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The Business Research Company's Epoxy Primer Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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How Has The Epoxy Primer Market Grown In Recent Years, And What Is The Expected Growth Rate?
The epoxy primer market size has grown strongly in recent years. It is projected to grow from $10.22 billion in 2023 to $10.95 billion in 2024 at a compound annual growth rate CAGR of 7.1%. Notably, the remarkable growth in the historic period can be attributed to multiple contributing factors such as infrastructure development, corrosion prevention, industrialization, advancements in formulations, and burgeoning demand from the automotive and aerospace sectors.
What Does The Epoxy Primer Market Growth Forecast Look Like?
The epoxy primer market size is expected to see strong growth over the next few years. It's projected to touch $14.58 billion by 2028, growing at a compound annual growth rate CAGR of 7.4%. This robust growth during the forecast period can be primarily attributed to emerging markets, regulatory conformity, defense and military applications, sustainable coatings, and renewable energy infrastructure. Further bolstering the market are remarkable trends such as high-performance epoxy primers, waterborne epoxy primers, concrete substrate priming, hybrid epoxy primers, and the introduction of nanotechnology in epoxy primers.
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What Are The Significant Growth Drivers Of The Epoxy Primer Market?
The booming automotive industry plays a crucial role in propelling the growth of the epoxy primer market. The automotive industry refers to the companies involved in the design, manufacture, and sale of motor vehicles and related components. Epoxy coatings are frequently used as primers in the automotive sector to enhance the adherence of the metal surface since paints play a pivotal role in resisting corrosion. Hence, the uptick in the automotive industry results in an increased demand for epoxy primers. For instance, according to a report shared by the India Brand Equity Foundation IBEF, an Indian government export promotion agency, vehicle production in India capped at 22.93 million vehicles in 2022, underscoring the burgeoning automotive industry's role in driving the growth of the epoxy primer market.
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Who Are The Major Industry Players Operating in The Epoxy Primer Market?
The epoxy primer market sees the active involvement of major companies, including PPG Industries Inc., Akzo Nobel N.V., Sherwin-Williams, Axalta Coating Systems LLC, BASF SE, Berger Paints India Limited, Chugoku Marine Paints Ltd., Hempel A/S, Jotun A/S, Kansai Paint Co. Ltd., Nippon Paint Co. Ltd., RPM International Inc., Tikkurila Oyj, Asian Paints Ltd., Benjamin Moore & Co., Carboline Company, Cloverdale Paint Inc., Diamond Vogel Paints, Dunn-Edwards Corporation, H.B. Fuller Company, International Paint Ltd., J.W. Ostendorf GmbH & Co. KG, KCC Corporation, Krylon Products Group, Mascoat, NPA Coatings Inc., Rust-Oleum Corporation, Tnemec Company Inc., and Valspar Corporation.
How Is Technological Advancement Impacting The Epoxy Primer Market?
Technological advancement is a key trend gaining traction in the epoxy primer market. Major companies operating in the epoxy primer sector are focused on adopting new technological solutions to sustain their position in the market. For instance, in December 2021, Applied Graphene Materials, a UK-based chemicals company launched a line of anti-corrosion epoxy primers that use its Genable technology. The Genable Epoxy primer is a C3-rated hybrid product offering synergy benefits by combining graphene with a zinc phosphate additive for standard applications in urban and industrial environments. It offers improved performance and protection against corrosion in harsh environments such as offshore and marine applications.
How Is The Epoxy Primer Market Segmented?
The epoxy primer market covered in this report is segmented into:
1 By Substrate: Metal, Concrete And Masonry, Fiberglass, Other Substrates
2 By Technology: Solvent-Borne, Waterborne
3 By Application: Building And Construction, Automotive, Marine, Machinery And Equipment, Other Applications
What Are The Regional Epoxy Primer Market Insights?
Asia-Pacific was the largest region in the epoxy primer market in 2023. Interesting, Asia-Pacific is expected to maintain its upward trajectory as the fastest-growing region in the epoxy primer market during the forecast period. The regions covered in this in-depth report of the epoxy primer market include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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