DUBLIN, April 26, 2023 /PRNewswire/ — The “Epoxy Primer Market By Technology, By Substrate, By End-use, and By Region Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global epoxy primer market had a value of USD 9.95 billion in 2021 and is predicted to exhibit a revenue Compound Annual Growth Rate (CAGR) of 5.1% to 2030
The growth of the market can be attributed to several factors, including the increasing use of epoxy primer in aviation and aerospace, rising demand for it in the building and construction sector, and the growing awareness of the need to reduce losses caused by corrosion.
Epoxy primer is a sealer used to provide a smooth surface finish on topcoats, and it can be applied to waterproof materials, which protects bare metal from rusting. It is applied on various metal substrates and is extensively used in end-use industries such as marine, energy, automotive, infrastructural structures, aviation, and Oil & Gas (O&G). In the aviation industry, epoxy primer is highly demanded to improve adhesion properties of interior and exterior structures of aerospace and aviation.
Furthermore, the increasing investments in infrastructural development and construction projects in developing economies are driving the demand for epoxy primers. The Asia Pacific region, where 60% of the world’s population resides, is expected to drive the growth of new building construction and infrastructure over the forecast period. In addition, epoxy primers are widely used in the construction industry to ensure adherence of further paint layers and increase resistance from various surface tolerance conditions.
The growth of the epoxy primer market is further fueled by new product development and innovation. Epoxy primer manufacturers are developing innovative and environmentally friendly products. For instance, Covestro, a German-based leading paint and resin manufacturing company, has launched bio-based resin with 37% bio-based content for exterior coatings in its discovery product line.
Manufacturers are introducing low viscosity, easily incorporated amine hardener for low Volatile Organic Compound (VOC) primers targeting concrete floor finishes, and new innovations in manufacturing and new product developments are driving the growth of the epoxy primer market.
Market Dynamics
Driver:
Increasing demand for epoxy primer in the automotive and shipbuilding industries is driving the growth of the market. Automotive manufacturers use epoxy primer to resist corrosion and enhance exterior paint durability, and the global automotive industry is growing with increasing vehicle production.
In the shipbuilding industry, bisphenol A (BPA)-based epoxy resin is used for shipbuilding, maintenance, and repairs, providing excellent resistance against corrosion and long-lasting overcoat. The global maritime industry is also growing with increasing container traffic, driving opportunities among epoxy primer manufacturers.
Restraint: Fluctuating raw material prices
However, fluctuating raw material prices, which are dependent on petroleum prices, are restraining growth of the epoxy primer market. The production cost of epoxy primer is directly impacted by petroleum prices, and the fluctuation of petroleum prices leads to fluctuating raw material prices.
Additionally, environmental regulations in regional markets are significant factors that are hampering revenue growth of the market. Raw materials used in primer manufacturing can lead to environmental pollution, and environmental regulations limit the use of epoxy primers made using solvent-borne technology, which is limiting growth of the market.
Key Takeaways
Technology Outlook:
The global epoxy primer market is categorized based on technology into solvent-borne and waterborne segments.
Solvent-borne technology is more popular due to its ability to withstand petroleum contamination and provide high performance bonds for industrial use. Waterborne technology is suitable for water dispersion and offers good metal adhesion and corrosion resistance, fast-drying, and is designed for use in commercial and industrial facilities.
Substrate Outlook:
Based on substrate, the market is segmented into concrete and masonry, metal, fiberglass, and others. The concrete and masonry segment has the largest revenue growth rate due to the increasing adoption of epoxy primer for sealing voids and as an adhesion promoter for subsequent coats.
The metal segment is expected to have steady growth, as epoxy primers are commonly used to coat metal bases and structural fabrication work for its corrosion-resistant properties. The fiberglass segment is expected to have moderate growth, as epoxy primer has excellent bonding properties over fiberglass and Fiber-Reinforced Plastic (FRP).
End-use Outlook:
Based on end-use, the market is segmented into building & construction, aviation & aerospace, automotive, marine & shipping, machinery & equipment, and others. The building and construction segment has the largest revenue growth rate due to the wide adoption of epoxy floors in residential and industrial applications for its durability, scratch and chip resistance, and other benefits.
The automotive segment has a steady growth rate due to the increasing demand for electric vehicles and the need for corrosion inhibiting properties. The marine segment has moderate growth due to the use of epoxy coatings as primers to improve adhesion of metal surfaces and structural steel coatings for shipbuilding.
Competitive Landscape:
The competitive landscape of the global epoxy primer market is characterized as moderately fragmented, with only a few major players operating on a global and regional level. Key players are focused on strategic alliances to expand their product portfolio and establish a strong position in the global market.
Industrial Outlook
Market drivers’ analysis
- Rising demand in construction, automotive, and maritime industries
- Rising residential and industrial construction projects in developing economies
Market restraints analysis
- Fluctuating raw material prices
- Environmental regulations and standards in manufacturing epoxy polymer
Companies Mentioned
- AkzoNobel N.V.
- The Sherwin-Williams Company
- AXALTA COATING SYSTEMS LTD.
- PPG Industries Inc.
- Nippon Paint Holdings Co. Ltd.
- Kansai Paint Co. Ltd.
- RPM International Inc.
- Asian Paints Limited
- BASF SE
- Jotun A/S
- Hempel A/S
- TIKKURILA OYJ
- KCC Engineering & Construction CO.
- LTD.
- Sika AG
- HMG Paints Limited
- Applied Graphene Materials plc.
For more information about this report visit https://www.researchandmarkets.com/r/h3yrug
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SOURCE Research and Markets
