Press release
Flexible Epoxy Resin Market Size Industry Analysis, Overview and Growth, Demand - Forecast to 2023
Flexible Epoxy Resin Market Size, Flexible Epoxy Resin Market Growth, Flexible Epoxy Resin Market Share
Flexible epoxy resins are manufactured by incorporating large groups in the molecular chain, which increase distance between crosslinks. These resins offer excellent flexible toughness, high bonding properties, fast curing, durability, moisture resistant reliability, and chemical resistance. They lack hydrolytic stability and strength, therefore, are blended as modifiers with other epoxy resins.
Competitive Landscape:
Some of the manufacturers operating in the global flexible epoxy resin market are Olin Corporation (U.S.), Hexion (U.S.), Kukdo Chemical Co., Ltd. (South Korea), Aditya Birla Chemicals (India), Huntsman International LLC (U.S.), DIC CORPORATION (Japan), Emerald Performance Materials (U.S.), EPOXONIC (Germany), Spolchemie (Czech Republic), Cardolite (U.S.), Atul Ltd. (India), INTERTRONICS (Oxfordshire), Conren Ltd. (U.K), Mereco Technologies (U.S.), and Resoltech (France).
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The growing demand for flexible epoxy resin from the paints & coatings application is driving the growth of the global flexible epoxy resin market. This is attributed to the superior properties that they offer such as high chemical resistance, low viscosity, high durability, and others. These properties are usually used in floor coating, storage tank linings, primer, and binder coating.
The global flexible epoxy resin market is driven by the increased product demand as composites from construction activities across the globe. Rapidly growing industrialization in countries such as India, China, the UAE, and Saudi Arabia is expected to boost the product demand over the forecast period. The product demand from the automotive industry is increasing on account of various properties such as moisture & chemical resistance, flexible toughness, and durability.
Segmentation
The global flexible epoxy resin market is segmented on the basis of the type, application, end-use industry, and region.
- On the basis of the type, the global flexible epoxy resin market is segmented into urethane modified, rubber modified, and dimer acid.
- Based on the application, the market is segmented into the primer, composites, adhesives, semiconductors, electrical laminates, and others.
- The market is segmented on the basis of end-user industry into paints & coatings, construction, automotive, electrical & electronics, military & defense, and others.
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Some of the development trends in the market observed are a product launch, merger, expansion, and others. For instance, Hexion launched a new specialty epoxy resin system EPIKOTETM Resin TRAC 06605 for styrene-free and sheet molding compound manufacturing of high-performance automotive composites at JEC World 2017 composites event in Paris. This product is used to produce lightweight automotive composite parts such as floors, electrical vehicle battery enclosures, spare wheel tubs, seat structures, hood inners, and others, which has low VOC emissions.
The properties of Flexible epoxy resins are also beneficial in the manufacturing of electrical systems & electronics, which is likely to drive the global market during the assessment period. However, stringent regulations regarding control of VOC emissions such as National Emission Standards for Hazardous Air Pollutants (NESHAP) by the U.S. Environmental Protection Agency, and aggressive regulations for air pollutants by the California Air Resources Board (CARB) may challenge the market growth.
Regional Analysis
- The global flexible epoxy resin market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
- Asia Pacific was dominating the global flexible epoxy resin market in 2016 owing to the high demand from major end-use industries such as paints & coatings, automotive, and construction in countries such as Japan, India, China, and others.
- North America was the second largest region in the global flexible epoxy resin market in 2016 on account of the high demand from the military & defense and automotive industries. The reconstruction activities in the region is another factor driving the market growth.
- The European market is expected to grow rapidly due to high product demand from the manufacturers of various automotive parts in the region, especially in Western European countries such as Germany, U.K, France, and others.
- Latin America is projected to witness a considerable growth due to growing automotive sector in Mexico.
- The construction boom in the GCC countries along with the rapid industrialization is expected to fuel the product demand in the Middle East & Africa.
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