Modified Epoxy Resins are used in a wide range of end-use industry owing to their excellent properties such as chemical resistance, corrosion resistance, durability, heat resistance, shock resistance, and peel strength among others. The rising growth of the building and construction and automotive industry across the globe is substantially affecting the growth of the Modified Epoxy Resin Market.
The Global Modified Epoxy Resin Market has been driven by a range of application in the various end-use industries such as building and construction, automotive, aerospace, and marine among others. Moreover, it is estimated that the paint and coatings industry is set to witness the highest growth due to the growing consumption in the building and construction, and automobiles sectors, during the forecast period, 2017-2023.
The Global Modified Epoxy Resin Market is segmented into product type, application, and end-user. On the basis of the product type, the market is segregated into the water-based modified epoxy resin and solvent-based modified epoxy resin. The market by the application is further categorized into paints and coatings, adhesives and sealants, composites, laminates, and others. The market by end use industry is bifurcated into building and construction, automotive, aerospace, marine, and others.
The building and construction end-user segment are anticipated to observe a higher CAGR during the forecast period. The enhanced and superior qualities of Modified Epoxy Resins such as heat resistance, weather durability and corrosion resistance among others are driving the growth of the segment.
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Some of the prominent players operating in the Global Modified Epoxy Resin Market are Nan Ya Plastic Corporation (Taiwan), Olin (U.S), Jiangsu sanmu group Co, Ltd (China), Hexion (U.S), Kukdo Chemical co limited (Japan), Aditya Birla Chemicals Ltd ( India). E. I. du Pont de Nemours and Company (U.S), 3M (U.S), and BASF SE (Germany) among others.
The Global Modified Epoxy Resin Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at an exponential CAGR. The presence of the most populated countries of the world such as India and China has augmented the demand for various sectors such as the construction and automotive among others, which, in turn, is anticipated to fuel the demand for modified epoxy resin in the region. Moreover, the growing electrical sector mainly in Japan and China is also expected to contribute to the market growth owing to the vast usage of Modified Epoxy Resin in the electronic products.
The European region is estimated to witness a significant growth in the countries owing to burgeoning aerospace and automobile industry. The increasing use of modified epoxy resin owing to its enhanced strength, high modulus, and lightweight in the aircraft manufacturing has increased the adoption rate in the region.
The North American Modified Epoxy Resin Market is mainly driven by the U.S. and Canada. The presence of the developed end-user industries such as automotive and construction coupled with the increasing adoption rate is contributing significantly to the growth of the market. Moreover, the growing investments in the infrastructural development are further expected to add fuel to the growth of the market.
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