Epoxy Paint Thinner Sector: Growth Drivers and Challenges
Growth Drivers
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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
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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 |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.3% |
|
Base Year Market Size (2024) |
USD 22.35 million |
|
Forecast Year Market Size (2037) |
USD 49.45 million |
|
Regional Scope |
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