Global Epoxy Resins Paints And Coatings Market Forecast 2016-2022
Owing to its physical and chemical properties such as low curing time, excellent chemical resistance high strength and flexibility the epoxy resin material has shown extensive utility in various applications such as paints and coatings, adhesives, composites, construction material and so on. The global epoxy resin market was valued at $ 7,980 million in 2015. Currently, the market is dominated by paints and coatings application contributing to 34% of the total market in 2015. In epoxy resins, paints and coatings occupy the largest market.
Epoxy resin market is dominated by Asia Pacific region contributes to 55.2% of the total market share. China is the major producer as well as consumer globally. China consumes almost 35% of the global epoxy resin production. Moreover, significant growth in automotive industry in the developing economies of the region is expected to boost the market growth.
However, rest of the world which include group of countries such as Middle East & Africa and Latin America is expected to grow at the highest CAGR of 9.7% during the forecasted period. The growth in these regions is expected to be driven by the growing demand from construction and automotive industry.
The major market drivers that are significantly influencing the epoxy resins market growth are growing paints & coatings industry and rising demand for epoxy resins in the aerospace industry.
Slow growth rates have been noticed in the European, U.S. and Japan epoxy resins market. North America epoxy resins market is continuously facing the challenges of fluctuating demand, raw material price volatility & legislation and Asian imports.
BPA found in epoxy resins proves to be hazardous to health and hence, it is one the major factors restraining market growth.
Major players of the global epoxy resins electrical and electronics market are DuPont, Huntsman Corporation, 3M Company to name a few. In 2015, DuPont had an average R&D expense of around $1.9 billion and is making continuous initiatives in research and development. In first quarter of 2016, Huntsman Corporation invested $36 million and reached to $45 million by the end of fourth quarter of 2016 in terms of R&D investment.