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Epoxy Resins Paints market To Grow By $10.3 billion by 2027 Due To Growing Popularity | Momentive Performance Materials, Kukdo Chemical, Huntsman Corporation,
Epoxy resins fall under the category of reactive prepolymers and polymers containing epoxide group. These versatile compounds are used in orthophthalic and polyester family. These are either low molecular weight pre-polymers or high molecular weight polymers. Epoxy resins react with themselves or with other co-reactants such as phenols, acids, alcohols, polyfunctional amines, and thiols. These find applications in paints and coatings, electrical and electronic components, and structural adhesives manufacturing industries.There is increasing demand for epoxy resins in paint and coatings industry, as epoxy-based paints and coatings help in preventing corrosion and rust. This is one of the major factors driving growth of the epoxy resins paints market. According to the CXOs, there is significant growth in demand for epoxy resin in all the regions, owing to its favorable properties and demand in wide area of applications. Also, growth of construction industry due to increase in population and changing lifestyle is expected to drive growth of paints and coating industry, which in turn will increase the demand for epoxy resins in paints.
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On the basis of region, the global epoxy resins paints market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific holds dominant position in the global epoxy resins paints market, owing to increasing adoption of epoxy resins in several industries in the region. Growing infrastructure and increasing production of automobiles makes it the leading producer and consumer of epoxy. Also, China held dominant position in the Asia Pacific epoxy resins paints market in terms of production and consumption in 2015.
Europe is one among the major consumers of epoxy resins due to increasing demand from various end-use industries. Moreover, in North America, there is gradual increase in the demand for epoxy resins.
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Key companies are undertaking various strategic alliances and new product launch in order to remain competitive in the epoxy resins market. For instance, in February 2015, Aditya Birla Chemicals (India), Limited, a leading company in epoxy resins, collaborated with Grasim Industries Limited.
In 2016, BASF expanded its portfolio of UV resins by including five new standard epoxy acrylates to the Laromer EA product line.
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