Epoxy Resin Market 2021: competitive landscape comprises share of key players, new developments, and strategies in the last five years.

Epoxy resin is a polymer produced by copolymerization of an epoxide with a compound that consists of two hydroxyl groups. Epoxy resin is high-performance resins that have excellent properties such as high thermal stability, resistance to corrosion, high mechanical strength, durability, and superior adhesion. Epoxy resin is majorly used across adhesive, paints &coatings, and electronic encapsulation applications.

The global epoxy resins market is projected to surpass US$ 5,834.41 million by the end of 2027, in terms of revenue, growing at CAGR of 6.6% during the forecast period (2020 to 2027).

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Competitive Section

Key players are operating in the global epoxy Resins Market are BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, DuPont, Aditya Birla Chemicals Ltd (Thailand), Momentive Specialty Chemicals Inc, Nan Ya Plastics Corporation, Kukdo Chemical Ltd., NAMA Chemicals

Drivers

Growing demand for paints &coating is a prime factor fueling the market growth of the epoxy resin. Epoxy resin-based products exhibit quick dry property and provide excellent coatings for the construction industry. Epoxy resin-based paints are widely used across concrete floor paint, floor paint, and epoxy primers. They prevent corrosion and rust on the surfaces. These coatings are used in primers for improving adhesion of automotive and marine components. Thus, growing demand for paints &coatings is expected to foster the market growth of the epoxy resins.

Regionally, Asia-pacific dominated the global epoxy resins market in 2019, reporting 62% market share in terms of revenue, followed by Europe and North America, respectively.

Figure 1. Global Epoxy Resins Market, Revenue Share (%), By Region, 2019

Epoxy Resin | Coherent Market Insights

Market Restraints

Health hazards associated with the epoxy resin flooring as they release strong and toxic fumes that may cause irritation in the lungs and eyes are restricting the market growth. Moreover, exposure to these fumes may cause breathing problems in asthmatic people. This factor is expected to hinder the market growth of epoxy resins.

Epoxy Resins Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 3,501.76 Mn
Historical Data for: 2017 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 6.6% 2027 Value Projection: US$ 5,834.41 Mn
Geographies covered:
North America: U.S., Canada
Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
Asia Pacific: China, Rest of Asia Pacific
Rest of World
Segments covered:
By Application: Paints & Coatings, Wind Energy, Composites, Construction, Electrical & Electronics, Adhesives, Others
Companies covered:
BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, DuPont, Aditya Birla Chemicals Ltd (Thailand), Momentive Specialty Chemicals Inc, Nan Ya Plastics Corporation, Kukdo Chemical Ltd., NAMA Chemicals

Growth Drivers:
Growing production of automobiles around the globe
Rise in growth of marine industry due to increase in cargo transportation
Restraints & Challenges:
Health related concern associated with the epoxies
Market Opportunities

Increasing use of wind turbines for power generation due to growing concern over the depleting of conventional sources is projected to offer potential opportunities in the market. Also, the growing use of epoxy resins in ship repairs and maintenance of various components such as decks, ballast tanks, topsides, underwater hulls, superstructures, and cargo tanks is again propelling the market growth. Moreover, increasing demand for efficient commercial and military aircraft are further projected to propel the market growth of epoxy resins over the forecast period.

Figure 2. Global Epoxy Resins Market – Opportunity Analysis

Epoxy Resin | Coherent Market Insights

Market Trends

Shifting preferences of the manufacturer towards increasing production capacity of modifiers for epoxy resins is expected to escalate the market growth. For instance, in February 2019, Kaneka Corporation has announced its plan to expand the production facilities of the modifiers for epoxy resins in Takasago Manufacturing Site. Kaneka intends to expand its business by doubling its production capacity with the investment of around 1.6 billion yen.

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Figure 3. Global Epoxy Resins Market, Revenue Share (%), By Application, in 2019

Epoxy Resin | Coherent Market Insights

On the basis of application, paints and coatings the global epoxy resins market in 2019 with around 42% of market share in terms of revenue, followed by electronics & electrical and adhesives, respectively.

Figure 4. Global Epoxy Resins Market – Value Chain Analysis

Epoxy Resin | Coherent Market Insights

Global Epoxy Resins Market - Impact of Coronavirus (Covid-19) Pandemic

Mining industry, which is responsible for supply of key raw materials to several end-use industries across the globe, has severe economic repercussions owing to Coronavirus (Covid-19) Pandemic. Also, the demand for epoxy resins depend faced hindrance amidst of the ongoing pandemic outbreak as the epoxy resins are widely used in the automobile sector, paint and coating sector and other industries and all this market are widely hindered due to the ongoing pandemic. This is expected to hamper the growth of epoxy Resins Market for short period till end quarter of 2020.

Few Recent Developments

In August 2018, BASF and Gustav Grolman GmbH & Co. KG enters into partnership in Europe for the marketing of amine-based curing agents for the professional processing of epoxy resins.
In July 2019, Aditya Birla Chemicals Thailand Limited announced the acquisition of Recyclamine Technology from Chemical Technology startup Connora Technologies. Connora Technologies is the manufacturer of recyclable epoxy resin technology, based on a novel proprietary polyamine synthesis platform called Recyclamine.

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