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The epoxy primers market size is forecast to increase by USD 2.57 billion at a CAGR of 5.1% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing demand for primers in various applications, particularly in the automotive, construction, and industrial sectors. Stainless steel and galvanized steel are prominent substrates in the automotive industry, where epoxy primers are used for their excellent adhesion properties and resistance to corrosion. In the construction sector, epoxy primers are utilized for their superior bonding abilities on ferrous metals and wood substrates. A notable trend in the market is the implementation of solar reflective epoxy primers, which help reduce energy consumption and improve sustainability. However, stringent regulations regarding the use of raw materials and the increasing cost of raw materials pose challenges to market growth in the Robocar format. The market analysis report provides a comprehensive study of these trends and challenges, offering valuable insights for stakeholders in the epoxy primers industry.
Epoxy primers are high-performance coatings used for various applications in industries such as building and construction, automotive and transportation, and machinery and equipment. These primers offer excellent adhesion to substrates like fiberglass, concrete, metal, stainless steel, galvanized steel, and ferrous metals. Epoxy primers are available in two main types: solvent-borne and water-borne. In the building and construction sector, epoxy primers are used as structural steel primers and epoxy finishes for concrete surfaces. In the automotive sector, epoxy primers serve as zinc phosphate replacements due to their superior corrosion inhibiting properties.
In the machinery and equipment segment, epoxy primers act as epoxy sealers for liquid coating applications on bare materials. Environmental regulations have driven the shift towards water-borne epoxy primers due to their lower VOC content. The automotive sector and wind plants are significant contributors to the growth of the epoxy primer market. The metal segment, particularly stainless steel and galvanized steel, is a major consumer of epoxy primers due to their excellent corrosion resistance. Wood substrates can also benefit from epoxy primers for improved adhesion and durability.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The solvent-borne segment is estimated to witness significant growth during the forecast period. Epoxy primers, specifically solvent-borne types, serve as essential protective layers for various industries and applications. These primers consist of organic compounds that form a liquid barrier upon application to a surface. Solvent-borne epoxy primers exhibit superior durability and performance compared to their water-borne counterparts during the curing process. Consequently, they are frequently utilized in humid environments and for applications requiring high tolerance to petroleum contaminants, such as in garages and parking structures. Moreover, solvent-borne epoxy primers offer a glossier finish, which is desirable in numerous industries, including machinery and equipment manufacturing, infrastructure development, and construction activities. Environmental regulations may influence the choice of primers in certain applications, but solvent-borne epoxy primers continue to be preferred due to their potent protection against corrosion.
In industries like aircraft manufacturing, epoxy primers are used to protect structural steel from the damaging effects of UV rays. The extensive use of solvent-borne technology is attributed to its ability to provide reliable protection against corrosion, making it a popular choice for various applications. Despite the ongoing shift towards more environmentally friendly alternatives, solvent-borne epoxy primers remain a significant market force.
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The solvent-borne segment accounted for USD 5.47 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the APAC region is experiencing significant growth due to increasing economic expansion and rising consumer purchasing power. Developing countries in APAC, such as Indonesia, Malaysia, and Thailand, are providing tax incentives to automotive companies manufacturing Electric Vehicles (EVs), leading to a swell in demand for machinery and equipment in this sector. Infrastructure activities and construction projects also contribute to the growth of the market, as these industries require high-performance coatings for structural protection against environmental regulations and UV rays. Additionally, the aviation industry's continued expansion in APAC is driving demand for epoxy primers in aircraft manufacturing. Structural steel primers, such as zinc phosphate, remain popular choices for their corrosion resistance and durability. Companies like BMW have recently announced plans to launch new EV models in APAC, further boosting the market's growth prospects.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising number of applications is the key driver of the market. Epoxy primers serve as essential protective coatings applied prior to painting various substrates, including fiberglass, concrete, and metal. In industrial and commercial settings, they are widely utilized to shield steel surfaces from corrosion. These primers offer excellent adhesion to steel, galvanized steel, and aged epoxy surfaces, ensuring durability and resistance to environmental conditions. In the building and construction sector, epoxy primers are employed to protect steel structures, such as bridges and offshore platforms, from corrosion. Similarly, in the automotive and transportation industries, epoxy primers are used to coat metal cans and containers, particularly those used for storing acidic food items like tomatoes.
The fast-drying and handling properties, coupled with extended overcoat ability, make epoxy primers an ideal choice for factory applications. Moreover, epoxy primers offer impressive abrasion resistance, making them suitable for resisting mechanical damage during transportation. The versatility of epoxy primers is further demonstrated by their application in marine environments, where they protect hulls, superstructures, and decks from the harsh effects of saltwater and UV radiation.
Implementation of solar reflective epoxy primers is the upcoming trend in the market. Epoxy primers play a significant role in various industries, including building and construction and automotive and transportation. In the building sector, epoxy primers are used on fiberglass, concrete, and metal surfaces to provide a durable and protective coating. In the automotive industry, they serve as a base coat for painting and improve the adhesion of topcoats. Two types of epoxy primers are commonly used: solvent-borne and water-borne. Solvent-borne primers offer excellent adhesion and corrosion resistance, while water-borne primers are more environmentally friendly and have lower volatile organic compound emissions. The increasing focus on energy efficiency and reducing energy costs has led to the growing demand for solar reflective epoxy primers.
These primers reflect infrared radiations and absorb visible light, reducing the heat island effect in buildings. Acrylic coatings, which are often used as solar reflective coatings, have high solar radiation reflective properties and a long lifespan, making them an attractive option for architects and builders. In conclusion, The market is expected to grow due to the rising demand for solar reflective coatings, which help mitigate the heat island effect and reduce energy costs in buildings. The versatility and durability of epoxy primers make them an essential component in various industries, including building and construction and automotive and transportation.
Stringent regulations affecting market growth is a key challenge affecting the market growth. Epoxy primers serve a crucial role in safeguarding diverse substrate surfaces and structures against harsh environmental elements and chemicals. These primers enhance the resistance of structures against corrosion and weathering. The formulation of epoxy primers incorporates various additives to optimize their anti-corrosive, mechanical flexibility, chemical, and thermal properties. However, the inclusion of toxic components such as silica, lead, and volatile organic compounds poses environmental and health risks. Solvent-borne epoxy primers, in particular, contain volatile chemicals that can negatively impact the environment. It is essential to mitigate the potential hazards associated with these additives, including gene mutation and other severe health issues.
In the building and construction and automotive and transportation industries, epoxy primers are extensively used for fiberglass, concrete, and metal applications. Both water-borne and solvent-borne epoxy primers cater to the specific requirements of various industries.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Akzo Nobel NV - The company offers epoxy primer namely Epoxy Primer 37076.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Epoxy primers are specialized coatings used for various applications in industries such as fiberglass, concrete, metal, and others. In the building and construction sector, epoxy primers play a significant role in enhancing the adhesion of paints and coatings to substrates like concrete, metal, and stainless steel. Epoxy primers are available in both solvent-borne and water-borne technologies, catering to diverse industry requirements. The automotive and transportation sector, machinery and equipment, and infrastructure activities are major consumers of epoxy primers. Environmental regulations have led to the increasing demand for water-borne epoxy primers due to their lower VOC (Volatile Organic Compounds) content.
Further, in the automotive sector, structural steel primers, often containing corrosion inhibiting pigments, are essential for preventing rust and ensuring the longevity of vehicles. Epoxy primers also find extensive use in the aircraft industry for their high resistance to UV rays and harsh environmental conditions. Epoxy primers are formulated using raw materials such as epoxy resins, pigments, fillers, additives, and solvents. Synthetic resins, including epoxy resins, acrylic, alkyd, and urethane, are integral components of these primers. The construction activity in the building & construction segment, including flooring, is another significant end-user industry for epoxy primers. Wind plants and renewable energy generation also utilize epoxy primers for their resistance to harsh weather conditions and corrosive environments.
Moreover, oil prices and market trends influence the demand for epoxy primers, with the metal segment being a major consumer due to its extensive use in various industries. The robocar format is gaining popularity in the application of epoxy primers for its efficiency and cost-effectiveness. In summary, epoxy primers are crucial in various industries, including fiberglass, concrete, metal, automotive, transportation, machinery and equipment, infrastructure, and renewable energy generation. Their versatility, durability, and resistance to harsh environmental conditions make them indispensable for enhancing the performance and longevity of various substrates.
Market Scope |
|
Report Coverage |
Details |
Page number |
144 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.1% |
Market Growth 2024-2028 |
USD 2.57 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.78 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 48% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Akzo Nobel NV, Asian Paints Ltd., Axalta Coating Systems Ltd., BASF SE, Berger Paints India Ltd, Carpoly Chemical Group Co. Ltd., Clever Polymers, DuluxGroup Ltd., Grand Polycoats Co. Pvt. Ltd., Jotun AS, Kansai Paint Co. Ltd., Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., Sika AG, The Eastwood Co., The Sherwin Williams Co., Triangle Coatings Inc., and Tuff Coat Polymers Pvt. Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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