Global Epoxy Resins Market: Snapshot
Epoxide resins, which constitute the epoxide functional group, are thermosetting polymers that are gaining popularity in the manufacturing sector due to their superior physical properties. The global epoxy resins market has benefited from the diversity of end use sectors, as steady technological progression and the need for consistent development in hardware to accompany it has made epoxy resins a vital material in the current technological scenario. The rising demand from industries such as electrical and electronics, fiber reinforced plastics, and metal coatings is likely to enable steady growth of the global epoxy resins market in the coming years.
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The global epoxy resins market is expected to reach a valuation of US$10.5 bn by 2020.
Demand for Epoxy Resins Driven by Growth of Construction, Aviation Industries
The booming global construction industry is indirectly a prime driver for the global epoxy resins market, as the demand for epoxy resins from the paints and coatings industry is rising steadily. Epoxy resins impart stability to paint and coating formulations and are thus likely to be in demand in the coming years. The construction industry has recovered smoothly from the 2008-09 crash and is set for resurgent growth in the coming years, particularly in developing regions such as Asia Pacific and Latin America. This will remain an important driver for the global epoxy resins market.
The global epoxy resins market has also benefited from the steady growth in the use of epoxy resins in the aviation sector. Epoxy resins provide enhanced mechanical strength and high resistance to temperature extremes. The reduction in weight enabled by the use of epoxy resins is also much sought after in the aerospace industry, since it results in a significant decline in expenditure on fuel. As a result, the epoxy resins market is likely to receive steady demand from the aviation and aerospace sector in the coming years. The rising entry of private companies in the space exploration and aviation sector is also likely to have a crucial impact on the development trajectory of the epoxy resins market.
China to Retain Dominance in Global Epoxy Resins Market, North America to Follow
The global epoxy resins market is segmented geographically into North America, Europe, China, Rest of Asia Pacific, and Rest of the World. China accounts for more than 40% of the global epoxy resins market and is likely to extend its dominance in the market in the coming years due to the rising number of companies shifting their manufacturing base there. The strong performance of the construction industry in China, which has benefited from the rising disposable income of urban Chinese consumers, is likely to remain a key driver for the global epoxy resins market.
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The rapid development of the aerospace sector in North America is likely to ensure a steady share for North America in the global epoxy resins market in the coming years. The solid government support to research in aviation has been the key for the sector in North America, while the widening private investment channels are likely to further boost the epoxy resins market’s growth prospects.
Leading companies in the global epoxy resins market include Kukdo Chemicals Ltd., DuPont, Huntsman Corporation, NAMA Chemicals, BASF SE, The Dow Chemical Company, and 3M Company. The global epoxy resin market is reasonably concentrated in the hands of a leading hierarchy and is likely to remain that way in the coming years.
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