The global epoxy resin market is expected to reach USD 14.26 billion by 2024, according
to a new report by Grand View Research, Inc. The market is anticipated to be
driven by end-use industries including automotive, aerospace, transportation,
composites, decorative coatings, construction, industrial & marine coatings,
electrical & electronics, especially in Asia Pacific. Epoxy resins are the
most preferred thermoplastics for manufacturing composite materials owing to
their superior properties as compared to other materials.
Huge production capacities of
epichlorohydrin and bisphenol A, especially in China, ensure consistent raw
material supply. However, fluctuating raw material prices negatively impact the
profitability of epoxy manufacturers. The popularity of alternative resins such
as polyamide, PET, unsaturated polyester resin, etc. is likely to curtail the
market share of epoxy resins in upcoming years.
The paints & coatings is estimated to
emerge as the leading application segment. Market penetration can be attributed
to demand from construction, automotive and industrial applications. Composites
segment is expected to witness highest growth rate owing to increasing demand
for high strength lightweight composite materials from automotive, aerospace
and defense industries.
Asia Pacific is estimated to emerge as the
largest as well as the fastest growing region over the forecast period. The
growth in this region can be attributed to increasing demand for these resins
in paints & coatings and composites.
Major players in the market such as
Huntsman Corporation, Olin, BASF SE, etc. have high-level integration
throughout the value chain. These players have expanded their operation base
from resin production to manufacturing end use products such as adhesives,
coatings, and composites.
Access Research Report of Epoxy Resin Market@ https://www.grandviewresearch.com/industry-analysis/epoxy-resins-market
Further key findings from the report suggest:
· Composites is expected to be the fastest
growing application segment and is estimated to register a CAGR of 6.1% from
2016 to 2024 in terms of volume
· Europe is estimated to be the second
largest region, and the demand is expected to be valued at USD 2,281.6 million
in 2024. Regional growth can be attributed to increasing composites demand from
auto and aerospace sectors
· Nan Ya Plastic Corporation, Olin
Corporation, Sanmu Group, Momentive Performance Material Holding LLC, Kukdo
Chemical and Aditya Birla Chemicals Ltd. together account for over 50% of the
global production capacity.
· Epichlorohydrin derived from glycerin is
among the most dominant raw materials used in the production of epoxy resins
· Major market players focus to integrate
throughout the value chain, to achieve profitability and also expand their
presence in emerging markets
Grand View Research has segmented the epoxy
Resin market on the basis of application and region:
Global Epoxy Resins Application Outlook
(Volume, Kilo Ton; Revenue, USD Million, 2014 - 2024)
·
Paints & coatings
·
Wind turbine
·
Composites
·
Construction
·
Electrical & electronics
·
Adhesives
·
Others
Global Epoxy Resins Regional Outlook
(Volume, Kilo Ton; Revenue, USD Million, 2014 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Middle East and Africa
·
Central and South America
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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