The new report by Expert Market Research titled, 'Global Epoxy Resins Market Size, Share, Price, Growth, Report and Forecast 2020-2025′, gives an in-depth analysis of the global epoxy resins market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2015-2025)
- Historical Market Size (2019): 3.2 million metric tons
- Forecast CAGR (2020-2025): 5%
- Forecast Market Size (2025): 4.3 million metric tons
The global epoxy resins market is being driven by the growth in the global electronics market, mainly in the Asia Pacific region. Due to its insulation, chemical resistance, and strength, they are used alone or in combination with glass, carbon, or other reinforcing fibres to create electronic components to boat hulls. Epoxy resins are used in construction in anchor bolts and hardware in concrete walls, ceilings, and floors. Epoxy resins are used as potting compounds, sealants, and encapsulants. They are also used in the manufacture of adhesives and coatings. The varied applications of epoxy resin have been driving the growth of the epoxy resin market.
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The European Union and North America are the major supply markets for epoxy resins. Owing to high demand in excess of their capacities, trade of epoxy resin is significant. The United Sates exports its surplus epoxy production to countries like Canada and Mexico.
Industry Definition and Major Segments
Epoxy resins refer to a broad group of reactive compounds that are characterised by an oxirane ring. Epoxy resins can be combined with various curing agents to attain properties required for specific needs. They have high strength and low shrinkage. They exhibit excellent adhesion properties and are resistant to chemical and solvent. They provide electrical insulation while being cheap and less toxic. Reinforcing fibres can improve its mechanical properties to such an extent that the compound can be used in many structural applications. Due to these properties, epoxy resins are used in the production of plastics, adhesives, paints, coatings, primers and sealers, flooring, and other materials and products in building and construction.
Based on application, the market can be segmented into:
- Electrical and Electronics
- Powder Coatings
- Marine and Paints
- Civil Engineering
- Can and Coil Coatings
- Automotive Coatings
Regionally, the industry is segmented into:
- North America
- Latin America
- Middle East and Africa
- Asia Pacific
The Asia Pacific dominated the global epoxy resins market, accounting for almost 65% of the global consumption, with China being the largest consumer. The electronics industry is expanding rapidly, thus, aiding the growth of the epoxy resin market. This demand has been further boosted by the rising demand for smartphones. In emerging economies, the need for adhesives, paints, and coatings is increasing, which will drive the demand for epoxy resins. An increase in construction activities and in the automotive industry will aid the epoxy resins market growth.
The growing demand for eco-friendly products will drive manufactures to adopt recyclable epoxy resins globally. The rising demand from the United States and Europe for waterborne composite applications in marine coatings, aerospace, and windmills will also propel the industry forward in the coming years.
Key Market Players
The major players in the market are Kukdo Chemical Co. Ltd., Nan Ya Plastics Corporation (TPE: 1303), Jiangsu Sanmu group Co. Ltd., Hexion Inc. (OTCMKTS: HXOH), Chang Chun Group (SHA: 600697), Aditya Birla Chemicals, Huntsman International LLC (NYSE: HUN), Jiangsu Yangnong Kumho Chemical Co., Ltd., Baling Petrochemical Co. Ltd, and Jubail Chemical Industries LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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