North America Epoxy Resins Market - Segmented by Raw Material Type, Application, and Region - Growth, Trends, and Forecast (2018 - 2023)
The North America epoxy resins market is expected to witness a CAGR of 6.39%, in terms of revenue, during the forecast period, 2018 to 2023. Currently, the United States dominates the regional market in terms of revenue, and accounts for more than 78% 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.
Growing Demand from Paints & coatings Industry to Drive the Market Demand
Epoxy resins have a very wide range of applications in the industry. The properties of epoxy resins made them valuable in the paints & coatings industry. The US construction sector is one of the main consumers of epoxy resins. Commercial construction has been gaining pace in the form of offices, malls, restaurants, etc. Additionally, the construction of super tall skyscrapers, measuring over 984 feet, is currently underway in Chicago, Los Angeles, New York, and San Francisco, while other cities, like Boston, Austin, and Philadelphia, are boosting the commercial construction activities in the United States. The increasing commercial construction activities in the region are majorly driving the demand for epoxy resins.
Electrical and Electronics to Dominate the Epoxy Resins Market
Epoxy resins are extensively used as insulation material for electronics and electrical applications, which require protection in extreme and dangerous environments (such as chemical plant equipment, deep sea, and engine management), owing to their properties, such as high physical and mechanical strength, good dimensional stability, excellent dielectric properties, etc. They are used to keep generators, switches, transformers, and motors dry, clean, and free of shorts. Increasing consumption of electrical and electronics equipment on commercial scale in the United States is driving the demand for epoxy resins.
United States, the Largest Consumer of Epoxy Resins
The United States is a major producer, as well as consumer of epoxy resins. The country has well-established global giants, like DuPont, 3M COMPANY, Hexion Inc., etc., which produce epoxy resins and cater to the local, as well as other North American markets. The infrastructure industry in the United States grew at 5.94% in 2016. Growing infrastructure in the United States, which is one of the major consumers of epoxy resins, is driving the market. The gradual growth of the commercial sector, primarily office space construction, is likely to have a positive impact on the market. The office space market in the country is estimated to grow by almost 10% in the next few years.
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: The Dow Chemical Company, Momentive Performance Materials Holdings, Huntsman Corporation, BASF SE, and 3M, amongst 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 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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