The global epoxy primer market size was USD 10 Billion in 2022 and is expected to reach USD 16.89 Billion in 2032, and register a revenue CAGR of 6% during the forecast period. Epoxy primer is becoming popular in the construction industry due to its exceptional qualities, such as its great resistance to corrosion, chemicals, and weathering. Increasing usage of epoxy primer in aviation and aerospace, rising demand for epoxy primers from the building and construction sector, and increasing awareness to decrease loss caused by corrosion are major factors driving revenue growth of this segment. Epoxy primer is a sealer used to provide an excellent surface finish on applied topcoats, which can be applied to waterproof materials that consequently preserve bare metal from rusting.
Automotive epoxy primers are considered the standard base for automotive painting processes. Automakers use epoxy his primers in the painting process to prevent corrosion through thickness and to block oxygen, moisture, and ultraviolet (UV) radiation from metals. According to the European Automobile Manufacturers Association (ACEA), a total of 79.1 million cars were produced worldwide in 2021. This represents an increase of 1.3% compared to 2020. The automotive industry uses epoxy primers to improve the durability of exterior coatings. These factors are driving the growth of the market significantly. Also, an epoxy primer is applied to the deck as a topcoat to protect the metal from direct sunlight and moisture. Shipbuilders use bisphenol A or BPA based epoxy resins in shipbuilding, maintenance, and repair.
BPA-based epoxy provides excellent corrosion resistance, a durable finish, and can be conveniently recoated. In addition, the global maritime industry is growing with increasing logistics and container shipping. These cases offer new opportunities for epoxy primer manufacturers. According to the International Chamber of Shipping (ICS) Europe, more than 50,000 merchant ships carry a wide variety of cargo between countries internationally. The global fleet is registered in more than 150 countries, and demand for cargo ships is increasing, driving demand for epoxy primers.
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Some Key Highlights from the Report
- The water-based segment accounted for a constant share of sales in 2021. Water-based technology is suitable for water dispersion, colloidal dispersion and water solubility. Waterborne epoxy primers can be used in applications such as floor coatings, industrial maintenance, and transportation. Additionally, the water-based technology offers excellent metal adhesion and corrosion resistance, as well as excellent chemical stability and bonding properties.
- Additionally, the water-based technology dries quickly and is designed for indoor and outdoor use in commercial and industrial environments such as hospitals, schools, and food and beverage (F&B) processing plants. These factors have significantly boosted revenue growth in this segment.
- On 11 January 2022, Applied Graphene Materials plc., a UK-based company that manufactures industrial anti-rust coatings, has launched two epoxy-based primers, C3 and CX. CX Primer is a high-performance hybrid solution that combines graphene and aluminum chemistries to provide corrosion protection in harsh conditions such as offshore and marine applications. A C3 rated hybrid product combining graphene and zinc phosphate allows both systems to be used in industrial environments.
- On September 21, 2020, Axalta Coating Systems Ltd., a US leader in manufacturing industrial coatings, launched the SupraSand High-Build PercoTop CS388. PercoTop CS388 reduces drying and sanding times by 50% and provides excellent protection against corrosion and moisture.
- The Asia-Pacific market accounted for the largest share of sales in 2021. Increasing commercial and residential construction projects and infrastructure expansion projects in the region are key factors driving revenue growth of the market during the forecast period. According to the World Green Building Council, 60% of the world's population lives in the Asia-Pacific region. The region is home to 16 of the world's megacities and its urban population is expected to reach 3.3 billion by 2050.
- Epoxy primers such as concrete epoxy primer and floor protection epoxy primer are widely used in residential and commercial projects in the area. In addition, various automobile companies are contributing significantly to the growth of the market in the region. These factors are strategically driving the growth of the epoxy his primer market in this region.
- Companies profiled in the market report include AkzoNobel N.V., The Sherwin-Williams Company, AXALTA COATING SYSTEMS LTD., PPG Industries, Inc., Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., RPM International Inc., Asian Paints Limited, BASF SE, Jotun A/S, Hempel A/S, TIKKURILA OYJ, KCC Engineering & Construction CO., LTD., Sika AG, HMG Paints Limited, and Applied Graphene Materials plc., among other.
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