Market Insights:
Epoxy Resins have several useful industrial applications which are anticipated to contribute to consistent demand and an increase in sales. The Global Epoxy Resin Market has been studied by Market Research Future in its newest report which reveals several key fact and figures regarding the market. The demand for epoxy resins is expected to grow to generate a market value of USD 10,620.5 Mn by the end of the market forecast period in 2023. The Global Epoxy Resin Market is projected to register a consistent CAGE of 5.24% during the assessment period from 2017 to 2023.
Used to reinforce and as an adhesive, the growing aerospace and automotive industries have accordingly increased demand. Increasing demand for fuel efficiency in automotive has increased the demand for high-performance plastics which are lightweight. Epoxy Resins are used as high performance adhesives as they provide strong bonds for most applications as well as better heat resistance and chemical resistance. Epoxy Resins offer excellent protection to electrical components from shortcutting as well as dust and moisture. The demand for electrical components in automobiles as well as the high demand for electronics has influenced growth for the Global Epoxy Resin Market. The rapidly growing construction industry is another significant end-user of Epoxy Resin, particularly in emerging markets. Epoxy Resins have applications in paint & coatings as well as adhesives in the construction industry. Urbanization has resulted in a growing demand for residential as well as commercial buildings, thus increasing sales for Epoxy Resins.
Strict regulatory laws regarding the use of Epoxy Resins due to the health risks they present. Epoxy Resin hardeners are corrosive and have been classified as a carcinogenic. However, emerging markets in the Middle Eastern & African and Asia Pacific regions represent a massive opportunity for the Global Epoxy Market due to rapidly expanding construction sectors present in this part of the world.
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Key Players:
BASF SE, Huntsman International LLC, Aditya Birla Chemicals, Ciech S.A, Spolchemie, Olin Corporation, and Kolon Industries, Inc among others have been profiled in MRFR’s competitive analysis of the Global Epoxy Resin Market.
Latest Industry News
Wessex Resins has announced that it has begun manufacturing ENTROPY RESINS under license for European, Indian and Middle Eastern & African markets. These Epoxy Resins have bio-based formulations.
Carbon has announced reduced prices for its most popular epoxy resins namely, EPX 82, EPU 41, and RPU 70. The move is expected increase access to epoxy resins for consumers and lead to the development of new applications and new opportunities.
Market Segmentation:
MRFR’s segmentation of the Global Epoxy Resin Market has been performed based on Type, Technology, Application, and Region.
Types of Epoxy Resins are segmented into glycidyl epoxy and non-glycidyl epoxy. Between these, the glycidyl epoxy segment has captured the most significant share of the market due to increasing use in automotive & building and construction industries.
By Technology, the Global Epoxy Resin Market is segmented into solvent cut epoxy, liquid epoxy, waterborne epoxy, and others. Among these, the liquid epoxy resin segment generated the most revenue at the start of the forecast period. However, the waterborne Epoxy Resin Segment is on track to emerge at the fastest growing segment due to the rapid increase in the use of powder coatings.
Applications of Epoxy Resins can be found in automotive & transportation, building & construction, electrical & electronics, marine, adhesives & sealants, and others. The building and construction sector have developed rapidly to establish itself as a leader in the Global Epoxy Resin Market. Meanwhile, the automotive segment is growing rapidly and will likely display the highest CAGR during the review period.
Regional Analysis:
The Asia Pacific has secured a leadership position in the Global Epoxy Resin Market and is expected to grow at a considerable CAGR during the review period. The increasing demand for Epoxy Resin in the region’s expanding construction sector in tandem with the regions high demand for consumer goods is expected to keep the region in leadership position throughout the assessment period. North America follows the APAC Epoxy Resin Market due to the high number of end-user industries in the region. The North American automotive market is a significant end-user of Epoxy Resins. Notably, the Latin American Epoxy Resin Market is emerging as the fastest growing regional market with the highest CAGR. Increasing construction activities and the establishment of automotive manufacturing in this region combined with pacifying socio-economic conditions are expected to yield increased demand for Epoxy Resins.
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