NEW YORK, Nov. 20, 2018 (GLOBE NEWSWIRE) -- The global epoxy resin market is expected to grow at a CAGR of 6.46% during 2018 – 2024 to reach USD 12,181.8 Million by 2024. Factors propelling the growth of the global epoxy resin market include growing demand for paints and coatings, and growing use of epoxy-based composites. Additionally, increasing demand from emerging economies is further boosting the growth of the global epoxy resin market. The report segments the global epoxy resin market by Type (DGBEA, DGBEF, Novolac, Aliphatic, Glycidylamine, and Others), by Application (Paints and Coatings, Adhesives and Sealants, Composites, and Others), by End-Use Industries (Building and Construction, Automotive, General Industrial, Consumer Goods, Wind Power, Aerospace, and Others), and by Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report studies the global epoxy resin market over the forecast period (2018-2024).
Epoxy resins are polymers with low molecular weight containing one or more epoxide groups. The chemistry of these polymers can be altered to improve viscosity or the molecular weight as per the requirement. The important raw materials for the production of epoxy resin are mostly petroleum-derived, while some plant-derived sources are also used to produce epoxy resins. Epoxy resins provide high resistance to chemicals and outstanding adhesion, durability, and toughness as coatings. Additionally, their high electrical resistance, durability at high and low temperatures, and the ease with which they can be poured or cast without forming bubbles make epoxy resin plastics favorable for encapsulating electrical and electronic components. Moreover, epoxy resin adhesives can be used on various surfaces such as metals, construction materials, and most other synthetic resins.
Key Findings from Global Epoxy resin Market
- Global epoxy resin market was valued at USD 7,861.2 Million, in 2017
- On the basis of type, DGBEA (Bisphenol A & ECH) segment was holding the largest market share for the global epoxy resin market in terms of value and volume in 2017 owing to its extensive use in automotive coatings
- On the basis of application, paints and coatings segment held the major share of the global epoxy resin market in 2017 and is anticipated to dominate the market throughout the forecast period. Epoxy resins are widely used in paints and coatings as they are quick drying and provide a tough protective coating
- Demand in the composite material is anticipated to be the fastest growing application of epoxy resins over the forecast period. The growing demand for lightweight material along with a superior performance from aviation and the automotive industry is expected to drive the growth of the application
- On the basis of end-use industries, consumer goods were holding the largest share of global epoxy resin market in 2017 as the products manufactured using epoxy resin are lightweight and durable
- Geographically, Asia-Pacific was holding the largest market share of epoxy resin in 2017 and is anticipated to dominate the market, throughout the forecast period. The demand for epoxy resin in this region is majorly driven by increasing demand for epoxy resin in paints and coatings and composites
- Key players in the global epoxy resin market are The 3M Company, Huntsman Corporation, Aditya Birla Chemicals, BASF SE, Sinopec Corporation, Olin Corporation, Kukdo Chemical Co. Ltd., Hexion Inc., Nan Ya Plastics Corporation, Chang Chun Plastics Co. Ltd, among others
Epoxy Resin- Composite Materials
Composite materials derived from epoxy resin and carbon fiber are being extensively employed in aircraft industries, as they provide strength, high modulus, and lightweight. The use of epoxy resin as a matrix is popular owing to engineering properties which include high strength and stiffness, creep resistance, chemical resistance, and good adhesion to many substrates. Moreover, the aforementioned properties of epoxy resins allow its application in the manufacturing of composite material for the automobile industry. Furthermore, growing demand for lightweight material in various industries is boosting the growth of the epoxy resin market at a global level.
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Epoxy Resin Market- Regional Insight
Asia-Pacific was holding the largest share of the global epoxy resin market, in terms of value and volume in 2017 and is anticipated to lead the market, throughout the forecast period. Asia-Pacific is the leading producer and consumer of epoxy majorly owing to the development of infrastructure and flourishing automobile industry in the region. Additionally, rising demand for epoxy resin in paints and coatings is further expected to foster the demand for epoxy resin in Asia-Pacific. China accounted for the major share of Asia-Pacific’s epoxy resin market followed by India. Moreover, the Asia-Pacific epoxy resin market is forecasted to witness the highest growth over the forecast period. North America was the second largest market for the epoxy resin. High demand for epoxy resin for automotive and marine coatings is driving the North American epoxy resin market. Moreover, increased production of wind turbines owed to the growing adoption of wind energy is expected to have a positive impact on epoxy resin market. The European epoxy resin market is mainly driven by coatings and composites demand from aircraft manufacturers. Additionally, the increasing demand for automobiles is further anticipated to boost the epoxy resin market in Europe.
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