Market Trends of Epoxy Powder Coatings Industry
This section covers the major market trends shaping the Epoxy Powder Coatings Market according to our research experts:
Increasing Demand from Building and Construction Segment
- Building energy efficient retrofits can have unintended consequences, if consideration is not applied while assessing the condition of the house for pre-existing problems and anticipating the possible effects of the retrofit work on building envelope durability, indoor air quality, heating appliance performance, and various other performance-related issues. The most common types of pre-existing problems are moisture problems (water leaks, high humidity, dampness, etc.) in the walls, roof, and floors, indoor air quality problems (odor, pollutant emissions, soil gas, from household products, etc.) and structural sags, cracks, and deflections.
- Reducing unintentional air leakage through the foundations, walls, and ceilings of the house, to improve the energy performance and comfort of the living space through the usage of epoxy powder coatings may stimulate product demand in the construction sector.
- Germany has the largest construction industry in Europe. The residential construction segment is expected to have a moderately high growth. According to industry experts, the recent positive migration to the country is stimulating the demand for new residential construction. About 3.6 million migrants are estimated to arrive in Germany, by 2020, requiring at least 350,000 new dwellings per year, which is expected to boost the construction sector, in turn, boosting the growth of the market studied.
- In India, the government has been actively providing a boost to the housing construction, as it aims to provide homes to about 1.3 billion people. The country is likely to witness around USD 1.3 trillion of investment in housing over the next seven years, with the anticipated construction of 60 million new homes in the country. The availability of affordable housing is expected to increase by around 70%, by 2024, in the country.
- Hence, with such boom in construction activities, the demand for epoxy powder coatings is projected to increase during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share. With growing demand from the construction and automotive industries in the countries such as China, India, and Japan, the usage of epoxy powder coatings is increasing in the region.
- China is the world’s second-largest economy in terms of growth and the increasing level of income of the country’s population is further driving the economy.
- Though the economy witnessed a steady growth in the past years, it is likely to recover and expand at a significant rate.
- Under the 13th five-year plan (2016-2020), the Chinese government plans the infrastructure development of 30,000 km of railway lines and 30,000 km of expressways.
- China is one of the major automobile manufacturers of Asia-Pacific and the world. Moreover, many automotive manufacturers have manufacturing units in the country, which contribute to the demand for epoxy powder coatings.
- Additionally, with the consistent economic growth in the Asian countries, such as India, China, Indonesia, Thailand, Malaysia, and Singapore, the demand for the construction of new buildings, both commercial and residential, is consistently increasing, which, in turn, is increasing the demand for epoxy powder coatings in the Asian region.
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