Epoxy resins are a type of reactive prepolymers and polymers which contains epoxide groups. Epoxy resins are versatile thermosetting resins that are lightweight, moisture and corrosion resistant and have excellent bonding strength. They are commonly used as adhesives and in manufacturing of electrical components and laminates. With increasing construction activities globally, demand for epoxy resins is growing due to its superior bonding ability in flooring, coatings and industrial manufacturing applications.
Market key trends:
The increasing demand from construction industry is one of the key trends driving the growth of global epoxy resin market. Epoxy resins find wide application in flooring, coatings and sealants in residential and commercial construction. Properties like high strength, durability and water resistance make epoxy resins ideal for construction applications. According to United Nations, around 70% of global population is expected to live in urban areas by 2050. This rapid urbanization and infrastructure development is expected to boost the demand for epoxy resins from construction industry during the forecast period.
Segment Analysis
The global epoxy resin market is dominated by application segments. The coatings segment accounts for over 40% share of the global market. Epoxy resins are used as primers and surface coatings in metal manufacturing industries. They provide excellent adhesion, chemical resistance and durability to metal coatings. Hence, the coatings segment is expected to remain the major consumer of epoxy resins during the forecast period. The composites segment is the second largest application segment. Fiber reinforced plastic composites using epoxy resins as matrix find wide usage in automotive, aerospace and wind energy industries due to strength and corrosion resistance properties.
Key Takeaways
Global Epoxy Resin Market Size is expected to witness high growth over the forecast period.
Regional analysis: The Asia Pacific region currently dominates the global epoxy resin market, accounting for over 40% of the global demand. Presence of large manufacturing bases for end-use industries such as automotive, electronics and construction in China, Japan and India is driving the growth of epoxy resin market in the region. Moreover, growing infrastructure development activities are further expected to propel the market growth over the forecast period.
Key players operating in the epoxy resin market are Eli Lilly and Company, BASF SE, Dow Chemicals, Momentive Speciality Chemicals, Kukdo Chemical and Atul Ltd. Eli Lilly and Company is one of the largest producers of epoxy resins globally with manufacturing facilities across major markets. BASF SE offers a wide product portfolio for various end-use industries with significant market share.
Explore More Related Article On This Topic: https://www.ukwebwire.com/the-growing-construction-industry-is-driving-the-global-epoxy-resin-market/
Explore More Related Article: https://ceocolumn.com/news/understanding-the-complex-tumor-microenvironment/
Comments
0 comment