Epoxy Resin Global Market – Overview
Epoxy Resin is increasingly garnering market traction owing to its wide adoption across industries. Augmented demand from burgeoning industries including Building & Construction, Automotive & Transport, and Electricals & Electronics are majorly contributing to the Epoxy Resin Market growth escalating the market to the ascended heights.
Accrediting the prominence the Global Epoxy Resin Market is gaining currently and the growth prospect the market is demonstrating, the Market Research Future has recently published a meticulous study report giving out the market insight up to 2023. According to which, the global Environmental Monitoring market is expected to accrue enormously by 2023 registering a striking CAGR. MRFR asserts that the Global Epoxy Resin Market will ascend up to USD 10,620.5 million by 2023 posting a CAGR of 5.24% during the estimated period 2017-2023.
The Global Epoxy Resin Market has seen a remarkable growth over the past few years. The market is majorly driven by the automotive industry and other application industries such as electrical and electronic, construction, medical and consumer and industrial. The global Epoxy Resin market is significantly influenced by the rising trend of automotive industry which include lower emission, light vehicles and fuel efficiency and others. Additionally, burgeoning Pharmaceutical industry and Personal Care product industry is also contributing equally as automotive industry to the market growth. Moreover, the rising number of vehicles in APAC region particularly in China, India and Indonesia is also one of the major growth driver.
Industry/Innovation/ Related News:
December 18, 2017 – ADEKA Corporation, Prominent manufacturer for material of chemical and food products, and GH Craft, the Teijin Group’s (composite structure design, development and evaluation unit) jointly presented the latest innovation they have jointly developed – a fibre-to-composite (FtoC) Moulding Process to laminate fibre-reinforced plastics (FRP) in open moulds. The new process is designed to automate resin impregnating, curing and laminating processes while aligning highly oriented fibres. A special new rapid-curing epoxy resin developed by ADEKA enables FRP to be cured in just tens of seconds with GH Craft’s new moulding process using infrared radiation. Large-scale equipment, such as curing ovens and press moulds, are not needed because the FRP can be laminated in an open mould.
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December 04, 2017 – Talga Resources Ltd. (Australia) A technology minerals company, announced promising initial test results from epoxy resin-based coatings formulated using Talga’s Talphene® branded graphene, marking a new stage for the company and highlighting the usefulness of graphene as a wonder material.
These results are significant because improved overall coating performance translates to lower application and infrastructure maintenance costs, coupled with environmental benefits such as reduced toxic metals. The material also has the potential to reduce friction for ship hulls, which would result in lower energy footprint of marine transportation, and if so, reduction in the carbon footprint of the marine industry.
December 01, 2017 – CPS LED Lighting Launched Innovative Bacteria-Resistant High bay Lighting for the Food Processing Industry. CPS-PSL – made from non-toxic materials with an epoxy resin powder coat that will not chip or peel is one of their innovative new Pres-sure Light LED High Bay Lighting Series (CPS-PSL) featuring NSF certification for food processing applications. The CPS-PSL series also meets IP69K food processing standards and has been tested accordingly to the standard of IEC 60529:2013 degrees of protection, and ISO 20653:2013. Furthermore, they provide a thermal management solution free from the traditional external finning caused by maintaining a high level of optical efficiency.
Epoxy Resin Global Market – Segments
The Epoxy Resin Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Types : Comprises Glycidyl Epoxy and Non-Glycidyl Epoxy.
Segmentation By Technology: Comprises Liquid Epoxy, Waterborne Epoxy, Solvent Cut Epoxy, and other.
Segmentation By Applications: Comprises Building & Construction, Automotive & Transportation, Electrical & Electronics, Adhesives & Sealants, Marine, and other.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Global Epoxy Resin Market is projected to reach USD 10,620.5 million by 2023 with 5.24% CAGR during review period of 2017-2023. Asia Pacific accounted for the largest share due to the significant growth of automotive and construction industry. Liquid epoxy segment is estimated to dominate the global market owing to its usage in a wide range of applications. Automotive & transportation industry is growing at the highest CAGR, among other applications of the epoxy resins. Among the technology segment, waterborne epoxy is projected to emerge as the fastest growing segment.
Epoxy Resin Global Market – Regional Analysis
Asia Pacific accounted for the largest share of the market in 2016 and is estimated to grow at considerable CAGR throughout the review period. The primary factor responsible for the dominance of Asia Pacific region is the increasing demand for the product in steadily expanding construction sector, along with manufacture of consumer goods and expanding production capacity in this region. Asia Pacific is followed by North America, which accounted for the second largest market share, as of 2016. U.S. held the major share of the regional market and is expected to retain its dominance during the forecast period owing to greater penetration of end user industries in the country.
Europe is another substantial region in the Global Epoxy Resin Market accounting 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.
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