Epoxy Resin Market Analysis and Forecast to 2023 | Recent Trends, Developments in Manufacturing Technology and Regional Growth Overview
Global Epoxy Resin Market Information: Type (Glycidyl Epoxy and Non-Glycidyl Epoxy), Technology (Liquid Epoxy, Waterborne Epoxy, Solvent Cut Epoxy, and Others), and Application (Building & Construction, Automotive & Transportation, Electrical & Electronics, Adhesives & Sealants, Marine, and Others), and Region- Forecast till 2023
Pune, India – April 23, 2018 /MarketersMedia/ —
Market Research Future (MRFR) in its latest report reveals that the global market for Epoxy Resin will witness a 5.24% CAGR during 2017 to 2023 and reach valuation of more than USD 10,000 Mn by the end of assessment period. Over the years, demand for epoxy resin has increases from various prominent manufacturing sectors, including construction and automotive. The growth of these sectors, especially in countries such as China and India is playing an important role in driving the global market for Epoxy Resin. Moreover, development of environmentally friendly resin variants has boded well for manufacturers and suppliers.
Latest Industry Trends and News:
Specialty chemical manufacture Hexion Inc. has recently unveiled a new high-performance epoxy dispersion “EPI-REZ™ Resin 7720-W-50” during the American Coating Show held in Indianapolis. The solid epoxy dispersion when mixed with EPIKURE™ Curing Agent 6870-W-53 can be used as an alternative to solvent-borne systems with VOC content below 50 grams/liter.
Morris based innovative epoxy resin maker EcoPoxy has reportedly received $ 167,000 in a combined state funding. This will help the company boost its packaging and testing procedures.
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Global Market for Epoxy Resin – Segmental Analysis
On the Basis of Type, the market has been segmented into non-glycidyl epoxy and glycidyl epoxy. The later currently holds a dominant position in terms of market share. Glycidyl epoxy is used in a wide range of industries including building & construction and automotive. Therefore, the Glycidyl epoxy segment is expected to remain high attractive throughout the review period.
By Technology, the market has been segmented into solvent cut epoxy, waterborne epoxy, liquid epoxy and others. Among these, the liquid epoxy segment currently accounts for the largest share of the market and the trend is likely to continue to beyond 2018. At the same time, the waterborne epoxy segment is expected to witness a healthy growth during the forecast period.
Based on Application the market has been segmented into automotive & transportation, adhesives & sealants, building & construction, electrical & electronics, marine and others. Toward the end of 2023, the building & construction segmented is expected to surpass a market valuation of USD 2,900 Mn on the back of increased infrastructural development activities in various parts of the globe.
Regional Overview
On the Basis of Region, the global market for Epoxy Resin is segmented into Europe, Latin America, Asia Pacific, North America and the Middle East & Africa (MEA). Currently, Asia Pacific (APAC) commands for the highest share of the market and is likely to retain it top position over 2023. Rapid industrialization and growth in construction activities across the region is fueling the demand for various industrial materials including epoxy resin. In addition, growth of the consumer goods manufacturing sector is also favoring the APAC epoxy resin market. Meanwhile, North America, led by the US is the second largest market for Epoxy Resin, accounting for a significant market share. During the forecast period, the market in the region is projected to exhibit a healthy CAGR. Revival of the manufacturing sector in the US is providing an impetus to the region’s market. The market in LatAm is expected to soar at a relatively higher CAGR as countries Brazil, Chile, and Argentina implement new growth strategies in order to boost the region’s economy.
Global Market for Epoxy Resin – Competitive Dashboard
Some the key companies operating in the global market for Epoxy Resin include Aditya Birla Chemicals (India), BASF SE (Germany), Huntsman International LLC (U.S.), Spolchemie (Czech Republic), Olin Corporation (Olin) (U.S.), Ciech S.A (Poland), and Kolon Industries, Inc (South Korea).
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