Asia Pacific Registers the Highest Growth Rate in the Epoxy Sealer Market
Developing Countries to Take the Epoxy Sealer Market Value Post $15 Billion by 2023
Bangalore, India, July 23, 2018: With its recently published study “Epoxy Sealer Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023”, Infoholic forecasts that the global epoxy sealer market will continue to grow consistently owing to the increased demand from end-use industries such as construction, automotive, and wooden products. The industrial construction is the major consumer of epoxy sealer, while commercial construction and automotive are other leading consumers for epoxy sealer. Government initiatives across geographies are targeting low volatile organic content (VOC) in the coating have also been helping the market growth across sectors. This growth pattern is expected to continue and increase the epoxy sealer market, reaching a value of $15.48 billion by 2023 with a CAGR of 6.0% during the forecast period 2017–2023.
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Concrete remains the largest substrate segment for epoxy sealer accounting for more than 40% of the global demand in terms of volume by 2023. The commercial construction sector is the second largest segment, which is expected to increase the epoxy sealer consumption faster than its industrial counterpart, owing to fast increasing penetration in developing regions. However, the highest growth is expected to come from the wooden substrate segment wherein the market is expected to increase penetration in non-construction wooden products and Do-It-Yourself (DIY) applications.
Currently, Asia Pacific is leading the market, which is expected to continue during the forecast period as well. The large construction sector along with fast-growing automotive industries are pushing the market growth in developing countries in the APAC region. The increasing investment in R&D is expected to further reduce the cost and open new application areas for epoxy sealer across industries.
“The usage of epoxy as a sealer in concrete, wood, and automotive basecoat is common in developed countries, which has not been the case in developing countries. The growing acceptance of epoxy in construction and wood industries coupled with high growth in the automotive sector draws a very lucrative picture for epoxy sealer. The developing markets with manufacturing hubs such as China and South Korea are expected to be benefitted the most from these changes, although the availability and cost shall remain significant decision-impacting parameters in the construction sector.” – Ankur Kalra, Research Manager, Infoholic Research.
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Key Insights of the Report
- The global epoxy sealer market has been analyzed based on substrate types
- Others (such as Plastics and Rubber)
- The global epoxy sealer market has been analyzed based on end-use areas
- Industrial Construction
- Non-industrial Construction
- Furniture & Sports Equipment
- Others (such as Medical Equipment)
- Industry outlook: market trends and drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP