Epoxy primer market rises to 9.4 billion euros by 2023
According to a new market report the epoxy primer market is projected to grow from EUR 734 thousand millions in 2018 to EUR 940 thousand millions by 2023, at a CAGR of 5.1% between 2018 and 2023.
Epoxy primer is used as a sealer that produces excellent non-porous finish on applied topcoats. It has superior bonding capacity and offers excellent adhesion to a wide variety of substrates, such as metal, concrete & masonry, wood, fiberglass, and others. It also has water resistant and corrosion inhibiting capabilities. Therefore, it is preferred in different applications, such as building & construction, automotive, marine, and machinery & equipment.
Based on substrate, the metal segment is expected to lead the global epoxy primer market during the forecast period. Epoxy primers are widely used on metal substrates for different applications such as automotive, marine, aviation, energy, infrastructural structures, and oil & gas. They are preferred for these substrates owing to their excellent adhesion and corrosion, chemicals, and water resistant properties.
Automotive segment grows fastest
The automotive segment is expected to be the fastest-growing application segment of the epoxy primer market during the forecast period. It is widely preferred in automotive and refinish systems, as they offer excellent adhesion to basecoat and topcoat layers. It also offer excellent resistance to corrosion and solvents.
The solvent-borne technology is projected to lead the epoxy primer market during the forecast period. Epoxy primers manufactured by using solvent-borne technology are used for a wide variety of substrates, and they offer superior characteristics such as less curing time, excellent adhesion, and resistance to corrosion, abrasion, and chemicals.
Largest demand in Asia-Pacific region
Asia Pacific is expected to be the largest market for epoxy primer during the forecast period. The epoxy primer market in this region is primarily driven by the growing demand for coatings, especially from China, India, and other Southeast Asian countries, and huge investments in construction, automotive, marine, and industrial sectors in this region.
The market report is available via the website of Markets and Markets Research.
