Global Epoxy Primer Market - 2022-2029

Global Epoxy Primer Market - 2022-2029

Market Overview

Epoxy Primer Market size was worth around US$ XX million in 2021 and is expected to show significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 5.10% within the forecast period (2022-2029).

Epoxy primer is a sealant type that offers a good surface finish when applied to top coats. A two-part epoxy primer contains a high percentage of zinc phosphate, which acts as an excellent corrosion-inhibiting pigment. The primer is used in different waterproof materials that protect bare metal from oxidation. However, a dry surface is required before applying epoxy primer to achieve great effective sealant results.

Epoxy coatings are majorly used as primers to improve the adhesion property of the metal surface and hence are in great demand in automobile and marine paints. For these industries, resisting corrosion (rusting) is very important. Epoxy primers also significantly share in structural steel coatings application for high-build thickness with only one or two coats.

Market Dynamics

Growing demand for metal primers for adhesion and rust protection to the steel surface has escalated the demand for the product. The rising demand for high-performance primers in the construction industry is creating growth prospects for the epoxy primer industry.

Growing demand for metal primers for adhesion and rust protection to the steel surface has escalated the demand for the product

For most industrialized nations, corrosion is one of the major issues. The impact of corrosion on the equipment and its surroundings has always been considered while constructing any industry. Oil firms worldwide have spent much money trying to reduce this corrosion problem. Nevertheless, disasters, including casualties, economic losses and environmental side effects triggered by corrosion, still happen quite often.

Boiler tanks, pressure basins, motor/turbine blades, containers holding hazardous or aggressive chemicals, aviation parts, automotive routing systems and bridges are a few things that corrosion can seriously damage. Additionally, the losses brought on by corrosion don't just affect metals; they also affect water, energy and the process of making metal frames. Thus to overcome the growing corrosion issues, companies started investing in boosting the application of primers to reduce the corrosion effect on the metal surface. Epoxy primer is among the fastest-growing product in the primer category.

Epoxy primer is a sealer that has a non-porous finish. The primer is recommended to apply as the first base coat over bare steel. These base coats or epoxy primers are also used over plastic, fiberglass or the black iron phosphate coating.

Epoxy primers hold a significant share in various materials applications due to their good mechanical ability, strong adhesion and durable chemical resistance in both wet and high-humidity environments. Furthermore, the ability of an epoxy primer to resist corrosion depends on its thickness; hence, the thicker the epoxy primer layer, the better the protection it offers to the metal surface.

Various companies have started offering epoxy primer products related to metal corrosion applications, leading to growth prospects for the product in the forecast period. For instance, CORTEC Corporation offers VpCI-395 Epoxy Primer that can be applied DTM (Direct to Metal) and offers excellent protection in harsh, outdoor, unsheltered applications.

Growing regulations on epoxy primers have shown a challenging atmosphere for the product’s growth

Epoxy primers hold a great demand in various end-user industries and the properties offered by the product is expected to maintain the growth momentum in the forecast period. However, raising the product's application led to unleashing the side effects associated with the product. Hence, governments across the globe started developing regulations to reduce the side effects on the environment and human populations.

For instance, the Indian standard for epoxy-based zinc phosphate primer (two pack) — specification prescribes requirements and methods of sampling and testing for two pack epoxy based zinc phosphate primer designed to be used for the protection of the exterior of Railway Coaches, bridges and wagons. Furthermore, the MIL-PRF-23377K specification is designed for Departments and Agencies of the Department of Defense application. The specification covers the requirements for corrosion-inhibiting, solvent-resistant, chemical solvent-borne, high-solids epoxy primer coatings with a high percentage of volatile organic compound (VOC) content of around 340 grams per liter (g/L) as supplied by the manufacturer.

COVID-19 ImpactAnalysis

The COVID-19 pandemic has negatively impacted the market expansion for epoxy primers. The onset of the pandemic has had a significant global impact on the building and automotive industries. The pandemic-induced global economic downturn has led to a sharp decline in the demand for autos and the volume of construction work. Since these sectors are the primary end users of epoxy primers, the effects on these sectors significantly impacted the expansion of the global epoxy primers market.

Furthermore, the majority of manufacturers and end-use industries, however, experienced supply chain disruption and a severe labor shortage as a result of the lockdowns and rigorous travel restrictions. The key companies in the epoxy primers industry have also been impacted in terms of their business operations.

Segment Analysis

The global epoxy primer market is segmented by substrate, technology, end-user and region.

Growing property advantages such as less toxicity, good resistance to heat and abrasion and excellent adhesion of water-based epoxy primers escalates the segments demand in the market

The global epoxy primer market is segmented into solvent and water born based on technology. The water-borne epoxy primer globally holds the highest market share of the mentioned technology. Water-based coating technologies involve water as the prime carrier medium of a liquid-applied coating instead of an organic solvent, effectively decreasing the VOC’s amount emitted during the application, as water is not classed as a VOC. However, in the case of solvent-based epoxy primer, the manufacturing process involves the emission of VOC into the atmosphere, thus creating a high degree of air pollution during the coating process. Furthermore, growing environmental concerns over the past decade have resulted in limits being imposed globally on the emissions allowed during various industrial and commercial coating applications, thus increasing the shift to water-based technologies.

Epoxy resins, by their nature, are incompatible with water and this is one of the major factors that makes them very useful as protective coatings, particularly for corrosion protection applications. However, there are various factors of coating formulation that influence water-borne epoxy's performance. For instance, if extremely high-performance levels are required, then techniques to formulate other water-borne coatings, such as acrylics, cannot be used with water-borne epoxies. Although if water-borne epoxy is not formulated properly, then poor performance will result, which is a major drawback for the segmental growth of the product.

Geographical Analysis

The expansion of Epoxy Primers in Asia-Pacific is due to increasing infrastructure development and growth in automotive industry, particularly in China and India

The epoxy primer market in Asia-Pacific is expected to expand over the forecast period due to rising demand for coatings from nations such as India, Japan, China and other Southeast Asian countries. Furthermore, expanding the construction, automotive, marine and industrial sectors have also added to the epoxy primer market growth in Asia-Pacific. The expansion might be due to increasing infrastructure development and fast industrialization, particularly in China and India.

The Chinese building and construction sector is the most important in Asia-Pacific. As China's commercial building, construction and high-end real estate have grown rapidly, so has the demand for epoxy primers. Apart from residential and commercial building construction, various metro rail projects in India are now under construction, including the Lucknow Metro, Kochi Metro, Ahmedabad Metro and Kanpur Metro. It is projected to stimulate the Indian building sec Asia-Pacific is expected to lead the automobile power window switch market in the forecast period. China and India are among the countries responsible for the market expansion. With about 60% of the world's vehicles in the region, the region's demand for automobiles will be the largest globally during the projected period, owing to the growing population proportion and the presence of two densely populated nations, China and India.

For instance, The largest automotive market in the world, China, accounts for over 30% of worldwide sales despite being hit by the COVID-19 pandemic at the beginning of 2020. In 2020, 25.3 million cars were sold, with the passenger and commercial vehicle segments accounting for 80% and 20% of the total. With 1.3 million sold units, the market was also driven by booming NEV sales. 18.6 million cars have been sold worldwide by the end of September 2021, with 2.2 million being NEVs, exceeding the total NEV sales for the entire year of 2020 even more. Thus growing automotive sector is boosting the demand for an epoxy primers in the region.

Global Epoxy Primer Market Competitive Landscape

The global epoxy primer market is highly competitive with local and global key players. Key players contributing to the market's growth are AkzoNobel N.V., Axalta Coating Systems Ltd, BASF SE, DowDuPont Inc, Kansai Paint Co. Ltd, Nippon Paint Holdings Co. Ltd, PPG Industries, Inc, RPM International, Inc, Sherwin-Williams Co, Tikkurila Oyj and among others.

The major companies are adopting several growth strategies, such as product launches, acquisitions and collaborations, contributing to the global growth of the epoxy primer market.

• For instance, In 2019, PPG (announced the introduction of PPG SIGMAFAST 278 epoxy primer to U.S. market. The product launched is aimed to give much-needed fabrication flexibility when recoating steel components due to a longer recoating window and reduced emissions.

• In 2021, Cortec corporation launched a high-performance VpCI-395 Water-Based Epoxy Primer. The primer is a fast drying, 2K water-based epoxy primer designed to apply directly to metal for use as a protective primer in outdoor, harsh, unsheltered applications.

Sherwin-Williams Co

Overview: Sherwin-Williams Company is an American–based company in the paint and coating manufacturing industry. The company majorly engages in the manufacture, distribution and sale of floorcoverings, paints, coatings and related products to professional, commercial, industrial and retail customers in North and South America and Europe. In April 2022, the company announced it had completely acquired the European industrial coatings business of Sika AG. Furthermore, in June 2022, the company announced the acquisition of Gross & Perthun GmbH, which manufactures and distributes different coatings for the heavy equipment and transportation industries.

Product Portfolio: Recoatable Epoxy Primer: The product is a two-component, rust-inhibitive, high-build, catalyzed polyamide/bisphenol A epoxy primer. The product is specially designed for industries including power generation, food and beverage, oil and gas and marine

Key Development

• In 2022, Sherwin-Williams Protective & Marine received the winning award of the 2021 Sherwin-Williams Impact, which recognizes exceptional coating projects from the company in the water and wastewater industry.

Why Purchase the Report?

• Visualize the global epoxy primer market segmentation by substrate, technology, end-user and region, highlighting key commercial assets and players.

• Identify commercial opportunities in the epoxy primer market by analyzing trends and co-development deals.

• Excel data sheet with thousands of global epoxy primer market-level 4/5 segmentation points.

• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

• Product mapping in excel for the key product of all major market players

The global epoxy primer market report would provide approximately 61 market data tables, 54 figures and 200 pages.

Target Audience 2022

• Service Providers/ Buyers

• Residential

• Research Laboratory

• Restaurant Business

• Energy & Utilities Companies

• Distributors