Portland, OR, June 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global epoxy resin market was estimated at $8.9 billion in 2020 and is expected to hit $16.6 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in demand for lightweight composites, increase in R&D activities associated with the epoxy resin technology, and surge in response toward epoxy resin from the energy sector drive the growth of the global epoxy resin market. On the other hand, fluctuations in raw material prices restrain the growth to some extent. However, introduction of bio-based epoxy resin is anticipated to create lucrative opportunities in the industry.
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Covid-19 Scenario-
- There was a steep decline in demand for epoxy resin in industries such as consumer goods, aerospace, marine, and transportation, which impacted the global epoxy resin market negatively.
- Nevertheless, the market has started recovering at a swift pace.
The global epoxy resin market is analyzed across form, type, application, end-user industry, and region. Based on form, the liquid segment contributed to around three-fifths of the total market revenue in 2020, and is projected to lead the trail by 2030. The solid segment, on the other hand, would exhibit the fastest CAGR of 7.2% during the forecast period.
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By application, the paints & coatings segment accounted for more than one-fourth of the total market revenue in 2020, and is expected to dominate by 2030. The adhesive & sealants segment, however, would showcase the fastest CAGR of 7.4% throughout the forecast period.
Based on region, the market across Asia-Pacific held the major share in 2020, garnering around half of the global market. The LAMEA region, simultaneously, would manifest the fastest CAGR of 8.6% throughout the forecast period.
The key market players analyzed in the global epoxy resin market report include BASF SE, Dow, Inc, Hexion, Huntsman Corporation, LLC, Kukdo Chemicals Co., Ltd, Nan Ya Plastics Corporation, Atul Ltd, Olin Corporation, Techstorm Advanced Materials, and Solvay SA. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
