Market Research Future’s analysis of the Global Epoxy Resin Market reveals several crucial details regarding market growth, as well as factors which have an impact on the market and its future. Globally, the Epoxy Resin Market is slated to grow at a CAGR of 5.24% during the review period from 2017 to 2023. At the projected rate of growth the market will likely grow to reach a market evaluation of USD 10,620.5 Mn by the end of 2023. Epoxy Resins have a wide number of applications as adhesives, sealants, and in the manufacture of paints, coatings and several other materials. Construction and automotive manufacturing are among the key sectors where Epoxy Resins are used.
Epoxy Resins have numerous applications which make them a consistent and widely used material. Epoxy Resin based materials are highly popular in automotive part manufacturing and as such have had a huge impact on the growth of the Global Epoxy Resin Market. Automobiles are in high demand across the world. Emerging economies, in particular, represent huge market potential. The setup of an automotive manufacturing hub in emerging economies, combined with rapid urbanization and the resultant increase in income has led to high demand for automobiles. In a similar way, the use of Epoxy Resins in an ever-growing construction sector is expected to be another driver of the Global Epoxy Resin Market. Construction activities have been picking up at a truly exceptional pace in several emerging economies as urbanization continues to grow at a swift pace. In developed economies, the updating of existing infrastructure among other construction projects are consistently keeping the Epoxy Resin Market in a comfortable position.
It should be noted, however, that epoxy resins are largely petroleum based, which makes raw material pricing somewhat volatile due to the non-renewable nature of petroleum-based raw materials. However, increasing availability of plant-based epoxy resins, and growth of global environmental consciousness is expected to lead the Global Epoxy Resin Market to new avenues for growth.
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Ciech S.A, Huntsman International LLC, Olin Corporation (Olin), Kolon Industries, Inc, BASF SE, Spolchemie, and Aditya Birla Chemicals are among the leading market players that have been included in MRFR’s competition tracking of the Global Epoxy Resin Market.
Factors based on which the Global Epoxy Market has been segmented include Type, Technology, Application and Region.
Types of Epoxy Resin include glycidyl epoxy and non-glycidyl epoxy. Between the two key segments, the glycidyl epoxy type led the market with the largest share due to its extensive use in automotive, and construction applications.
Technology includes waterborne epoxy, liquid epoxy, solvent cut epoxy, and others. At present, the liquid epoxy resin segment leads the market due to the wide range of applications it can be used in. However, the waterborne Epoxy Resin segment is on track to be the fastest growing segmented due to its growing use in powder coating applications.
Applications of Epoxy Resins have been segmented into automotive & transportation, building & construction, adhesives & sealants, electrical & electronics, marine, and others. Among these, the building & construction segment accounts for a leadership position in the Global Epoxy Resin Market.
The Asia Pacific, among all other regional markets in the Global Epoxy Resin Market, has established itself as a market leading region for the review period. The region has a high number of emerging markets where there is a swiftly expanding construction sector. The Asia Pacific has established itself as a manufacturing hub and has become home to several large manufacturing plants for consumer goods, automotive parts, and automobiles in response to the growing demand from expanding urbanization. Meanwhile, the European Epoxy Resin Market is a significant region which is expected to have an impact on global market growth. However, Latin America is expected to be the emerging region in the global market due to the slowly pacifying socio-economic conditions in Colombia, Brazil and other Latin American countries. This has led to increased construction activities and increased production of automobiles to meet rising demand for automotive vehicles.
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