Epoxy Resin Market – Global Industry Analysis, Size, Share, Growth Opportunities, SWOT Analysis, and Forecast
Epoxy resin is a type of plastic that is commonly used in the building, electronics, and manufacturing industries. It is a thermosetting resin, which means it hardens when heated and will not soften when heated again. Epoxy resin is popular due to its high adhesive strength, chemical resistance, and durability. It is also used to coat, mould, seal, insulate, and adhere. It is in high demand due to its numerous applications and is widely used in a variety of industries. It is used in the production of long-lasting, waterproof coatings for metal, plastic, concrete, and other surfaces. It is also used to make composites, adhesives, and potting materials. It’s also used to make printed circuit boards, electronic components, and medical devices.
The global epoxy resin market size is projected to reach USD 8.77 billion by 2021, at a CAGR of 5.77% during the forecast period. The growth of the market is triggered by high growth in various end-use industries such as building & construction, automotive, large & heavy vehicles and railroads, general industrial, consumer goods (including sporting equipment), wind energy, aerospace, and marine… The epoxy resin market is segmented on the basis of physical form, application, end-use industry, and region.
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The epoxy resin market is facing challenges from regulatory authorities in Europe and North America. Regulators such as Control of Substances Hazardous to Health (COSHH); European Union (EU); Registration, Evaluation, Authorisation and restriction of Chemicals (REACH); Globally Harmonized System (GHS); and Environmental Protection Agency (EPA) in Europe and North America regulate the usage of epoxy adhesives in various applications. They prohibit the use of dangerous substances such as organotins, mercury, monomeric isocyanates, pyrrolidones, phthalates, nonylphenols isocyanates, and others in the production of adhesives & sealants. Various government regulations are constantly restricting the use of chemicals which contain VOCs. Change in any of these regulations related to VOCs would affect the growth of epoxy resin in their major applications such as paints & coatings, adhesives & sealants, and composites.
Asia-Pacific is projected to register the highest CAGR between 2016 and 2021. The growth is associated with increasing investment in industries. Moreover, most of the emerging economies are located in this region.
Composite materials combine dissimilar properties which help cater to the needs of various end-use industries. With the increasing use of composites, the demand for epoxy resin is growing. Aerospace is the fastest-growing end-use industry for epoxy resin due to increasing infrastructural investment in the sector. It would also provide new opportunities for composites application of epoxy resin.
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These segments offer opportunities for market players Olin Corporation (U.S.), Nan Ya Plastics Co. Ltd. (Taiwan), Hexion Inc. (U.S.), Kukdo Chemicals (U.S.), Huntsman Corporation (Taiwan), and Chang Chung Plastics Co. Ltd. (Taiwan). Further the products manufactured by these companies are used by automotive, aerospace, construction, wind energy and related companies such as BMW (Germany), Daimler (Germany),), Boeing (U.S.), and Siemens (Germany).
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