Global Epoxy Resins Market - Segmented by Type, Application, and Geography - Growth, Trends and Forecast (2018-2023)
The global epoxy resin market is expected to witness a CAGR of 6.81% during 2018-2023 (the forecast period). Currently, China dominates the global market in terms of volume and accounted for about 45% of the global share in 2017. In North America, the growing demand for epoxy resins-based composites from the aerospace industry is expected to drive the market growth.
Electrical and Electronics Industry to Drive the Demand for Epoxy Resins
Epoxy resin is extensively used as an insulation material for the electronics and electrical applications that require protection in extreme and dangerous environments (such as, chemical plant equipment, deep sea, and engine management), owing to the properties, such as high physical and mechanical strength, good dimensional stability, excellent dielectric properties, etc. It is used to keep generators, switches, transformers, and motors dry, clean, and free of shorts. Increasing rate of consumption of electrical and electronics equipment on commercial scale in China and India is expected to drive the demand for epoxy resins.
Paints & Coatings Industry to Dominate the Epoxy Resins Market
Epoxy resins have a wide range of applications in the industry. Its properties have made it valuable in the paints & coatings industry. It provides two basic advantages, which include decoration and protection. There are various types of paint and coatings used by industries for different purposes. These are anti-corrosive primers, primer tie coats, primer finishes, abrasion resistant coatings, and chemical, heat and fire resistant coatings. Similarly, epoxy floor paints and sealants are some other products that are used as coatings on the floor, in order to make it decorative and durable. The global residential sector is growing consistently, with the recovering construction in Europe and increasing investments by the Indian and Chinese governments. Asia-Pacific leads the global epoxy resins market in the paints & coatings segment, accounting for over 40% of the share.
Asia-Pacific to be the largest Consumer of Epoxy Resins
In 2017, Asia-Pacific was the largest market for epoxy resins, with a share of about 65%. The market is mainly driven by industrialization, the growing consumer class of people, etc. In Asia-Pacific, the leading market for epoxy resins is the paints & coatings industry, among all the other applications, owing to the presence of five big companies, namely, Nippon paints, AkzoNobel, Kansai paint, PPG, and Asian Paints. Thus, Asia-Pacific is a major market for epoxy resins.
Key Developments in the Market
Sep 2017: BASF built a new specialty amines plant in Nanjing Chemical Industry Park in China.
Feb 2017: BASF entered a partnership with Grolman, to strengthen the marketing of amine-based curing agents for the epoxy resin production
Major Players: DowDuPont, Nan Ya Plastics, BASF SE, Hexion, Huntsman, Jiangsu Sanmu Group, Changchun Chemicals, and Dalian Qihua, amongst others
Reasons to Purchase this Report
Current and future of the epoxy resins market in the developed and emerging markets
Various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth rates during the forecast period
Identify the latest developments, market shares, and strategies that are employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel).
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