Epoxy Resin Market to hit USD 17.44 Billion by 2030 as per MWR Analysis- Dow Inc, Hexion Inc, Huntsman Corporation
Torrance, California, USA -As per MarkWide Research’s latest study, Epoxy Resin Market is expected to grow to USD 17.44 billion by 2030 at a CAGR of 5.85% during the 2022-2030 forecast period.
Epoxy resin (also known as epoxy concrete) is a thermoset polymer resulting from the copolymerization of an epoxide with another compound with two hydroxyl groups. The major application areas of this material are paints & coatings, adhesives, and composite materials that do not require reinforcement.
In addition to being used in construction, automotive and appliance parts, epoxy resins are a type of polyester resin that can be applied to various applications. Different types of heat can be used to cure epoxy resins, and epoxy resins are available in a wide variety of colors, as well as a wide variety of cure times.
The two main ingredients used to make epoxy resin are epoxide and a hardener, forming the resin together. There are two main ingredients in resin; the epoxide is responsible for most of the properties of the resin, while the hardener is responsible for creating the desired physical characteristics of the resin as a whole. Depending on the chemical composition of the epoxy and the process by which it is cured, there are several types of epoxy compounds.
There are construction, automotive, and medical applications of epoxy resin, which have been used for a number of years. It is also found in various industries, such as aerospace, chemical, electrical, and food processing, that they can be used in. An epoxy resin is a type of polymer that is very versatile and can be used for a wide variety of purposes.
As a result of the creation of epoxy resins, two ingredients are combined into one shape and function: epoxy and hardener. The epoxy acts as the principal component of the resin and is responsible for its properties, while the hardener aids in the integration of the final properties. Depending on the chemical composition and the curing procedure of the epoxies, there are several different types of epoxies.
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Epoxy Resin Market Growth
- As a result of the booming global construction industry, epoxy resins are indirectly one of the major drivers for the global epoxy market, as there is a steady increase in the demand for epoxy resins from the paints and coatings industries.
- Using epoxy resins in paint formulations and coatings confers stability to the mixtures. Therefore, epoxy resins are expected to see significant demand in the near future. Over the next few years, the construction industry is expected to return to growth, particularly in developing regions such as the Asia Pacific and Latin America, where it has recovered smoothly from the 2020 crash. Globally, the epoxy resin market is expected to remain a vital driver of the global economy for the foreseeable future.
- There is also a steady rise in the use of epoxy resins in the aviation industry, which has positively impacted the demand for epoxy resins on the global market. High resistance to extreme temperatures as well as enhanced mechanical strength is one of the benefits of epoxy resins.
- As a result of the use of epoxy resins, the weight of aerospace products can be reduced significantly, which results in a significant reduction in fuel expenditures, which is another highly desired benefit of epoxy resins. Due to this, the aviation and aerospace sectors are expected to grow at a steady pace shortly in terms of demand for epoxy resins.
- There is also likely to be a crucial impact on the growth of the epoxy resin market due to the increasing penetration of private companies into space exploration and the aviation sector.
Epoxy Resin Market Major Players Covered:
- BASF SE
- Atul Ltd.
- Dow Inc.
- Hexion Inc.
- Huntsman Corporation
- Kukdo Chemicals Co. Ltd.
- Nan Ya Plastics Corporation
- Olin Corporation
- Solvay SA
- Techstorm Advanced Materials
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Epoxy Resin Market Segmentation Analysis:
- By Application
- Paints & Coatings
- Sealants & adhesives
- Composites
- Electronic Encapsulation and Other
- Other
- Sort by Type
- DGBEA (bisphenol A & ECH)
- DGBEF (bisphenol F &ECH)
- Novolac (formaldehyde & phenols)
- Aliphatic (aliphatic alcohols)
- Other
- By End-Use Industry
- Construction
- Transport
- General industrial
- Aerospace
- Marine
- By physical Form
- Solid
- Liquid
- Solution
Epoxy Resin Market Covid-19 Impact
There is no doubt that the novel Coronavirus is changing the world in which we live. Companies in the epoxy resin market place a very high priority on the health and well-being of their employees and workers. They are stepping up their efforts to prevent Coronavirus growth and protect the health of residents, visitors, and the surrounding community.
For top-tier epoxy resin companies in North America, there have not been any severe disruptions in the supply chain as of now, as far as we can tell. To avoid disruptions in supply chains, contractors on the market for epoxy resins maintain close communication with logistics service providers to prevent any potential interruptions.
There was a ban on imports and exports of epoxy resins due to the COVID-19 pandemic, disrupting the supply chain and hampering the growth of the epoxy resin market. In the wake of the COVID-19 pandemic, there was a gap between supply and demand within the pharmaceutical industry.
During COVID-19, there was considerable fluctuation in the price of epoxy resin, which created a significant obstacle to the market’s growth. During COVID-19, demand for epoxy resin decreased across various industries, including aerospace, transportation, consumer goods, and maritime. A lockdown was imposed on all industries. As a result, the demand for epoxy resin was negatively impacted in 2020 due to the lockdown.
Epoxy Resin Market Geographical Segmentation Includes:
- North America
- Europe
- Asia Pacific
- South America
- The Middle East & Africa
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Published Thu, 18 Aug 2022 17:29:17 -0500
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