Global epoxy resins market is anticipated to reach US $12.84 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the study, epoxy resins market is driven by major end-use industries including paints & coatings, electronics, composites, adhesives, wind turbines, and others. Rapid growth in the paints & coatings industry has amplified the use of epoxy resins, mainly in applications like powder coatings of automotive & appliances parts, solvent-borne coatings of substrates in corrosive environment, and water-based coatings in automobiles as electrodeposition primers.
Moreover, in the electronics industry, epoxy resins are used for manufacturing printed circuit boards (PCBs). The study cites that innovations in consumer electronics in tandem with growing urbanization and rising consumer disposable income has resulted in massive product demand, which in turn has boosted the need for epoxy resins.
Rise in construction activities worldwide, renovation of older structures, and growing consumer demand for feature-rich coatings are factors further driving epoxy resins demand in paints & coatings industry.
Technological advancements have also been a crucial growth aspect for epoxy resins market. For instance, a recent technical development includes bio-based epoxy resins that makes use of natural sources. However, the epoxy resins market is likely face restraints like fluctuating raw material prices, health hazards linked with epoxy segments like Bisphenol A (BPA), and threat from substitutes.
In terms of regional share, Asia Pacific is likely to become the fastest growing market for epoxy resins. Reportedly, China has witnessed rapid growth in the consumption of paints & coatings, and is the largest coatings producing country in the world. In the past decade, manufacturers in China have added several epoxy resin facilities, witnessing a particularly sharp growth between 2004 to 2017. Thus, with rapid growth in China as well as in other countries like Taiwan, India, and ASEAN, the Asia Pacific epoxy resins market has become a dominant regional segment.
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North America also holds a significant market share. The growing concerns in Europe over bisphenol A leaching have compelled North American producers to offer epoxies with lower leachable levels. Western Europe has also recorded high consumption of epoxy surface coatings due to surging demand in marine & maintenance coatings.
According to the report, global epoxy resins market mainly incorporates large number of regional and multinationals players, some of which include DowDupont, Huntsman Corp., BASF SE, 3M, Aditya Birla Chemicals, Covestro, and Sika AG. Out of these firms, Huntsman Corp., Hexion, and Olin are the leading western producers of epoxy resins with key interests in Europe and North American markets.
The company profiles of these players are mentioned in the report alongside their product benchmarking, business overview, financials, and recent developments.