Global Epoxy Resin market - Segmented by Product type, Application and Geography - Trends and Forecasts (2015-2020)
The major trend driving the epoxy resins market is the growing demand from paints and coatings industry. The global epoxy resin industry is witnessing high growth on account of increasing applications, technological advancements, and growing demand in the Asia-Pacific region. The epoxy resin market growth is bound with the developing economies due to its high co-relation with industrialization.
Paints and coatings are primary applications in terms of utilization of epoxy resins. The epoxy resin market growth is bound with the developing economies due to its high co-relation with industrialization. The global market for epoxy resins was valued at $6.4 billion in 2014, and is projected to reach $9.9 billion by 2020, growing at a CAGR of 7.5% between 2015 and 2020.
China dominated the global epoxy resins market due to high demand from paints & coatings and electrical & electronics industries. In terms of volume, China accounted for about 45% of the total epoxy resins market in 2014. Increasing demand for epoxy resins-based composites from the aerospace industry in North America is expected to drive the market in the region. Epoxy resins-based composites provide flexibility in designing aerodynamically efficient airframes. They also reduce the overall weight of an aircraft.
Epoxy resins are used in an increasing number of markets – from Paints and coatings, Adhesives, Composites, Electrical & electronics, Wind Turbine and a number of other segments.
Key participants in the global epoxy resin market include The Dow Chemical Company (U.S.), Momentive Performance Materials Holdings LLC (U.S.), Nan Ya Plastics Corporation (Taiwan), Kukdo Chemical (South Korea), Chang Chun Plastics Co. Ltd. (Taiwan), Huntsman Corporation (U.S.), NAMA Chemicals (Saudi Arabia), Aditya Birla Chemicals (Thailand) Ltd, BASF SE (Germany), and 3M (U.S.).
Rapid growth of the epoxy resin market is driven by the growth in end-user industries. Besides that, the global wind energy market development is also seen as one of the major market drivers for epoxy resins.
Rise in raw materials cost and increasing awareness of health hazards associated with BPA-based products are the major stumbling blocks of the market.
What the report contains
The report elucidates the situation of epoxy resins around the world and studies the markets of the epoxy resins by raw material which include Bisphenol A, Bisphenol F, Novolac epoxy resin, Aliphatic epoxy resin, Glycidylamine epoxy resin and others.
Lastly, the report is divided by geography - North Americas, Europe, the Asia-Pacific (APAC), South America and Middle-East & Africa (MEA); where-in the market share of each region is analyzed and estimates are provided for the next 6 years. The various applications of epoxy resins have been discussed in detail in addition to a comprehensive overview of the market.
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