Epoxy Paint Thinner Market Overview
According to the latest research study published by Future Market Insights, Epoxy Paint Thinner market is set to witness steady growth during 2021-2031. Demand for Epoxy Paint Thinner is projected to witness quick recovery once the pandemic related restrictions are eased, and have a promising growth outlook in the long-term.
Increased demand from key end user industries including building & construction to boost the sales of in upcoming future. The market is estimated to progress at a CAGR of 4-5% during the forecast period of 2021-2031
What is Driving Demand for Epoxy Paint Thinner?
Increasing investments in buildings and construction in developing countries is anticipated to bolster the demand of epoxy paint thinner during the forecast period. Furthermore, increasing urbanization and rising need for housing is further projected to drive the sales of epoxy paint in upcoming years, thus helping market growth.
Rising industrial activities in developing regions is expected to increase the demand for epoxy coatings which in turn is anticipated to positively impact the sales. The market is fairly fragmented and the intensity of competition is high, which is the prime challenge for manufacturers in the market.
Stringent regulations related to utilization of harmful chemicals and solvents in developed regions including North America and Europe is expected to restrain the growth of the epoxy paint thinner market to some extent however.
Construction Industry Recovery Likely to Boost Epoxy Paint Thinner Sales
Construction industry has been severely impacted by COVID-19 pandemic in all major economies of the world. Various major projects and investments in the construction industry have been halted or postponed. Many major governments have taken action to control ongoing Covid-19 pandemic including social distancing, lockdowns etc., which have resulted in a slowdown of the construction industry both from the supply side as well as demand side.
The epoxy paint thinner market is expected to gain traction within short span of time however as resumption of construction activity begins and in view of increased government initiatives to recover economic crisis.
U.S. Epoxy Paint Thinner Market Outlook
Housing recovery and increasing demand from decorative paints & coatings is estimated to drive sales in the residential construction sector. This, in turn, is expected to propel the demand for epoxy paint thinner market in the U.S. over the forecast period.
Since 2009, housing demand has significantly outstripped supply in some areas. Increasing home prices and rents point towards and economic recovery, a trend that will continue in the future in the absence of any imminent policy changes.
With a large part of the country inoculated as part of a sweeping vaccination program, the US economy is quickly reopening and looking to gain lost ground during the pandemic time.
Europe Demand Outlook for Epoxy Paint Thinner
Europe is one of the prominent market for automotive industry and a prominent hub of OEM suppliers. However, shift of automotive components manufacturing from Europe to Asia-Pacific is anticipated to have an impact on sales in the near term. Europe construction industry is comparatively mature than most other regions.
Construction materials such as epoxy paints are prominently used for renovation activities than for new constructions, driving demand for epoxy paint thinner.
Most European countries have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. Owing to these factors, Europe is anticipated to grow at steady rate throughout the forecast period.
Weakness in automotive and construction sector during the Covid-19 pandemic period is anticipated to slow down demand; however, refocus on construction and infrastructure development will remain key to steady demand in the long run.
Who are the Key Manufacturers and Suppliers?
Some of the leading manufacturers and suppliers of Epoxy Paint Thinner include
- Commercial Alcohols
- Warner Graham Company
- Dow Chemical
- Formosa Chemicals & Fiber Corporation
- Cepsa Quimica
Prominent manufacturers are focusing on expansion and have longstanding contracts with end-users to ensure long term supply. Furthermore, manufacturers are concentrating on innovation in technologies required for the production of thinners to increase efficiency of manufacturing processes, leading to significant productivity as well as high quality of products.
The global market is a highly fragmented market, owing to the presence of signifcant number of players in the global market. Major players are in the quest of adopting emerging business model such as collaboration with the small players in order to maintain their dominance.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments of Epoxy Paint Thinner Market
- Denatured Alcohol
- Lacquer Thinners
By End Use:
- Building & Construction
- Commercial & Institutional
- Automotive & Transportation
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia Pacific
- ASEAN Countries
- Rest of South Asia Pacific
- Middle East and Africa
- GCC Countries
- Northern Africa
- South Africa
- Rest of MEA