New York City, 11 February 2019: The global Epoxy Resins Market is anticipated to
reach USD 12.84 billion by 2026 according to a new study published by Polaris
Market Research.
Epoxy resin is a significant raw
material to many end-use chemical compounds, where per molecule holds the
capability of being converted to a useful thermosetting product. The major
end-use markets for epoxy resins include electronics and paints & coatings,
followed by adhesives, composites, wind turbines, and others.
In the rapidly growing paints
& coatings industry, epoxy resins are used in powder coatings applied to automotive
& appliances parts, in solvent-borne coatings applied to substrates in
corrosive environment, and water-based
coatings as electrodeposition primers in automobiles. In electronics
industry theses are widely used in the manufacturing of printed circuit boards
(PCBs). Modernized consumer electronics products in tandem with the growing
urbanization and rising disposable income of consumers has resulted in massive
demand of such products, which in turn has risen demand for epoxy resins.
Increase in construction activities in many countries and revamping of the
older structures coupled with consumer demand for feature-rich coatings has
mainly driven the demand of epoxy in paints & coatings industry.
Technological advancements associated
with these resins has also been a crucial growth factor for the Epoxy Resins
Market. One of the most recent technical development includes biobased epoxy
resins that makes use of natural sources. Despite the market constitutes of
numerous growth factors, it is curtailed by few restraints such as fluctuating
raw material prices, threat from substitutes,and health hazards associated with
few epoxy types such as Bisphenol A (BPA).
North America Epoxy Resins Market also
holds a significant share and with concerns in Europe over leaching of
bisphenol A has compelled the North American producers to offer epoxies with
lower level of leachables. Western Europe also has high consumption of epoxy
surface coatings due to huge demand in marine & maintenance coatings.
Competitive Landscape and Key Vendors:
Asia Pacific Epoxy Resins Market is
likely to be the fastest growing regional market for epoxy resins. China has
witnessed a rapid growth in the consumption of paints & coatings and is the
largest coatings producing country in the world. Moreover, China manufacturers
have insistently added epoxy resin facilities in the past decade with a sharp
growth from 2004 to 2017. These phenomenons in China along with the growth of
other countries such as India, Taiwan, and ASEAN countries have made Asia
Pacific a dominant region for epoxy resins market.
Global epoxy resins
market comprises of large number of multinationals and regional players. Some
of the key market players include DowDupont, BASF SE, 3M, Huntsman Corporation,
Aditya Birla Chemicals, Covestro, and Sika AG. Huntsman Corporation, Hexion,
and Olin are the major western producers of epoxy resins with specific
interests in North America and European market.
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