Middle East & Africa Epoxy Resins Market - Segmented by Raw Material Type, Application, and Region - Growth, Trends, and Forecast (2018 - 2023)
The Middle East & Africa epoxy resins market is expected to witness a CAGR of 6.18%, in terms of revenue, during the forecast period, 2018 to 2023. Currently, Saudi Arabia dominates the regional market, in terms of revenue, and accounted for more than 34% of the regional share, as of 2017. Epoxy resins are a group of synthetic resins, which are used to make adhesives and plastics. Owing to their versatility, high resistance to chemicals, durability, excellent adhesion, toughness, high electrical resistance, strong durability at both low and high temperatures, and ease they offer while pouring on cast without forming bubbles, epoxy resins have become an integral part of various commercial and industrial sectors.
Rising Demand from Paints & Coatings Industry to Drive the Market Demand
The automotive coatings industry is expected to witness a rebound in the Middle East & Africa, with new production streams facilitated in Algeria and Morocco, amongst others. For example, Renault with its Japanese partner Nissan, is constructing an assembly plant in Tangier, at a cost of USD 1.2 billion. Renault Group operates two plants in Morocco, which has boosted its sales in the region. Renault’s rival, PSA Peugeot Citroen, is also joining the MEA automotive market in 2018. The above planned investments in this region are expected to boost the demand for epoxy resins market in the region.
DGBEA (BISPHENOL A & ECH) to Dominate the Epoxy Resins Market
Bisphenol A (BPA) is an organic compound, which is colorless in nature. Polycarbonates and epoxy resins are the major products derived from BPA. The market value of BPA is driven primarily by the end user industries of polycarbonate and epoxy resins. In Middle East & Africa, rising consumption of BPA-based products, increasing demand in the automotive sector, and growing demand in the construction industry tend to catalyze BPA production.
South Africa to Dominate the Epoxy Resins Market
The South African government has planned to take new initiatives to promote investments and build up consumer confidence. Few major investments planned in South Africa include the investment of more than ZAR 6 billion for the Toyota manufacturing plant for Hilux & Fortuner vehicles in Durban, investment in new BMW body shop to manufacture BMW X3-series at Rosslyn’s plant in Gauteng, and ZAR 1 billion investment in new factory in Ekurhuleni to manufacture trains. The composites market in South Africa is becoming stable, thus, epoxy resin applications are also expected to increase in the country.
Key Developments in the Market
February 2017: BASF entered into partnership with Grolman to strengthen the marketing of amine-based curing agents for epoxy resin production.
Major Players: DowDuPont, BASF SE, Huntsman, and Olin Corporation, among others
Reasons to Purchase the Report
Current and future of epoxy resins market in the developed and emerging markets
Analyzing 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 during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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