Market Overview
Market Research Future (MRFR) asserts that the global modified epoxy resins market is likely to demonstrate a stellar CAGR during the forecast period (2019-2023). The growth in the automotive and construction industries is favoring the market growth. Also termed as polyepoxides, epoxy resins are the type of reactive polymers containing epoxide groups. They are cross-linked or reacted wither with themselves or a variety of co-reactants like acids, polyfunctional amines, alcohols, thiols, and phenols. The reaction between the co-reactants and epoxy resins give rise to thermosetting polymers with enhanced mechanical properties, chemical resistance, and temperature, known as modified epoxy resin.
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Modified Epoxy Resins Market: Segmental Analysis
The Global Modified Epoxy Resins Market has been segmented on the basis of product type, application, and end-user.
By mode of product type, the global modified epoxy resins market has been segmented into solvent-based modified epoxy resin and water-based modified epoxy resin.
By mode of application, the global modified epoxy resins market has been segmented into paints and coatings, composites, adhesives and sealants, laminates, and others. The paints & coatings sector is likely to gain prominence in the coming years. With elevating population, the demand for infrastructure such as buildings rises. The consumption of modified epoxy resins in paints and coatings due to high properties like chemical resistance, low viscosity, superior mechanical and electrical properties have contributed to its growth.
By mode of the global modified epoxy resins market has been segmented into construction, building and construction, automobile, marine, aerospace, and others.
Key Players
- Olin
- Nan Ya Plastic Corporation
- Hexion
- Jiangsu sanmu group Co Ltd
- Kukdo Chemical Co Limited
- 3M
- BASF SE
- Aditya Birla Chemicals Ltd
- E. I. du Pont de Nemours and Company
Regional Insights
Geographically, the modified epoxy resins market span across regions namely, North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Considering the global scenario, the APAC region commands for the major share and is likely to expand at the fastest rate. The rising disposable income and the geriatric population in the developing economies are the top factors fueling the market growth in this region. The growing construction industry, especially in countries like China and India, are further triggering the demand for modified epoxy resins in the paints & coatings sector, thereby fostering the market growth. As per the Indian Brand Equity Foundation, the Indian infrastructure has experienced 33 deals from 2016-2017 which involved USD 3.49 billion. Moreover, the developing electronics sector, especially in China and Japan, are propelling its demand in this region.
North America is considered to dominate the global modified epoxy resins market owing to the presence of the top three automobile companies namely Ford, General Motors, and Fiat Chrysler. The newly elected government has brought a new wave of investment in the renovation and construction of infrastructure in Canada and the U.S. which has further triggered its demand in this region.
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Market Potential and Pitfalls
Modified epoxy resins provide several properties like improved thermal shock resistance, better peel strength, and excellent resistance to corrosion. Such properties of modified epoxy resins mark its usage in several end-use industries like building and construction, automobile, marine, aerospace, and others. Modified epoxy resins extensively find its application in sealants and adhesives due to their excellent heat resistance and durability. With the burgeoning building, automotive, and construction industries in the developing countries, the modified epoxy resins market is likely to experience an upsurge. Modified epoxy resins are also highly used in the aerospace industries owing to its high modulus, enhanced strength, and lightweight. Such factors are estimated to contribute to market growth. They also act as a binding agent in the manufacturing of polymer concrete. The low viscosity of modified epoxy resins further increases processability and a high degree of filling of the polymer concrete. This is likely to influence the market growth to a large extent. The emergence of bio-based flexible epoxy resins is considered one of the key trends in the global market.
On the contrary, strict mandates associated with the control of VOC emissions like the Environmental Protection Agency, National Emission Standards for Hazardous Air Pollutants by the US, and strict mandates for air pollution by the California Air Resources Board are some of the top barriers considered to vitiate the market growth during the appraisal period.
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