18th December 2019 – Global Epoxy
Resin Market is anticipated to grow considerably in the forecast period
owing to the growing industrialization and the growing development in
electronic and electrical equipment. Epoxy is a chemical known for its
versatility. It is highly used in chemical compounds that has created a niche
market for numerous industrial applications. Epoxy resins are used in
decorative flooring, in fabric applications for surgical and dental treatments,
printing inks, etc.
Epoxy resins also have applications as
additives for several plastic materials like acrylic & vinyl resins and
synthetic &natural rubbers. Currently, epoxy resins are extensively used in
numerous structural and engineering applications like electrical industry,
commercial and military planes. To improve the performance of products and
maintaining cost-efficiency, several new fillers are bring introduced into
resins while processing.
Epoxy resins have extensive applications
as an insulation in electrical and electronic that need protection in extreme
and hazardous environments like engine management, deep sea, and chemical plant
equipment due to the properties like high mechanical and physical strength,
excellent dimensional stability, good dielectric properties, and more. They
also have applications in keeping switches, generators, motors and transformers
clean, dry and free of shots.
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Moreover, the growing consumption rate
of electronic and electrical equipment on a commercial scale in emerging
economies like China & India is predicted to drive epoxy resin industry.
Epoxy resins have also created strong presence in paints & coating
industry. They offer two major advantages that comprise protection and
decoration. Several industries make use of paints & coatings for different
purposes. They can be stated as primer tie coats, abrasion resistant coating,
anti-corrosive primers, heat & fire resistant and chemical coatings.
In the same way, epoxy sealants and
floor paints are other items that can be used as coatings on the floor to make
it durable and decorative. Residential sector is consistently progressing with
improved construction in Europe. Despite multiple properties of epoxy resins
like superior adhesion, chemical& water, and corrosion resistant,
durability, etc. high cost and fluctuating raw material could easily obstruct
the growth of epoxy resins market.
Epoxy resin industry is categorized on
the basis of type, technology, application and geography. On the basis of type,
epoxy resin market is divided into glycidyl epoxy and non-glycidyl epoxy.
Glycidyl epoxy is expected to lead the epoxy resins industry due to its
increasing use in powder coating applications. Based on technology, the
industry is divided into liquid epoxy, solvent cut epoxy, waterborne epoxy, and
others. Owing to the increasing use of waterborne epoxy in powder application,
it is predicted to lead the market in the coming years.
In terms of application, epoxy resin
market is split into building & construction, electrical & electronics,
adhesives & sealants, automotive & transportation, marine, and others.
Due to the speedy development and growing infrastructure, building and
construction segment is expected to flourish the market in future.
Geographically, the market is segmented
as North America, Latin America, Europe, Asia Pacific, and Middle East &
Africa. Due to the spurring demand for the product and rapid industrialization
in the emerging regions, Asia Pacific is predicted to dominate the industry in
the years to come. The prominent players in epoxy resin industry comprise Cytec
Solvay Group., BASF SE, Hexion Inc., E I DuPont de Nemours and Company, 3M
Company, Dow Chemical Company, Kukdo Chemicals, Nan Ya Plastics Corporation,
Olin Corporation, and Huntsman Corporation.
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