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Industry UpdatesIn May 2018, Sicomin, a resin manufacturer received the ECOBOARD Project Gold Level qualification for its entire range of bio-based epoxy resins. The range includes GreenPoxy 56, InfuGreen 810, Foaming Epoxy, GreenPoxy 33, and Surf Clear Evo.
In April 2018, Hexion Inc., a global leader in thermoset resins introduced its latest high-performance waterborne epoxy range at the American Coatings Show.
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Competitive Landscape
The notable players in the Global Epoxy Resins Market include Aditya Birla Chemicals (India), BASF SE (Germany), Kolon Industries, Inc (South Korea), Spolchemie (Czech Republic), Spolchemie (Czech Republic), Ciech S.A (Poland), and Huntsman International LLC (U.S.).
The Global Epoxy Resins Market is envisioned to expand in size and attain USD 10,620.5 Million by the end of 2023. With strong demand from various end-use industries, the Global Epoxy Resin Market has demonstrated steady growth over the last few years, and Market Research Future (MRFR) projects a CAGR of 5.24% over the forecast period of 2017-2023. Known for their excellent mechanical and heat resistant properties, they find application in various industry verticals. Their versatility has been a significant factor in the steady growth of the market. Epoxy Resins are broadly used in the paints and coatings industry and are a major end use industry for Epoxy Resins. Epoxy Resin based coatings and paints are used in swimming pool finishes, seal coats, wall coatings of food storage and manufacture and for decorative and waterproofing purposes. Thus, growth in the paint & coating industry automatically translates into a growth in the Epoxy Resin Market. The growth of the construction and automotive industry are also reflecting positively on the growth of the Global Epoxy Resins Market. The automotive and aerospace industry demands lightweight materials in order to increase the fuel efficiency and reduce carbon footprint which makes Epoxy Resins a preferred material for the production of automotive components. The adoption of fiberglass resin composites in the transportation sector is expected to provide opportunities for market expansion over the forecast period. Moreover, technological advancements in the field of resin modification are expected to open up new avenues for industrial applications. However, the threat from alternatives such as phenolic resins and polyurethane and volatility in prices of raw materials is expected to limit the growth of the market.
Segmentation
The Global Epoxy Resin Market has been segmented based on Type, Technology and Application. By Type, the market has been segmented into Glycidyl Epoxy and Non-Glycidyl Epoxy. By Technology, the market has been segmented into Liquid Epoxy, Waterborne Epoxy, Solvent Cut Epoxy, and Others. By Application, the market has been segmented into building & construction, automotive & transportation, electrical & electronics, adhesives & sealants, marine, and others.
Regional Analysis
The key markets of the Global Epoxy Resins Market include Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Asia Pacific accounts for the largest share of the market owing to surging demand for Epoxy Resins from the construction sector. The Asia Pacific region is steadily expanding construction activities and production capacity and has been instrumental in the growth of the market. North America is the second largest market for epoxy resins, and the presence of major end user industries in the region supports the growth of the market. Europe too accounts for a substantial share of the market and accounted for 9.28% share of the market in 2016. Germany is the leading contributor to the Europe market owing to heightened demand from the automotive industry. Europe is followed by Latin America and the Middle East & Africa. Latin America is an emerging market for Epoxy Resins which is expanding on account of evolving industries and improving economic conditions in Brazil, Colombia and Venezuela.
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