At 5.1% + CAGR, Epoxy Primer Market to be worth more than USD 10.91 billion by 2023

“The epoxy primer market is projected to grow at a CAGR of 5.1% from 2018 to 2023.”

The epoxy primer market is projected to grow from USD 8.52 billion in 2018 to USD 10.91 billion by 2023, at a CAGR of 5.1%, in terms of value, between 2018 and 2023. The growth of the epoxy primer market is primarily driven by the increasing demand for epoxy primers in various applications and growing awareness to reduce the loss caused by corrosion. However, environmental regulations to reduce the use of epoxy primers produced using solvent-borne technology is restraining the growth of the market, and the entry of new players and the fluctuating raw material prices are considered as major challenges for the market.

 

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“Based on substrate, the metal segment is expected to lead the epoxy primer market during the forecast period.”

Based on substrate, the metal segment is expected to be the fastest-growing segment of the epoxy primer market during the forecast period. Epoxy primers are used over different metal substrates, such as steel, aluminum, iron, and others. It is widely used on metal substrates for different applications such as automotive, marine, aviation, energy, infrastructural structures, and oil & gas. These primers form an important layer in automotive and marine applications, which provides excellent adhesion and resistance to corrosion and chemicals. Their application also helps in reducing the maintenance cost over a long period of time.

 

“Based on application, the building & construction is projected to lead the epoxy primer market during the forecast period.”

Based on application, the building & construction segment is expected to lead the epoxy primer market. Epoxy primers are widely used on concrete & masonry surfaces for flooring application. In this application, it is also preferred for metal substrates that are used for priming structures. APAC is the largest market for epoxy primer in building & construction application. The growth can be attributed to the increasing government investments for infrastructural development in emerging countries such as China, India, Malaysia, and others. The infrastructural developments in this region result in a huge demand for coatings, thereby driving the epoxy primer market.

 

“The solvent-borne technology is projected to be the fastest-growing segment of the epoxy primer market during the forecast period.”

Based on technology, the solvent-borne technology is expected to be the fastest-growing segment of the epoxy primer market during the forecast period. Epoxy primers manufactured by using solvent-borne technology are used for a wide variety of substrates, and they offer superior characteristics such as less curing time, excellent adhesion, and resistance to corrosion, abrasion, and chemicals. It has a wide preference in APAC, South America, and the Middle East & Africa.

 

“APAC is expected to be the highest-growing market for epoxy primer.”

The APAC region is expected to witness the highest growth during the forecast period; this growth can be attributed to the high demand for coatings from countries such as China, India, and other Southeast Asian countries. The growth of construction, automotive, marine, and industrial sectors is also major factor expected to drive the epoxy primer market in the APAC region.

 

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In the process of determining and verifying the market size for the several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.

 

The break-up of the primary interviews is given below:

  • By Company Type: Tier 1—54%, Tier 2—35%, and Others—11%
  • By Designation: C-level—44%, Director-level—34%, and Others—22%
  • By Region: APAC—42%, North America—15%, Europe—32%, MEA—7% and South America—4%

 

Note: 1. Other designations include sales managers, marketing managers, and product managers. 2. Tiers of companies are defined based on their total revenues in 2017. Tier 1 = >USD 1 billion, Tier 2 = USD 100 million to USD 1 billion, and Tier 3 =

 

Key global players of the epoxy primer market are Sherwin-Williams (US), PPG Industries (US), AkzoNobel (Netherlands), BASF (Germany), Axalta Coating Systems (US), Kansai Paint (Japan), Nippon Paint (Japan), Tikkurila Oyj (Finland), and RPM International (US).

 

Related Report:

Automotive Coating Market by Resin Type (Polyurethane Epoxy Acrylic) Technology (Solvent-Borne Water-Borne Powder Coating) Coat Type (Clearcoat Basecoat Primer E-Coat) - Global Forecast to 2021

“Consumer preference for different color, sales supportive policies, and rising purchasing power in emerging economies to drive the automotive coating market”

The global automotive coating market size is estimated to reach USD 16.24 billion by 2021, registering a CAGR of 7.02% between 2016 and 2021. Demand for different color & texture, enhancement of sales supportive policies, and increasing purchasing power parity (PPP) in emerging economies is driving the automotive coating market.

“Basecoat is the fastest-growing segment in the automotive coating market”

Basecoat is the third layer applied to a car’s body after e-coat and primer layer. Basecoat is the fastest-growing segment among all the coat type considered. The growth is high as new and innovative technologies are being developed by automotive coating manufacturers. For instance, in new integrated system, the primer layer is omitted and is replace with two layers of basecoat. One layer of basecoat absorbs UV radiation and other is advanced basecoat. This kind of technological developments are expected to drive the basecoat segment in the automotive coating market.

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