Market Research Future Published a Cooked Research “Global Epoxy Resin Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2023.
Olin Corporation (Olin) (U.S.), Aditya Birla Chemicals (India), Kolon Industries, Inc (South Korea), BASF SE (Germany), Ciech S.A (Poland), Huntsman International LLC (U.S.), and Spolchemie (Czech Republic), among others.
Epoxy Resin Market – Market Overview
The Global Epoxy Resin Market is expected to reach USD 10,620.5 million by 2023, expanding at an estimated CAGR of 5.24% from 2017 to 2023. Global epoxy market is anticipated to witness steady growth over the forecast period owing to significant growth of automotive and construction industry in emerging economies of Asia Pacific such as China, India, Japan, Thailand, Vietnam, and Malaysia. The evolution of consumer electronics in the region coupled with escalating investments in infrastructure projects in Middle East is set to further uplift epoxy resin demand exponentially.
Epoxy demand from the composite material application is anticipated to emerge as the fastest growing application segment and is the mostly favoured thermoplastic resin utilized in developing polymer composites owing to their superior properties. Rising demand for light weight material with superior performance from automotive and aviation industry in order to increase fuel efficiency and reduce carbon emissions is expected to drive market growth over the forecast period.
Key application areas include parts of thin cross-section, such as aircraft wing and fuselage sections, automobile and truck body panels, and boat hulls. Fiber epoxy composites have been used in aircraft engine to enhance the performance of the system. The pilot’s cabin door of aircrafts has also been made with fiber glass resin composites and these are now used in other transport systems.
Constructive properties such as high thermal stability, moisture resistivity, mechanical strength, adhesion, electrical, mechanical and heat resistance enables Epoxy Resins applications such as laminates, jewellery and composites. Rising usage of resin-based coatings as primers in transportation industry is further expected to boost overall market growth.
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Rising urban population coupled with strong growth of industrial sector specifically in Asia Pacific is anticipated to remain a key driving factor for market growth over the forecast period. The rising demand for luxury cars along with increasing consumption for epoxy based paints & coatings in constriction sector is further driving regional market growth at a blistering pace. In addition, the region is home to world’s largest epoxy manufacturers such as Olin Corporation and Aditya Birla Chemicals.
Europe is another substantial region in the Global Epoxy Resin Market. It accounted for a 9.28% share of the market in 2016. Germany is the leading market in this region, in terms of value and volume due to increasing demand from the established automotive industry. Europe is followed by Latin America and Middle East & Africa. Latin America is the emerging market in the Global Epoxy Resin Market and is projected to grow at the highest CAGR owing to evolving industries and pacifying economic conditions in Brazil, Venezuela, and Colombia.
Epoxy Resin Market – Competitive Analysis
Major industry participants are focusing on development of Bio-Based Epoxy Resins that is gaining wide popularity owing to environmental friendly characteristics along with stringent environmental norms. The mixture of consciousness related to damaging manufacturing processes and environmental concerns and exhausting petroleum-based resources has urged research to develop materials from renewable sources. Bio-based epoxy resins are manufactured from plant oils, terpenes, natural rubber, lignin and sugars among others.
Industry/ Innovation/ Related News
Oct 2015: The Dow Chemical company merged with Olin Corporation to transfer the business of chlor alkali and downstream derivatives businesses. Olin acquired three businesses including Dow U.S. chlor alkali and vinyl, global chlorinated organics and global epoxy business. The US$5.5 billion acquisition is biggest merger in Olin’s 123 years history. These acquisition has positioned Olin world largest producer of chlor alkali and leading seller of epoxy materials. The enlarged Olin has expanded revenue of about USD 7 billion.
January 2016: Aditya Birla Chemical has announced its merger with Grasim Industries. Post- merger, expansion of new plants is predicted to strengthen the manufacturing capacity of chlor alkali chemicals in the country.
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