MRFR (Market Research Future) reveals in its new study that the epoxy resin market could clock in a growth rate of 5.38% between 2021 and 2028. The study also says that the market can gain a valuation of USD 7,699.6 Million by 2028-end.
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Prominent Boosters and Key Challenges
Properties including high mechanical strength, moisture resistivity, thermal stability, adhesion, heat, and mechanical resistance add to epoxy resins’ appeal across multiple industries, with major applications like jewelry, insulators, laminates, and industrial. Rapidly surging use in end-use sectors such as marine coatings, transportation, electrical electronic laminates, aerospace, decorative powder coatings and composites are bound to bolster epoxy resins demand in the forthcoming period. The scenario is further favored by the rise in automotive and infrastructure development that paves the way for higher product demand.
Mounting number of RD activities combined with technical advancements in the modified resins field is bound to open up growth avenues for industrial use-cases. The global demand for epoxy resins has also been escalating due to the rising utilization of wind energy in view of fast-paced depletion of conventional energy sources. Opportunities will emerge in the form of soaring number of construction activities across developing countries in the Middle Easter, as well as Asia Pacific, which epoxy resin manufacturers can leverage in the years ahead. in the forecast period.
The epoxy resin market size has been considered for type, technology, application as well as end-user.
The different types of epoxy resins are Novolac, Glycidylamine, DGBEA, Aliphatic, DGBEF, and more.
Technology-based segments covered in the report include Waterborne Epoxy, Liquid Epoxy, Solvent Cut Epoxy, and others.
Applications are Electronic Encapsulation, Paints Coatings, composites, Adhesives, Grouts Mortars, and more.
End-Users in the global market are Marine, Automotive Transportation, Aerospace, Electrical Electronics, Building Construction, to name a few.
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APAC or Asia Pacific, Europe, North America, MEA or Middle East Africa as well as Latin America are the key markets for epoxy resins worldwide.
The North American market has taken the lead while the US should capture the highest position in the region, given the robust sales of second-hand cars in the country. This has raised the use of epoxy resins in refinish coatings of automobiles and will facilitate market growth in the following years. Surging focus on wind turbines instead of conventional sources for power generation in the face of mounting concerns regarding the environment has been favorable for the North American market. The thriving electronics industry in the United States also adds to the market value while the escalating use of the latest technologies as well as the surge in exhaustive RD activities will ensure higher growth for the epoxy resins industry in the next few years.
The APAC market benefits from the rampant demand for faster and highly advanced electronic products, in view of rapid technical innovations and the growth in RD activities within the electronics sector. As a result, the demand for epoxy resins has doubled in a short period, give the expansive application range in the electronic segment. Dramatic rise in the number of development centers as well as manufacturing plants in the region, especially across India and Japan, with prime focus on the development of high-end products has fostered the market expansion rate to a large extent. China and India have emerged as significant consumers of epoxy-based coatings and paints in recent years, while Taiwan and Japan are currently the production hubs for electrical electronics products.
The European market for epoxy resin has been growing at a stunning pace, motivated primarily by the rapid infrastructure development as well as the soaring aerospace industry. The latter’s growth in the region has lifted the need for architectural coating, which has resulted in a higher demand for epoxy resins. Aircraft manufacturers in the region generate considerable demand for coatings and composites, which assists in market expansion. Besides, the booming sales of automobiles and the resultant growth of the automotive industry should also be favorable for the epoxy resin market in the region, over the analysis period.
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Aditya Birla Chemicals (India), Kukdo Chemical Co., Ltd (South Korea), Kolon Industries (South Korea), Inc, Atul Ltd (India), Ciech S.A. (Poland), Huntsman International Llc (U.S.), China Petrochemical Corporation (China), Nan Ya plastics corporation (Taiwan), Hexion (U.S.), Chang Chun Group (Taiwan), Spolchemie (Czech Republic), Olin Corporation (U.S.), Macro Polymers (India), Dow (U.S.) are the major company in the global industry for epoxy resins.
Mergers and acquisitions along with new product launches and agreements are the key strategies generally employed by the leading manufacturers. Other than this, the players also focus on expanding their production capacity across different regions.
For instance, in May 2021, Sika AG, the specialty chemicals firm fostered its production capacity of its Qatar plant, commencing with the manufacturing of epoxy resins at the unit. The company expects the expansion will help it leverage the country’s rapidly expanding construction industry and note higher sales of epoxy resins in the coming years.
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