Sarasota, FL, Dec. 27, 2017 (GLOBE NEWSWIRE) -- Zion Research has published a new report titled “Epoxy Resin Market, for Paints and Coatings, Wind Energy, Composites, Construction, Electrical & Electronics and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2021”. According to the report, the epoxy resin market accounted for USD 7.54 Billion in 2015 and is expected to reach USD 11.22 Billion by 2021, growing at a CAGR of around 6.9% between 2016 and 2021.
Epoxy resin is a thermosetting synthetic polymer having properties such as adhesive strength, luster, and hardness. Epoxy resins are available in the form of liquid as well as high viscosity solid. Epoxy resins are segmented on the basis of applications such as follow-paints & coatings, electrical & electronics, wind energy, construction, and composites.
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Browse through 13 Tables & 18 Figures spread over 110 Pages and in-depth TOC on "Epoxy Resin Market, for Paints & Coatings, Wind Energy, Composites, Construction, Electrical & Electronics and Other Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”.
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The paints & coatings industry is the largest market for epoxy resins in terms of volume and revenue. The market penetration can be attributed to demand from automotive, construction and industrial applications. Epoxy resin-based paints and coatings are used in wall coatings of food storage and manufacture, tank lining, swimming pools finishes, seal coats, wet rooms, waterproofing and decorative finishes, and water treatment plants. Thus, the growing paint & coating industry and the consequent demand for epoxy resins is expected to drive the demand for epoxy resins within the forecast period. Electrical and electronics segment accounted for 34.0% share of the total global epoxy resin market demand in 2015, followed by paints and coatings. Composites are expected to witness highest growth rate owing to increasing demand for high strength lightweight composite materials from aerospace, automotive and defense industries.
North America accounted around 13% epoxy resin market in 2015, followed by the Asia Pacific and Europe. Germany accounted for about 30% market share of the total Europe demand in 2015 and is expected to grow with the highest rate in Europe during the forecast period. The Middle East and Africa accounted significantly less demand of epoxy resin market in 2015 and in forecast period it will show negative deflection in demand.
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Asia-Pacific is expected to remain one of the largest markets in 2021 on account of growing paints & coatings and electronics industries in India. It accounted more than 63% of the global epoxy resin market in 2015. The market demand for epoxy resins in China was the highest due to the shift of manufacturing facilities to China due to abundant availability of raw material and cheap labor. Hence, printed circuit manufacturers have shifted their plants from Japan and Europe to China to reduce production costs. Price volatility of key raw materials of epoxy resin is expected to be a major concern for the manufacturers. The popularity of alternative resins such as PET (Polyethylene Terephthalate), polyamide, unsaturated polyester resin, etc. is likely to curtail the market share of epoxy resin during the forecast period. Strong demand from bio-based epoxy resins coupled with technological advancement is projected to provide immense opportunities to the market in the near future.
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Key players in the epoxy resin market include Huntsman Corporation, Dow Chemical Company, Momentive Specialty Chemicals Inc., Nan Ya Plastic Corporation, Sika AG, Kukdo Chemical Co. Ltd., Ashland Inc., Cytec, NAMA Chemicals, 3M Company, Du Pont, BASF SE, Baling Petrochemical and Spol Chemie.
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This report segments the global epoxy resin market as follows:
Global Epoxy Resin Market: Application Analysis
- Paints and Coatings
- Wind Energy
- Composites
- Construction
- Electrical and Electronics
- Others
Global Epoxy Resin Market: Regional Segment Analysis
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
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