New York City, 24 January 2020: The global Epoxy Resin Market size is expected to reach USD 11.28 billion by 2026 Epoxy resins are significant raw materials to various end-use chemical compounds where each significant molecule is attributed a unique opportunity to convert to a useful thermosetting product. The major end-user industries for epoxy resins include electronics and paints and coatings followed by adhesives, composites, wind turbines and others. Epoxy resins find extensive use in powder coatings applied to automotive and appliances parts, in solvent-dipped coatings applied to substrates in corrosive environment and water-based coatings as electrodepositing primers in automobiles.
Epoxy resins possess favorable properties such as high thermal stability, mechanical strength, resistivity, adhesion, electrical, mechanical and heat resistance that makes it ideal choice for use in laminates, jewelry and insulators. Epoxy coatings are widely known for their use in manufacture of Printed Circuit Boards (PCB’s). The rapid conglomeration and urbanization of the world has led to development of the electronics industry with manufacture and design of such electronic products leading to growth of epoxy resins.
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Epoxy resins are used in the production of composite fibers in the aerospace, race cars, marine, and other high-performance applications. Epoxy composites provide excellent strength along with weight reduction, increased strength, durability, and chemical resistance to the application products on account of which these composites are expected to gain interest from various end use industries.
High performance composite demand will be fueled by tremendous growth in the commercial airplane market as well as emerging opportunities in applications such as wind turbines and pressure vessels. However, the relatively high cost and labor-intensive production of advanced composites will prevent these materials from penetrating into high volume and price-sensitive markets.
Increasing composites demand from the automotive and aerospace industries particularly in Europe and North America is expected to remain its key driving factor. Increasing fuel prices coupled with stringent environmental regulations regarding vehicular emission has increased the need of composite usage in the automotive industry. Rapidly growing commercial aviation sector is expected to drive epoxy composites demand over the forecast period.
EPichlorohydrin has been traditionally produced from propylene, which is a petroleum based feedstock. Fluctuations in crude oil prices are directly reflected in its derivatives. Propylene prices are directly affected by crude oil prices. Crude oil prices are determined by various factors including supply, demand, inventory, and natural causes. As a result, this may have a direct impact on the market.
OPEC countries control the crude oil supply and any decisions made by these countries affect the global crude oil prices. Increasing demand for petroleum products on account of increased energy needs of emerging economies also affect crude oil prices. Political unrest in the Middle East and Africa has also affected crude oil prices over the last few years.
The UK’s expected takeoff from the EU has made vulnerability on the two sides of the Channel. Europe is a key market for the UK paints, coatings and printing inks industry, which includes more than 60 percent of UK sends out, while 80 percent of paint and ink imports to the UK are from the EU. 50% of BCF individuals are British, with the rest transcendently possessed by European, American and Japanese parent organizations, most by far having UK producing offices.
The key leading players in the market include 3M, Aditya Birla Chemicals, Atul Ltd., BASF SE, DuPont, Huntsman, Cytec Solvay Industries, Kikdo Chemicals, MPM Holdings, Olin Corporation, Sika AG, Nan Ya Plastics Corporation, Jiangsu Sanmu Group, Jubail Chemical Industries, Sinopec, Covestro AG, Arkema, Evonik Industries and SIR INDUSTRIALE S.p.A, among others.
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