"Epoxy Composite Market" - Global Industry Trends and Forecast 2023 by Axiom Materials, Inc., Hexcel Corporation, Cytec Solvay Group, Teijin Limited, Toray Industries, INC., Mitsubishi Rayon Co., Rotec Composite Group B.V., SGL Group, Gordon Composites

Trends:

Increasing plastics usage in automotive manufacturing

The average weight of plastics used in a car has increased significantly over the last decade due to strict norms related to reducing overall vehicle weight in order to reduce carbon emissions and enhance fuel efficiency. The U.S government in 2011 declared plans to decrease vehicles emission to approximately 55 miles per gallon for cars and light duty trucks by model year 2025. The key players of U.S present during the declaration included Volvo, Toyota, Nissan, Mitsubishi, Mazda, Kia, Jaguar/ Land Rover, Hyundai, Honda, BMW, Chrysler, GM and Ford which represent ~90% of all automobiles sold in the U.S. European Union also implemented regulations to control vehicle emissions.

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Opportunities

Middle East & Africa and Asia Pacific construction industry offers lucrative opportunity for Epoxy Resin Market

Among all the markets, Middle East & Africa and Asia Pacific construction industry is estimated to represent highest opportunity supported by approval of large scale construction projects in the region. The construction and infrastructre sector in the Middle East & Africa region is projected to be the fastest growing over the period of 2016 to 2020, overtaking the Asia Pacific region, which held the pole position in 2011 to 2015. This reveals enormous investment in infrastructure and buildings specifically in Qatar, Saudi Arabia and the United Arab Emirates (UAE), while the slowing rate of growth in China's construction industry is a key factor resulting in slowdown of Asia-Pacific. However, Asia-Pacific's share of the global construction industry will continue to rise, reaching close to 49% in 2020, up from 40% in 2010.

Supply Chain

Raw material Producers

Epoxy Resin raw materials epichlorohydrin and bisphenol A. Major raw material manufacturers include Bayer Material Science, Dow Chemical, SABIC Innovative Plastics, Momentive Specialty Chemicals, and Ufaorgsintez JSC. Majority of bisphenol goes into manufacturing polycarbonate. However, the supply of epeoxy resin has been stable over the last few years which helps the epoxy resin producers residing in the market.

Epoxy Resin Manufacturers

Some of the prominent Epoxy Resin manufactures active in the market are Olin Corporation, Kolon Industries Inc., Aditya Birla Chemicals, Kemrock Industries, CIECH S.A., and SPOLCHEMIE. The availability of alternative resins like polyurethane and phenolic resins have urged manufacturers to come up with competitive priced products and focus on regularly innovating product lines.

Distributors

The Epoxy Resin distributor companies are the companies that are in long term sales agreement with the manufacturing companies and are engaged in long term business with the customers from end use industries. Distributors with worldwide marketing and distribution network are estimated to have added benefits over small and middle enterprise distributor companies. Some of the major companies involved in distribution are Brenntag AG, Univar Inc., and Azelis.

End-Users

Composite manufacturers are the most significant stake holders in the Global Epoxy Resin value chain. Adhesives, coatings and paint manufacturers are other key stakeholders in the value chain.

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Epoxy composite Market – Overview

The Global Epoxy Composite Market is expected to grow at healthy CAGR, some of the factors that fuels the growth of Epoxy Composite Market are increasing epoxy based composites demand from aerospace and automotive industries and growing construction industry across the world. Moreover, increasing plastics usage in automotive manufacturing are expected to boost the Epoxy Composites Market in near future. However, strict regulatory norms in developed countries are expected to restrain the Global Epoxy Compounding Market in near future.

Industry/ Innovation/ Related News:

October 2015- The Dow Chemical Company merged with Olin Corporation to transfer the business of chlor alkali and downstream derivatives businesses. Olin acquired three businesses including Dow U.S. chlor alkali and vinyl, global chlorinated organics and global epoxy business. The US$5.5 billion acquisition is biggest merger in Olin’s 123 years history.

December 2016- BASF has acquired Chemetall, a prominent global supplier of applied surface treatments for wide range of substrates such as metal, plastic, and glass. Post-acquisition BASF becomes a more complete solution provider for coatings.

December 2016- BASF expanded its portfolio of UV Resins by including five new standard epoxy acrylates. With this improvement, company enhance its position in radiation-curing technologies.

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