Market Forecast and Overview:
Market Research Future published a half cooked research report on Global Epoxy Resin Market that contain information from 2016 to 2022. Global Epoxy Resin Market is expected to cross USD 9 Billion at the end of the forecasted period and is expected to grow at CAGR of approximately 6% from 2016 to 2022.
Epoxy resins are the highly preferred thermoplastics for manufacturing composite materials due to their properties such as external force proof, high thermal stability, moisture proof, and heat proof. The growth of the industry is highly dependent on the consumption of these resins in various industries such as construction, automotive, aerospace, electronics, and marine among others.
Construction, Automotive, Power, Marine industry plays a key role in the growth of epoxy resin market across the globe. The epoxy resin finds its way in varied applications such as paints & coatings, composites, adhesives among others in industries. The market is highly dependent on its applications. Epoxy resins are preferred thermoplastics for manufacturing composite materials owing to their superior properties as compared to other resins. The market is driven solely by the properties which stand out when compared to conventional technologies. These properties include being heat proof, external force proof, moisture proof, and strong in nature.
Key Players in Market:
The key players of global Epoxy Resin market report include- BASF SE, Olin Corporation, 3M Company, Nan Ya Plastics Corporation, Momentive Performance Material Holding LLC, E. I. du Pont de Nemours and Company, Huntsman Corporation, Sanmu Group, Hexion Inc., Aditya Birla Chemicals Ltd., Kukdo Chemical Co. Ltd., and Atul Ltd.
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The construction industry is the largest consumer of such resins due to its corrosion resistance property. The construction industry consumes steel in all its major processes which makes it highly important for the using the right type of resin which isn’t corrosive in nature when in contact with steel. Growing construction and automotive industries due to increasing disposable income along with changing lifestyle have been a major driving factor for the segment.
Demand for epoxy resin in automobile and industrial applications is projected to grow. The growth is attributed to the qualities of these resins such as heat resistance. The industries demand for water borne coatings, powder coatings, electrical laminates, which is expected to further augment the growth of the market.
On the basis of end-use, paints & coatings drives the maximum share. The application accounts for over 45% of market share. The share is attributed to its drying out properties along with its hardness. This induces the demand in automotive and construction industries. Furthermore composite material is anticipated to be the fastest growing end-use segment growing at a CAGR of approximately 6% in the forecasted period. It is valued as the most preferred thermoplastic resin due to its light weight, which can be an added feature for automotive and aerospace industries.
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On the basis of region, APAC takes the lead as the largest market, followed by North America and Europe. APAC, due to its rapid urbanization and changing lifestyles have created an increased demand for automobiles. Also the increased investment in infrastructure to support the population growth in the region is the driving force. The region accounts for over 55% of market share in 2015, with China leading by country, and is expected to show similar results by 2022. North America was valued to have a market size of more than USD 1,200 million in 2015 due to increased demand from automotive and marine sectors. The trend is expected to be stable by the end of 2022.
Market Research Analysis:
The market is highly application based. Its dependency on the end-use industry has widened over a period of time. The properties of these resins such as external force proof, high thermal stability, moisture proof, and heat proof augments the market for epoxy resins. It is expected that the global epoxy resin market will advance with higher growth rate as compared to previous years. However the current challenge for the market is the fluctuating raw material prices and popularity of alternative resins.
Scope of the report
This study provides an overview of the global epoxy resin industry, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global epoxy resin market as application and end-use. On the basis of application it is segmented as construction, automotive, power, aerospace, marine, consumer goods, and others. On the basis of end-use it is segmented as paints & coatings, wind turbine, adhesives & sealants, Composites, Electricals, and others.
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