The burgeoning development in the transportation industry is estimated to create an assuring influence for the epoxy resin market. Reports created by MRFR detail the developments in the chemicals and materials industry that can be expected in the market through the forecast period. The epoxy resin market is anticipated to note a 5.38% CAGR to gain USD 7,699.6 Million in income by 2028.
The strong growth cues observed in the aerospace sector are estimated to have a fortifying effect on the epoxy resin market companies’ progress in the forecast period. The accelerated application of epoxy resin in DIY projects is foreseen to promote the epoxy resin market share in the coming years.
Segmental Analysis
The segmental investigation of the epoxy resin market size is carried out on the basis of type, technology, application, end-use, and region. On the basis of technology, the epoxy resin market is segmented into waterborne epoxy, liquid epoxy, solvent cut epoxy, and others. Based on the type, the epoxy resin market is segmented into novolac, DGBEF, DGBEA, aliphatic, glycidylamine, and others. The application segment of the epoxy resin market is divided into adhesives, paints coatings, grouts mortars, composites, and electronic encapsulation. Based on the end-use, the epoxy resin market is segmented into automotive transportation, aerospace, building construction, marine, and electrical electronics. Based on the region, the epoxy resin market is segmented into Asia Pacific, North America, Europe, Africa, and the Middle East.
Detailed Regional Analysis
The regional review of the epoxy resin market is segmented into Asia Pacific, North America, Europe, Africa, and the Middle East. The Asia Pacific epoxy resin market is the largest region in the global market in terms of the market segment. The regional market in the APAC is likely to hold its domination through the forecast period due to speedily growing construction activities. The North American epoxy resin market reported the second major stake in the global market reaching USD 1,556.8 million by the end of 2023. The European epoxy resin market is another significant region in the market, which reports for 9.28% share of the market in 2016. In the coming years, the regional market in the Latin American region is set to appear as a substantial market for epoxy resin, which is assessed to multiply at the highest CAGR due to the increase of main end users in this region. In the regional epoxy resin markets of the Middle East Africa, the number of infrastructure projects is compelling the requirement for epoxy resin in construction uses. Furthermore, the elevated production of automobile parts, electronic components, and aircraft drive epoxy resin business necessity in making composite materials that are weightless in weight.
Competitive Analysis
The advancement of the market is spurred by the initiatives of the leaders in the global market, who are dedicating resources to the development of the overall market. The scale of innovation being observed in the market is another reason that is adding to the advancement of the global market in the future. The detrimental impact on the environment by the business practices is estimated to be a key component in the future growth strategies of the market. The funding scenario in the market is estimated to be optimistic and conducive to the development of the stakeholders in the market. The government policies in several regions are very conducive to the development of the market in the upcoming period. The advancement of production technology and processes is estimated to augment the global market. The establishment of clear long-term objectives by market titans is estimated to set the tone for the continuing expansion of the market. The identification of areas for sustainable enhancement in the supply chain is estimated to further fortify the market.
The renowned companies in the epoxy resin market includes Aditya Birla Chemicals (India), Huntsman International LLC (U.S.), Spolchemie (Czech Republic), Kolon Industries, Inc. (South Korea), BASF SE (Germany), Olin Corporation (Olin) (U.S.), Ciech S.A (Poland), and among others.
Industry Updates:
Mar 2021 AOC has declared price upsurge with immediate result, or as contracts permit, for its whole epoxy vinyl ester and unsaturated polyester resins collection sold in the EAME region, quoting sustained increases in logistics, raw materials, and packaging expenses. The prices for its EVE products have rocketed by €450/metric ton ($544/metric ton), with its UPR product portfolio prices expanding by €350/metric ton.
Feb 2021 Uflex, an international packaging business headquartered in India, the chemicals business of Uflex had acquired a patent on a procedure for the formulation of Epoxy ester resin under the endowments of the Patents Act, 1970. It is the primary patent for the chemicals business, which will request a worldwide patent in due course. The novel patent will guarantee technical progress in delivering a process for resin preparation wherein no wastewater handling is required, which is an important move in the way of sustainability.
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