The global Epoxy Resins Market is anticipated to grow at a CAGR of 6.2% between 2018 and 2026. Epoxy resins are compounds that contain more than one epoxy group per molecule and are thermosetting resins that make use of suitable cross linking agents for higher reactivity. Epoxy resin is one of the largest raw materials used for different chemical product formulations. These are widely used in the manufacturing of paints, coatings, printing inks, composites, adhesives, electrical systems & electronics, aerospace applications, petrochemical products, and many others.
The global epoxy resins market is majorly driven by the growth of end-use industries such as paints & coatings and adhesives. In the paints & coatings industry, two parts of the epoxies have been developed for heavy duty services. These epoxy compounds are applied to many formulations of protective coatings, automotive coatings, powder coatings, and many other solvent-based paints. Epoxy resins are used at such a wide array and in almost every type of paints as these have three physical forms including solid, liquid, and solution.
North America Epoxy Resins Market Share By Application, 2017-2026
The growth of Epoxy Resins Market is directly proportional to the increased consumption of end-use products such as paints, adhesives, and many other consumer products. These end-use products have witnessed huge demand due to increase in the global population & urbanization, rising per capita income of consumers, advancements in material science, high product differentiation in the industry in tandem with the large number of market players & their extensive strategic framework. .
The Epoxy Resins Market is subjected to stringent regulatory framework as epoxy resins are known to have serious environmental impact. The manufacturing & emissions are regulated by different agencies such as Environmental Protection Agency (EPA). One of the impactful restraint for the market is from solvent borne coatings that make use of epoxy as a raw material. Solvent borne paints release volatile organic compound in the environment that are known to have toxic effects.
North America Epoxy Resins Market, By Formulation Type, 2017 - 2026
Epoxy resins market has also witnessed many technological developments concerning material stability, high-performance, and biodegradability. Bio-based epoxy resin is the most recent development in the field to lower or cease the environmental impact. Such epoxy resins are obtained from natural sources such as furan-, vegetable oil-, vanillin-, itaconic-, and vanillin acid.
Epoxy resins are raw materials to broad range of applications. Composites and paints & coating are the two largest end-use application segments. Epoxy resin demand in industrial and automotive segment has also witnessed steady growth on account of its superior properties such as heat resistance as compared to the other raw materials. The consumption is anticipated to decline further for industries such as food & beverage due to concerns over Bisphenol A (BPA).
On the basis of formulation type, the epoxy resins are of different types. These make use of different reaction mechanisms for the production of epoxy resin and are used as per the requirements. Glycidylamine is a popular reaction mechanism as these are higher functionality epoxies. Novolac and BPA epoxy resins are also widely used.
Asia Pacific is the largest regional epoxy resins market with China as the major player that continues to grow at a steady rate. The region has wide growth prospects as China is a major producer for coatings with the largest production of powder coatings in the world. The region has also witnessed growth in many epoxy resin end-use industries from its developing countries such as Indonesia, India, and others.
North America and Western Europe are the other two significant epoxy resins market after APAC. However, the increased consumption in these regions is of epoxies with low level of leachables, especially Europe. Middle East Epoxy Resins Market is also a growing for this industry due to increased demand in marine & maintenance coatings.
Global epoxy resins market is highly competitive and fragmented on account of large number of market players. Some of the major industry players include DowDupont, BASF SE, 3M, Huntsman Corporation, Aditya Birla Chemicals, Covestro, and Sika AG.