hempaprime Shield 700 HS.
  • In June 2017, Axalta Coatings Systems announced the expansion to its Corlar 2.1 PR-P Epoxy Primer line with the introduction of FG-042 High Build Activator.

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Keywords:    Epoxy Primer Market, Epoxy Primer Market Forecast, Epoxy Primer Market Growth, Epoxy Primer Market Report, Epoxy Primer Market Research, Epoxy Primer Market Share, Epoxy Primer Market Size, Epoxy Primer Market Trend, Epoxy Primer Market Outlook

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