Epoxy Paint Thinner Market Size & Share, by Type (Industrial, Commercial); End-user (Construction, Automotive, Aerospace) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5267
  • Published Date: Sep 26, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Epoxy Paint Thinner Market size is anticipated to reach USD 23 billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of epoxy paint thinner was over USD 12 billion. The market has experienced steady growth over the years due to the increasing use of epoxy coatings in various industries. Epoxy coatings are known for their durability, chemical resistance, and adhesion properties, making them popular for industrial and commercial applications.

Epoxy paint thinners are chemical substances used to reduce the viscosity of epoxy-based coatings and paints. This makes them easier to apply, and it can also help improve the flow and leveling of the paint. The epoxy paint thinner market is influenced by several factors, including the construction and automotive industries, as well as DIY (do-it-yourself) enthusiasts and industrial applications. Epoxy paint thinners are used in various industries, including construction, automotive, marine, aerospace, and electronics. They are used for painting and coating surfaces in these sectors to protect against corrosion, wear, and environmental factors.


Epoxy Paint Thinner Market Overview
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Epoxy Paint Thinner Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Construction Industry: The construction industry is a major end user of epoxy paints and epoxy paint thinners. With population growth and urbanization, the demand for new residential and commercial buildings increases, leading to the development of the construction industry. This in turn increases the demand for epoxy paints and associated thinners. The global construction industry has been one of the largest industries in the world. In the year 2019, the global construction industry was valued at approximately USD 11.4 trillion.
  • Rise in Pharmaceutical Sector: Paint thinners are also used as solvents in the pharmaceutical and dye industries. The increasing elderly population and declining birth rates around the world are increasing the demand for pharmaceutical products. The pharmaceutical industry is expected to grow in the coming years through continuous product innovation and expansion of existing product applications. The automotive industry is also expected to become an important end user of paints and coatings. This is estimated to increase the demand for paint thinners during the forecast period.
  • Growth in Demand: Epoxy coatings are particularly suitable for metals, floors and other surfaces that require a quick-drying protective coating. It is also used on concrete floors in industrial and commercial applications such as commercial and retail stores, aircraft hangars, aircraft hangars, industrial plants, aircraft hangars, hospitals, showrooms, manufacturing plants, workshops, and others.

Challenges

  • Environmental Regulations: Stricter environmental regulations and concerns about volatile organic compounds (VOCs) have posed a significant challenge to the epoxy paint thinner market. Many regions and countries have implemented regulations limiting VOC emissions from paint and coatings products. Manufacturers have had to reformulate their products to meet these regulations, which can be costly and require significant research and development efforts.
  • High Cost of Raw Materials
  • Competition in the Epoxy Paint Thinner Sector

Epoxy Paint Thinner: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~7%

Base Year Market Size (2023)

~ USD 12 Billion

Forecast Year Market Size (2036)

~ USD 23 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Epoxy Paint Thinner Segmentation

Type (Industrial, Commercial)

The commercial segment is estimated to gain the largest market share of 60% in the year 2036. Ongoing research and development in the epoxy coatings industry have led to technologically advanced products. Commercial spaces seek the benefits of these advancements, requiring compatible epoxy paint thinners for optimal results. Research and development expenditure in the global chemical industry reached USD 253 billion in the year 2020. Innovations such as epoxy coatings with faster curing times, improved adhesion, and enhanced chemical resistance meet the evolving needs of commercial spaces. The choice of a suitable epoxy paint thinner is critical to maximize the benefits of these advancements.

End User (Construction, Automotive, Aerospace)

The construction segment in the epoxy paint thinner market is expected to garner a significant share in the year 2036. The construction industry prioritizes durable and long-lasting solutions to reduce maintenance costs. Epoxy coatings, when used with compatible paint thinners, offer superior protection, enhancing the lifespan of structures. Epoxy coatings are renowned for their resistance to wear, stains, and chemical damage, making them an ideal choice for construction projects that require extended durability and protection against environmental factors. The global protective coatings industry, including epoxy coatings, is estimated to reach USD 29 billion by the year 2025.

Our in-depth analysis of the global market includes the following segments:

           Type

  • Industrial
  • Commercial

 

   

           End User

  • Construction
  • Automotive
  • Aerospace

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Epoxy Paint Thinner Industry – Regional Synopsis

APAC Market Forecast

The epoxy paint thinner market in the Asia Pacific region is projected to hold the largest revenue share of 38% by the end of 2036. Urbanization drives the need for modern, durable structures. Epoxy coatings and paint thinners play a vital role in preserving and enhancing the longevity of these structures, meeting the region's burgeoning infrastructure needs. The Asia Pacific region is experiencing rapid urbanization, leading to increased infrastructure development projects such as highways, airports, and residential complexes. Epoxy coatings, coupled with suitable paint thinners, are essential for construction and renovation in these growing urban areas. According to the Asian Development Outlook 2021, infrastructure investment in Asia is projected to reach USD 26 trillion by the year 2030.

North American Market Statistics

The epoxy paint thinner market in the North America region is projected to hold the second largest share during the forecast period. North America is witnessing robust activity in the construction and renovation sectors, with a focus on commercial and residential projects. Epoxy coatings, in conjunction with compatible paint thinners, are essential for protecting and enhancing surfaces in these sectors. As North America continues to grow and urbanize, construction and renovation projects remain a driving force. Epoxy coatings and paint thinners are instrumental in achieving durability and aesthetic appeal in these projects. Environmental consciousness and stringent regulations have prompted industries in North America to adopt low-VOC and environmentally friendly coatings, leading to a rising demand for compliant epoxy paint thinners. North America hosts a significant automotive manufacturing industry, demanding high-quality coatings and paint thinners for vehicle production, painting, and refinishing applications. Hence, Booming Automotive Manufacturing is also estimated to boost the regional market growth notably over the forecast period.

Research Nester
Epoxy Paint Thinner Market Region
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Companies Dominating the Epoxy Paint Thinner Landscape

top-features-companies
    • Akzo Nobel N.V.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • PPG Industries, Inc.
    • The Sherwin-Williams Company
    • BASF SE
    • Axalta Coating Systems Ltd.
    • Hempel A/S
    • Jotun Group
    • RPM International Inc.
    • Nippon Paint Holdings Co., Ltd.
    • Kansai Paint Co., Ltd.

In-the-news

In The News

  • PPG Industries announced that it has entered into a definitive agreement to acquire Axalta Coating Systems in an all-stock transaction. The deal is valued at USD 26 billion.
  • PPG Industries announced that it has completed the acquisition of Axalta Coating Systems.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5267
  • Published Date: Sep 26, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for construction sector is the major factor driving the market growth.

The market size of epoxy paint thinner is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2024-2036.

The major players in the market are Akzo Nobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, BASF SE, Axalta Coating Systems Ltd., Hempel A/S, and others.

The construction segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Epoxy Paint Thinner Market Report Scope
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