Flexible Foam Market | Key players: BASF SE), Bayer Material Science, The Dow Chemical Company, Huntsman Corporation, Rogers Corporation, Ube Industries, Ltd, Recticel, Zotefoams Plc, The Woodbridge Group, and Sekisui Alveo AG

According to recent research "Flexible Epoxy Resin Market by Type (Urethane Modified, Rubber Modified, Dimer Acid), Application (Paints & Coatings, Composites, Adhesives), and Region - Global Forecast to 2022", published by MarketsandMarketsâ„¢, The flexible epoxy resin (FER) market is estimated at USD 570.9 Million in 2017 and is projected to reach USD 764.0 Million by 2022, at a CAGR of 6.0% between 2017 and 2022.

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The FER market is projected to reach USD 764.0 million by 2022 at a CAGR of 6.0% between 2017 and 2022. Asia-Pacific is expected to be the largest market for FER and is also projected to witness the highest growth during the forecast period. The growth of the market in this region can be attributed to the growing demand from the automotive and building & construction industries. The FER market is expected to witness high growth in emerging economies such as India, South Korea, and China. Factors, such as increasing disposable income and changing lifestyle of the middle-class population in these countries, are expected to fuel the demand for automobiles and building infrastructure. This increase in demand is consequently expected to drive the growth of the FER market in the coming years.

The growing use of composites, increasing disposable income, rapid urbanization in the emerging economies, and the rising demand from the automotive sector are the major growth opportunities for the growth of the FER market during the forecast period. Companies are adopting various organic and inorganic strategies to tap these opportunities.

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Companies, such as Olin Corporation (U.S.), Hexion (US), Kukdo Chemical (South Korea), Aditya Birla Chemicals (Thailand), Huntsman Corporation (U.S.), and DIC Corporation (Japan), adopted both organic as well as inorganic strategies, such as new product launches, expansions, and partnerships to efficiently serve customers and increase their market shares.

New product launch was the key strategy adopted by major players in the FER market. This strategy accounted for a share of 66.7% of the total growth strategies adopted by the major market players between 2013 and 2017. Companies operating in the FER market adopted expansion as the second level strategy to expand their regional presence. This strategy accounted for a share of 16.7% of the total growth strategies adopted by the players between 2013 and 2017. Partnership accounted for a share of 16.6% of the total growth strategies adopted by the market players during the same period.

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Hexion (U.S.), one of the leading manufacturers of FER, adopted new product launches as its primary growth strategy. The company operates its business through two segments, namely, epoxy, phenolic, and coating resins and forest products resins. It produces and supplies epoxy resins to diversified industries such as wind turbines, boat and shipbuilding, and sports equipment. Hexion is strengthening its foothold in the FER market through new product launches. For instance, in 2017, the company launched a new specialty epoxy resin system, which will be used for styrene-free, sheet molding compound (SMC) manufacturing of high-performance automotive composites. This product launch will help strengthen the position of the company’s products in the market. In 2015, Hexion launched two new products, which included epoxy resin dispersion system and resin system. These product launches helped the company to strengthen its position in the FER market further.

Olin Corporation (U.S.) is also one of the major manufacturers of FER. The company has developed a strong client base by expanding its distribution network to serve its customers better and offer customized products in Europe, North America, and Asia-Pacific. The company has an in-depth product offering and several R&D and innovation centers. The company is investing heavily in R&D to maintain its global footprint in the competitive FER market. The company’s products are used across all application segments due to its strong product portfolio. The D.E.R is a popular flexible epoxy resin brand across the world. Olin has its manufacturing facility in North America. However, it operates its business throughout the world.

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