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Epoxy Resin Global Market Estimated to Surge at a CAGR of 9.1% to Reach $17.99 Billion By 2028 | Covestro AG, Solvay S.A., Sika AG, Olin Corporation, Hexion Inc.
Epoxy Resin Market
As per the report, the epoxy resin market size has grown strongly in recent years. It will grow from $11.65 billion in 2023 to $12.72 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The epoxy resin market size is expected to see strong growth in the next few years. It will grow to $17.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
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Automotive Industry's Demand Boosts Epoxy Resin Market Growth
The rising demand for epoxy resin from the automotive industry is expected to propel the growth of the epoxy resin market. The automotive industry refers to the design, manufacturing, and selling of motor vehicles that uses epoxy resin to paint the body of automobiles. The use of epoxy resin as a protective coating extends the life of automobiles. According to the Organization Internationale des Constructeurs d'Automobiles (OICA), a France-based international trade organization, in 2021, automobile production increased globally by 3%, from 77.8 million produced in 2020 to 80.14 million in 2021. An increase in the production of automobiles increases the need for epoxy resins. Therefore, the rising demand for the automotive industry drives the epoxy resin market.
Product innovation is a key trend gaining popularity in the epoxy resin market going forward. Major companies operating in the epoxy resin market are focused on product innovations to strengthen their position in the market. For instance, in April 2022, Hexion Inc., a USA-based chemical manufacturer that develops chemical materials and performance resins, launched the products EPON LY Resin 1810 and EPIKURE LY Curing Agent 3801. These chemicals are used to minimize the yellowing of epoxy coating on household and commercial surfaces to improve performance, cure, lessen air emissions, and increase surface strength.
The epoxy resin market covered in this report is segmented -
1) By Type: DGBEA (Bisphenol A And ECH), DGBEF (Bisphenol F And ECH), Novolac (Formaldehyde And Phenols), Aliphatic (Aliphatic Alcohols), Glycidylamine (Aromatic Amines And ECH), Other Types
2) By Physical Form: Liquid, Solid, Solution
3) By Application: Paints And Coatings, Composites, Adhesives And Sealants, Other Applications
4) By End-User: Building And Construction, Automotive, Large And Heavy Vehicles And Railroads, General Industrial, Consumer Goods, Wind Power, Aerospace, Marine, Other End-Users
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Major companies operating in the epoxy resin market report are China Petroleum & Chemical Corporation (Sinopec), Badische Anilin- und Sodafabrik, The Dow Chemical Company, Mitsubishi Chemical Corporation, Minnesota Mining and Manufacturing Company, Evonik Industries AG, Covestro AG, Westlake Epoxy LLC, DuPont de Nemours Inc., NAN YA PLASTICS CORPORATION, Solvay S.A., Sika AG, Olin Corporation, Huntsman International LLC, Atul Ltd, Daicel Corporation, Hexion Inc., Ashland Global Holdings Inc., Jiangsu Sanmu Group Co. Ltd., Allnex Belgium SA/NV, NAMA Chemicals, Kukdo Chemical Co. Ltd., Magnolia Epoxy, Mapei S.p.A., DIC India Limited, SPOLCHEMIE - Chemické závody a.s., Kemipex FZE, Aditya Birla Chemicals (India) Limited, Scott Bader Company Ltd., Chang Chun Plastics Co. Ltd., Aliancys AG
Contents of the report:
1. Executive Summary
2. Epoxy Resin Market Report Structure
3. Epoxy Resin Market Trends And Strategies
4. Epoxy Resin Market - Macro Economic Scenario
5. Epoxy Resin Market Size And Growth
…..
27. Epoxy Resin Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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