Epoxy Floor Coating Market Analysis (Comprehensive Statistics)
Epoxy coating is a preferred choice of flooring in many parts of the world.
Epoxy floors tend to have heat resistance, durability, and all of the positive traits that come with a non-porous floor like antimicrobial tendencies. Amid COVID 19 complications, most industries recorded staggering losses but home remodeling and manufacturing continue to rise and in turn, so has the epoxy flooring industry.
In the epoxy resin market, trends and statistics show a significant increase in investments and sales of epoxy.
This upsurge in the epoxy resin market has been happening for a while. According to market research from Global Market Insights, this trend is far from over.
Market research data from the global epoxy resin market shows that the epoxy resin market size is witnessing unprecedented growth due to demand from small-scale industries, residential areas, and rising global investment.
Since more people have been spending time at home, they have been embarking on DIY projects.
These DIY projects might include using paints, coatings, or an alternative product like an epoxy resin after fixing a cracked floor.
Alternatively, some of this growth can be attributed to small and medium enterprises remodeling to stay competitive during a pandemic.
Whatever your reasons are for looking to remodel your residential or business spaces with epoxy, we’ve compiled 20 astounding statistics and trends for the epoxy flooring industry!
Let’s take the plunge, shall we?
What is Epoxy Flooring?
Demand for epoxy floor coatings are prevalent for residential, commercial, and industrial applications.
If you’ve never heard of epoxy flooring before, let’s delve deep and discover the wonderful world of epoxy.
We’ve got definitions, insights, marketing analysis, trends, and statistics on the epoxy flooring industry.
Let’s start with a simple definition of what epoxy is and why the epoxy resin market is becoming more popular.
The term epoxy is derived from the chemical properties of epoxide, where an epoxide is an attached group located on a short polymer chain.
When this short polymer epoxy chain combines with another chemical, it creates a resin. You can learn more about the best epoxy floor coatings.
Usually, the two parts that create an epoxy resin are one part epoxy resin and one part hardener.
Other specialty additives include; UV inhibitors, adhesive promoters, and aggregate sand blends.
In layman’s terms, epoxy is a copolymer, and when mixed with its counterpart, it creates a shiny, hard adhesive called epoxy resin.
When put together, epoxy resins are formulated to create the strongest coatings adhesives composites on the flooring market today.
These resins are applied t residential, commercial, and industrial surfaces and are popular choices for people looking for chemically resistant, easy-to-clean surfaces with minimal shrinkage after application.
Despite COVID 19 setbacks, this sector is looking at promising growth and increasing demand on the global market.
Without further ado, let’s look at 20 marketing statistics and trends for the epoxy flooring industry for 2021.
22 Statistics and Trends for the Epoxy Flooring Industry [2021]
Globally, restructuring of the floor coating industry is occurring rapidly, mostly in part to rapid economic growth in India, the Middle East, and China.
Even after being crippled by COVID 19, global powerhouses like China and Saudi Arabia are still recording unprecedented growth in the industry — which is increasing demand for epoxy resin products in the flooring industry.
While market growth in North America is increasing steadily, companies are looking East due to increasing demand based on urbanization.
Market research shows that the Middle East and Asian Pacific region has increased funding to improve urban infrastructure, which has created growth in the global epoxy resin market share.
The most important fact about shifting markets is that the global market is projected to be the most lucrative segment during the forecast period of 2016 to 2022.
It’s worth noting that the popularity of epoxy has not only grown in North America, but also these products are being used more in countries like South Korea, South Africa, and Saudi Arabia.
That being said, the major players driving demand and market growth in the epoxy resin market are China and the Middle East.
Let’s look at 20 statistics and trends that are expected to drive significant growth in the epoxy flooring industry.
1) US Floor Coating Market Estimated at $5.24 Billion in 2019
(Global Newswire)
According to data from Global Newswire, the US floor coating market was valued at 5.24 billion dollars in 2019.
This figure will rise at a Compound Annual Growth Rate (CAGR) of 6.9% from the 2020 to 2026 forecast period.
While this figure is not just targeting the epoxy industry, it’s great to know that overall the industry is competitive and growing in market size and value.
2) Global Epoxy Resin Market Poised to Grow By More Than 4% in 2021
(Mordor Intelligence)
Between the forecast period of 2021-2026, the global epoxy market is expected to rise at a CAGR of more than 4%.
Source: Mordor Intelligence
Market research suggests a major factor contributing to growth in the epoxy resin market size, especially in powder coatings or powder-based products, is an increasing global demand for water-based epoxy products.
Industrial factors limiting the use of epoxy products with high VOC levels is a current trend in the epoxy resin market.
Volatile organic compounds (VOC) are bad for human health and the environment, which has led to a global shift in using powder coatings alternatives with little to no VOC.
Countries are limiting the use of this chemical which is driving growth for VOC-free epoxy resins.
This is creating new opportunities in the global epoxy resin market.
3) The Asia Pacific Region is the Fastest-Growing Market Globally
(Mordor Intelligence)
Market research from Mordor Intelligence suggests that the Asia Pacific region will dominate the global epoxy resin market.
Data suggests that the Asia Pacific global marketplace makes up for almost 50% of the market growth.
The Asia Pacific region is witnessing strong growth in the epoxy resin market due to the huge presence of manufacturing companies.
The manufacturing industry is one of the largest markets in the Asia Pacific region.
Coupled with the growing popularity of epoxy resins worldwide, it’s not surprising that the market size is growing rapidly.
4) In Today’s Global Epoxy Resins, There are Mix Major Players
(Inkwood Research)
Data from Inkwood Research reveals that these epoxy manufacturers dominate the epoxy resins market:
- BASF SE
- Olin Corporation
- Dow Chemical Company
- Huntsman Corporation
- Nan Ya Plastics Corporation
- Aditya Birla Chemicals
This market overview suggests that these companies have maintained their edge in this competitive landscape mainly through mergers and acquisitions.
5) 56% of Epoxy Coating Demand in the Asia Pacific Region Comes From China
(Mordor Intelligence)
Source: Mordor Intelligence
Conversions of epoxy paints and coatings manufacturers in the Asia Pacific region make epoxy resin a highly productive option.
This is one of the many reasons epoxy resin is doing so well in the Asia Pacific region.
Not to mention, manufacturers in the Asia Pacific region provide epoxy application paints coatings services to their clients with the expertise of a trained team which is wildly popular.
6) The Epoxy Resin Market is Projected to Grow at the Highest CAGR Rate Between 2019 and 2024
(Research and Markets)
Source: GMInsights
Data from research and markets reveals that in terms of value and volume, the global epoxy resins market is projected to have the most market growth in the industrial floor coating industry.
Market research predicts that the epoxy resin market will have the highest CAGR during the forecast period of 2019 to 2024.
As people discover more unique ways of using epoxy resin paints coatings, the epoxy resin market will continue to soar.
7) In 2021, the Global Epoxy Resin Market is Divided into Three Markets
Source: Inkwood Research
(Inkwood Research)
According to research from Inkwood, market segmentation of epoxy products in 2021 looks like this;
Market by components:
- Epoxies
- Hardeners
Market by raw material:
- Bisphenol A
- Bisphenol F
- Phenolic Novolac
- Epichlorohydrin
Market by applications:
- Adhesives
- Composites
- Building construction
- Electrical and electronics
- Paints and coatings
- Wind turbines
New manufacturing industries are finding unique application paints coatings adhesives for epoxy resins.
From aerospace industries to industries that manufacture wind turbines, it seems like epoxy resin products have endless applications.
8) In 2020, Global Market Epoxy Products Consumed Was Up To 3.2 Million Metric Tons
(EMR)
Source: EMR
In the forecast period of 2021 to 2026, this figure is supposed to rise with data predicting growth at a 5% CAGR.
The Asia Pacific region might be the largest epoxy resins market, but they are not the only reason for such consumption.
By 2026, market demand is projected to reach 4.3 million metric tons.
In the Middle East and other regional areas, demand for smartphones, as well as other electronics, are driving this growth due to delicate parts being insulated by epoxy resins.
Epoxy is a great, lightweight option for many electronics because it has heat resistance qualities and protects electrical components from moisture and dust.
9) Regional Trade Increasing Demand for Different Epoxy Resin Products
(Research and Markets)
In 2021, Asia will continue to drive epoxy resin production and demand up, which will then increase the epoxy resin market share.
The scope of the report is that North American countries usually have a surplus of epoxy resin products.
They sell their excess high-quality epoxy resin products to other countries with high demand, like China, South Korea, and South Africa.
China mostly imports high-quality resin products from Taiwan.
10) 65% of Global Epoxy Resin Consumption Occurs in the Asia Pacific
(EMR)
According to data from EMR, 65% of epoxy resin is consumed in the Asia Pacific, with China being the biggest consumer.
Asia and the Middle East have the highest concentration of urban infrastructure and electronic manufacturing in the world.
It makes sense that this region dominated epoxy resin consumption.
11) In Europe, 51,000 Tons of Epoxy Resin is Used Annually on Ship Construction
(Market Watch)
Market dynamics from Europe show that 51,000 tons of BPA-based epoxy resin are used annually in ship construction.
Key market data points revealed that each ship constructed uses approximately 24 tons of BPA-based epoxy resins, and epoxy resins are also used for ship maintenance and repairs.
12) By 2026, the Global Epoxy Resin Market Will Be Worth the US $31.8 Million
(Yahoo Finance)
According to research from yahoo finance, the epoxy resin market will reach the US $31.8 million by 2026.
Despite having been hit by COVID 19, market analysis shows that there will be a significant rise in revenue for those in the epoxy market business.
13) Global Liquid Epoxy Resins Will Have a CAGR of 8%
(Technavio)
A brief market overview depicted that the global liquid epoxy resin market will see an increase of 8% CAGR in the forecast period of 2021-2025.
Liquid epoxy resins are in such high demand because they are versatile and have a plethora of applications in the commercial, residential and industrial sectors.
14) The Dominant Epoxy Resin Market Size is in the Paints and Coatings Sector
(IHS Market)
In the epoxy competitive landscape, market analysis from IHS Market shows that 45-50% of the epoxy resin market share comes from the paints and coatings sector.
These key market players boast a consumption rate of 45-50%.
15) 80% of the epoxy industry is considered to be made up of commodity epoxy resins
(EMR)
The scope of the report reveals that approximately 80% of the epoxy resin market is made up of commodity epoxy resins.
Market trends have shown that the commodity epoxy resin market has been oversupplied in the last five years.
16) 20% of the Epoxy Industry is Made Up of Specialties
(EMR)
The epoxy resin market caters to specialty products like industrial adhesives and composites for sectors like the aerospace industry.
While it might not seem like much, 20% of the epoxy industry comprises specialty products.
Market trends suggest that this figure will likely go up in the future, especially in renewable energy sectors like wind turbine technology.
17) The Global Epoxy Adhesives Market Stood at the US $7.2 Billion in 2019
(Statista)
Key market statistics show that in 2019, the global epoxy resin adhesive market reached an all-time high of US $7.2 billion.
According to Statista, projected growth in the epoxy resin adhesive market size is sure to continue.
18) 10% Growth in Epoxy Reliant Renewable Energy Sources in North America
(IHS) Market
The renewable energy market has gained significant traction in the last 20 years.
The scope of the report from IHS Market revealed that CFRP epoxies are an integral part of wind turbine blades, pressure vessels, and solar panels.
Market epoxy will get a boost from the renewable energy sources market, with projected growth seen at 10% by the year 2025.
This increase in market size will be a great addition to the industry.
19) There are Three Leading Producers of Epoxy Products in North America
(IHS) Market
The three leading producers of epoxy products in North America are:
- Olin Corporation
- Hexion Co LTD
- Huntsman Co LTD
Much like their Asian counterparts, these three companies have maintained their competitive edge through mergers and acquisitions.
20) Over 75% of Epoxy Resin Supply is Concentrated in the Asian Pacific
(EMR)
According to EMR, over 75% of the epoxy resin supply is concentrated in the Asian Pacific, with Taiwan, South Korea, and Japan leading in production.
To summarize succinctly, the trends and statistics coming out of the epoxy resin market are surprisingly positive.
While the industry hit a slight slump during the 2019-2020 fiscal year, in the first quarter of 2021, the epoxy resin market has seen significant growth.
21) 5 New Major Franchise Players In The Epoxy Garage Coating Market
We’ve seen lots of epoxy garage floor installation companies pop up over the last 3 years as demand in residential markets have increased. There have always been DIY solutions like rustoleum but now epoxy garage coatings have become so in demand that franchises are catching on.
And many others have come to the market to hop on the trend. If you want to see the best epoxy garage coatings reviews, you can look for our comprehensive guides.
22) Search Trends For Consumers Looking for an epoxy garage floor contractor have doubled in the past year!
“Epoxy garage Floor Near Me” searches have doubled from 2020 to 2021 which means there is an increasing demand on google for homeowners searching for epoxy floor coatings. According to google trends data there have been many other increases in consumer demand related to epoxy in commercial settings as well.
Market Analysis
Now that we have the top trends and statistics in the epoxy flooring industry let’s have a concise market analysis with key insights on the market epoxy resin industry.
Global Floor Coatings Industry
We shouldn’t forget that the epoxy resin market is a small portion of the global flooring industry.
Even with the effects of COVID 19, this industry is still set to thrive in the foreseeable future.
Many factors that drive the epoxy flooring industry are the same key factors that drive the flooring coatings industry, and in this sense, they can be synonymous.
The major contributor to growth in these sectors is the Asian Pacific market pouring copious amounts of money into their infrastructure.
For example, China has dedicated 4 trillion yuan (the US $565 billion) to infrastructure. This includes building construction and updates to rural China through building roads, airports, and railways.
This has made China the leading consumer of epoxy resin products worldwide.
Global Epoxy Resin Industry
The global epoxy resin industry took a small hit during the 2019-2020 fiscal year due to the pandemic but expected growth is still on track in the sector.
A summary of some of the breakthroughs in market epoxy is as follows:
- In the entire flooring industry, the epoxy resin market will see the highest growth, especially in market size, between the forecast period of 2019 to 2024.
- While all epoxies are popular, epoxies that have limited VOC emissions are going to be more favorable in the foreseeable future due to changes in epoxy regulations.
- Global consumption of epoxy products is rising in commercial, residential, and industrial sectors, with all of them clamoring for epoxy products and services.
- The renewable clean energy sector is a surprising asset for the epoxy industry. Steadily increasing demand for epoxy resin products will definitively increase the epoxy resin market size.
- A large portion of the epoxy resin market is considered commodity-based, while a smaller portion of the market is made up of specialty epoxy resin products. This might change in the foreseeable future due to increased demand for specialty epoxy resin products.
The epoxy resin market has come a long way, and this is primarily due to globalization and innovative epoxy resin applications in promising new sectors.
Regional Growth
Regional growth in the epoxy resin market is promising in many regions of the world.
In the Asia Pacific region, growth in the technology and the manufacturing sector are the key reasons for growth in the epoxy resin market.
With cheap labor, rising government and foreign investment, and improving infrastructure, the Asia Pacific region is a behemoth in the epoxy resins market, being a major supplier and consumer.
The North American and European regions are seeing growth in the epoxy resin market.
While growth and market size here is not as high as in Asia, the North American and European regions still need epoxy coatings, adhesives composites, and other epoxy products for the renewable energy sector, automotive, and aerospace industries.
Latin America and Africa are also using epoxy resin products for infrastructure, manufacturing, and technology.
However, this growth is much slower than their regional counterparts.
All in all, the resin market is growing in all regions, with the highest growth recorded in Asi while the lowest growth is recorded in Latin America and Africa.
Competitive Landscape
Competition is rife in the epoxy resin market industry. With such explosive growth in this market, it’s no wonder that the epoxy resins market is so cutthroat.
Globally, 6 major companies dominate production in the epoxy resins market, and they are; 3M Company, Olin Corporation, Dow Chemical Company, Huntsman Corporation, Nan Ya Plastics Corporation, and Aditya Birla Chemicals.
In North America, 3 major companies dominate production in the epoxy resins market, and they are; Olin Corporation, Hexion Corporation, and Huntsman Corporation.
An honorable mention in this landscape is ATUL LTD. The market size of this company has seen considerable growth.
These companies stay relevant in a highly competitive landscape through the mergers and acquisitions strategy.
All in all, the competitive landscape report gives insights into the epoxy resin market size, illustrating dominant players in the market.
Future Constraints in the Epoxy Resin Market
This article has highlighted trends and statistics while giving insights into the industry in the foreseeable future.
The future looks great!
That being said, certain restraints could severely impact the growth of this sector, especially in the epoxy resin market size.
There might be periods of disruptions in the future use to a lack of raw materials.
For example, shortages in DGBEF novolac aliphatic glycidylamine, methyl methacrylate, and bisphenol F in 2017 led to a nearly monthly increase in prices of epoxy paints coatings until the situation was rectified in the US.
Other constraints in the market include progressive bans on consumer goods with VOC solvents in North America, and unfortunately, this includes epoxy products.
VOC solvents are harmful to people, and the environment, and these concerns will hold more weight as the market expands.
While these constraints are not too damning, key market strategies need to be adopted to stay relevant.
A report from paint.org suggests that adapting to regulatory changes and changing existing formulas to accommodate fluctuations in raw materials like DGBEF novolac aliphatic glycidyl amine are critical.
Synopsis
In the last twenty years, the epoxy flooring industry market size has grown in leaps and bounds. Market analysis and insights on the epoxy industry give positive outlooks on the epoxy resin market size will look like in the future.
If you were considering using epoxy products for residential, commercial, or industrial purposes, I hope this article has given you accurate and insightful information on market trends and statistics in this sector.
FAQs
1) What are the benefits of epoxy resins?
There are many benefits to using this kind of resin. After the initial cost of installation, these surfaces can last for more than 5 years.
2) What are the most popular uses of epoxy resin?
The most popular uses are in residential, commercial, and industrial applications.
3) What is the growth rate for the epoxy paints coatings market in the forecast period of 2021-2026?
The growth rate for the paints and coatings market is growing at a CAGR of greater than 4% over the next 5 years.
4) What are the impacts of COVID 19 on the epoxy resin market?
While the industry suffered a slump in the 2019 fiscal year, the sector is recovering well, with all segments recording growth in the foreseeable future.
5) Who are the key players in the epoxy coating market?
Olin Corporation, ATUL LTD, Dow Chemical Company, Aditya Birla Chemicals, and BASF SE are key market players in the industry. There have been many installers and small distributors that have popped up over the years as the residential and commercial epoxy flooring market has expanded.
6) What trending factors are influencing the market share in Asia?
Trending factors influencing the Asian market are electronic-driven technology, cheap labor, and building construction in rural Asia.
7) What trending factors are influencing the market share in North America?
Trending factors influencing this market share are innovative applications of epoxy products in the renewable energy sector and the aerospace marine industry.
