According to ChemAnalyst report, “Epoxy Resin Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Regional Demand, 2015-2030”, Epoxy Resin market has shown significant growth in 2020 as it reached 5.50 million tonnes in the Asia Pacific region and is projected to achieve an impressive global CAGR of 6.32% during the forecast period until 2030. Growing demand for high performance lightweight materials from major end-user industries including construction and automotive is expected to boost the demand for epoxy resins for the forecast period.
Epoxy resin is basically a thermosetting copolymer which is produced by the process of polymerization of epoxide and other monomers that contains hydroxyl group. Epoxy Resins are the widely used thermosets in structural and composites applications. Epoxy Resins possess versatile properties such as high mechanical strength, effective electrical insulation, Excellent adhesion, low shrinkage, and excellent resistance to chemicals and solvents. Due to their excellent properties, Epoxy Resins find its uses in numerous applications including paint and coatings, electronic devices, electrical insulators, adhesives, brush manufacturing, fiber-reinforced plastic materials, automotive parts and others.
Many industries including automotive, marine, aerospace and, others use epoxy coatings as primers for protection from corrosion. They are used as a protective coating in industrial flooring. The development in the construction industry plays a crucial role in the growth of Epoxy Resins market. Automotive industries are adopting high performance lightweight composite materials to meet the demand for advanced design and reduced vehicle weight. Furthermore, rising demand of Epoxy Resins in wind turbine blades, as they offer stronger mechanical performance, particularly tensile and flexural strength, will further augment the growth of global Epoxy Resin market worldwide in upcoming years.
Based on different types, Epoxy Resins are categorized into Diglycidyl Ether Bisphenol A (DGBEA), Diglycidyl Ether Bisphenol F (DGBEF), Aliphatic Epoxy Resins, Halogenated Epoxy Resins, Glycidylamine Epoxy Resins and others. On the basis of end user, the global Epoxy Resin market is segregated into consumer goods, building & construction, wind power, transportation, general industrial, aerospace, marine, and others. Strengthening of the R&D department by the leading players in order to introduce new and improved Epoxy Resins for various applications will attribute to the market growth of Epoxy Resins in the next ten years. However, the health problems associated with the Epoxy Resins can hinder the growth of the market.
In 2020, due to the spread of COVID-19, in major emerging economies like India and China, leading authorities caused nationwide lockdowns, due to which many industries were negatively affected. Construction and automotive Industries had a huge impact due to the coronavirus pandemic. In the first half of 2020, there was a decline in the sales and demand of epoxy resins.
Region wise, Asia Pacific region dominates the global Epoxy Resin market and is forecasted to maintain its dominance until 2030. The dominance in the region is due to the high demand of Epoxy Resins in application areas including construction and automotive. Moreover, increasing population and per capita income is another factor propelling demand growth in APAC region.
According to ChemAnalyst report, “Epoxy Resin Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Regional Demand, 2015-2030”, some of the major players operating in Epoxy Resin market include Olin Corporation, Huntsman Corporation, Nan Ya Plastics Corporation, Hexion Inc, Kukdo Chemical Co. Ltd., Aditya Birla Chemicals the 3M Company, Chang Chung Plastics Co. Ltd, BASF SE, Sinopec Corporation and Others.
“Rapidly growing demand of Epoxy Resins in the construction and automotive industry for lightweight materials is expected to boost the global market of epoxy resins in the next ten years. Due to versatile properties of Epoxy resins such as high chemical and environmental resistance makes it an ideal component for various applications, which can attract manufacturers to expand their investments in the Epoxy resin market. Region wise, APAC region dominated the global epoxy resin market in 2020 and is expected to maintain its dominance due to increased construction activities in the region. As new market players are emerging in the Epoxy Resin market around the world, it is extremely important to keep an eye on which region will grab the biggest market share during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
ChemAnalyst is a ‘one stop’ digital platform that offers comprehensive market intelligence data and in-depth analysis of the Indian chemical and petrochemical industry. ChemAnalyst’s team of 100+ analysts are engaged in tracking chemical prices daily, production capacity, demand and supply outlook, manufacturing plant locations, foreign trade data and news/deals for more than 400 major chemicals produced in India. ChemAnalyst is promoted by TechSci Research which is an award winning research based management consulting firm providing market research and advisory solutions to the customers worldwide, spanning a range of industries including Chemicals & Material, Automotive, Consumer & Retail, ICT, Energy & Power, Aerospace & Defense, Water and Waste Management, BFSI and more.
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