Market Overview
The global epoxy resins market size was valued at USD 8.70 billion in 2020. The market is anticipated to rise from USD 11.59 billion in 2021 to USD 17.10 billion by 2028 at a 5.7% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Epoxy Resins Market, 2021-2028.”
According to an analysis, epoxy resins have become sought-after across the end-use sectors, including coatings and composites. Industry players are investing in these resins for sealant and adhesive manufacturing. Some of the factors, such as durability and higher resistance, have augured well for the industry outlook.
Report Coverage
The research offers a comprehensive perspective of the global market by focusing on both quantitative and qualitative assessments. The report presents a thorough understanding of product mapping by highlighting top-down and bottom-up techniques. In addition, several primary interviews with suppliers, other stakeholders, and opinion leaders have been carried out. Primary data has been gathered via questionnaires, phone calls, and emails. Press announcements, SEC filings, and websites are the secondary sources that were mentioned.
Segmentation
Based on application, the market is segmented into electrical & electronics, paint & coatings, wind turbine & composites, adhesive & sealants, civil engineering and others.
In terms of geography, the industry is segregated into North America, Asia Pacific, Europe, the Middle East and Africa and Latin America.
Drivers and Restraints
Steady Demand from Automotive to Usher Growth Potentials
Even if the COVID-19 epidemic had a significant influence on the automotive sector in 2020, there may be room for expansion in the upcoming years. During the projected period, the market for epoxy resins could rise as a result of the trend toward lightweight materials. The growth potentials will be fueled by expenditures in research and development as well as a greater emphasis on next-generation automobiles. Industry participants anticipate that industrialization and strong government policies will benefit both developed and developing nations.
However, fluctuating raw material prices and rigorous regulations toward volatile organic compounds could hamper the growth prospect.
Source: https://www.fortunebusinessinsights.com/epoxy-resin-market-106597
Regional Insights
Bullish Investments in Paints & Coatings to Foster Asia Pacific Market
Asia Pacific epoxy resins market share will observe an appreciable gain on the back of strong investments in raw materials. Emerging economies, such as China and India, are likely to up their investments across paints & coatings and electrical & electronics sectors. Stakeholders are likely to inject funds into the consumption of epoxies in the ensuing period.
Industry participants envisage Europe as a happy hunting ground in the wake of profound investments in the automotive sector and wind energy. Moreover, construction activities are likely to pick pace across the U.K., Germany and Italy. Stakeholders bank on thriving renewable energy amidst demand for sustainable chemicals.
North America market forecast will be strong with rising investments in private and public infrastructure projects across the U.S. Besides, the penetration of the food & beverage industry could solidify the position of North America in the ensuing period. Stakeholders expect adhesives and sealants and wind turbines to be sought-after across the region.
Competitive Landscape
Stakeholders to Emphasize Product Portfolio Expansion to Tap Markets
During the evaluation phase, industry participants plan to concentrate on new product introductions, technology developments, mergers and acquisitions, and research and development initiatives. The current state of affairs suggests that business players will finance international growth.
Key Industry Development
November 2021: Westlake Chemicals Corporation inked a deal with Hexion, Inc. to acquire its global epoxy business for USD 1.2 billion.
June 2021: Aditya Birla Chemicals announced plans to invest in expanding its overall epoxy manufacturing capacity by around 125-kilo tons per annum.
Major Players Profiled in the Market Report:
Kukdo Chemical Co., Ltd. (South Korea)
Huntsman Corporation (U.S.)
Olin Corporation (U.S.)
Nan Ya Plastics Corporation (Taiwan)
Hexion Inc. (Westlake Chemicals) (U.S.)