Global Epoxy Resin Market is anticipated to grow considerably in the forecast period owing to the growing industrialization and the growing development in electronic and electrical equipment. Epoxy is a chemical known for its versatility. It is highly used in chemical compounds that has created a niche market for numerous industrial applications. Epoxy resins are used in decorative flooring, in fabric applications for surgical and dental treatments, printing inks, etc.
Epoxy resins also have applications as additives for several plastic materials like acrylic & vinyl resins and synthetic &natural rubbers. Currently, epoxy resins are extensively used in numerous structural and engineering applications like electrical industry, commercial and military planes. To improve the performance of products and maintaining cost-efficiency, several new fillers are bring introduced into resins while processing.
Epoxy resins have extensive applications as an insulation in electrical and electronic that need protection in extreme and hazardous environments like engine management, deep sea, and chemical plant equipment due to the properties like high mechanical and physical strength, excellent dimensional stability, good dielectric properties, and more. They also have applications in keeping switches, generators, motors and transformers clean, dry and free of shots.
Moreover, the growing consumption rate of electronic and electrical equipment on a commercial scale in emerging economies like China & India is predicted to drive epoxy resin industry. Epoxy resins have also created strong presence in paints & coating industry. They offer two major advantages that comprise protection and decoration. Several industries make use of paints & coatings for different purposes. They can be stated as primer tie coats, abrasion resistant coating, anti-corrosive primers, heat & fire resistant and chemical coatings.
In the same way, epoxy sealants and floor paints are other items that can be used as coatings on the floor to make it durable and decorative. Residential sector is consistently progressing with improved construction in Europe. Despite multiple properties of epoxy resins like superior adhesion, chemical& water, and corrosion resistant, durability, etc. high cost and fluctuating raw material could easily obstruct the growth of epoxy resins market.
Epoxy resin industry is categorized on the basis of type, technology, application and geography. On the basis of type, epoxy resin market is divided into glycidyl epoxy and non-glycidyl epoxy. Glycidyl epoxy is expected to lead the epoxy resins industry due to its increasing use in powder coating applications. Based on technology, the industry is divided into liquid epoxy, solvent cut epoxy, waterborne epoxy, and others. Owing to the increasing use of waterborne epoxy in powder application, it is predicted to lead the market in the coming years.
In terms of application, epoxy resin market is split into building & construction, electrical & electronics, adhesives & sealants, automotive & transportation, marine, and others. Due to the speedy development and growing infrastructure, building and construction segment is expected to flourish the market in future.
Geographically, the market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Due to the spurring demand for the product and rapid industrialization in the emerging regions, Asia Pacific is predicted to dominate the industry in the years to come. The prominent players in epoxy resin industry comprise Cytec Solvay Group., BASF SE, Hexion Inc., E I DuPont de Nemours and Company, 3M Company, Dow Chemical Company, Kukdo Chemicals, Nan Ya Plastics Corporation, Olin Corporation, and Huntsman Corporation.
Global Epoxy Resins Application Outlook (Volume, Kilo Ton; Revenue, USD Million, 2013 - 2024)
• Paints & coatings
• Wind turbine
• Electrical & electronics
Global Epoxy Resins Regional Outlook (Volume, Kilo Ton; Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Middle East and Africa
• Central and South America
Research Support Specialist, USA