The global epoxy resin market is expected to reach USD 14.26 billion by 2024, according to a new report by Grand View Research, Inc. The market is anticipated to be driven by end-use industries including automotive, aerospace, transportation, composites, decorative coatings, construction, industrial & marine coatings, electrical & electronics, especially in Asia Pacific. Epoxy resins are the most preferred thermoplastics for manufacturing composite materials owing to their superior properties as compared to other materials.
Huge production capacities of epichlorohydrin and bisphenol A, especially in China, ensure consistent raw material supply. However, fluctuating raw material prices negatively impact the profitability of epoxy manufacturers. The popularity of alternative resins such as polyamide, PET, unsaturated polyester resin, etc. is likely to curtail the market share of epoxy resins in upcoming years.
The paints & coatings is estimated to emerge as the leading application segment. Market penetration can be attributed to demand from construction, automotive and industrial applications. Composites segment is expected to witness highest growth rate owing to increasing demand for high strength lightweight composite materials from automotive, aerospace and defense industries.
Asia Pacific is estimated to emerge as the largest as well as the fastest growing region over the forecast period. The growth in this region can be attributed to increasing demand for these resins in paints & coatings and composites.
Major players in the market such as Huntsman Corporation, Olin, BASF SE, etc. have high-level integration throughout the value chain. These players have expanded their operation base from resin production to manufacturing end use products such as adhesives, coatings, and composites.
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Further key findings from the study suggest:
- Composites is expected to be the fastest growing application segment and is estimated to register a CAGR of 6.1% from 2016 to 2024 in terms of volume
- Europe is estimated to be the second largest region, and the demand is expected to be valued at USD 2,281.6 million in 2024. Regional growth can be attributed to increasing composites demand from auto and aerospace sectors
- Nan Ya Plastic Corporation, Olin Corporation, Sanmu Group, Momentive Performance Material Holding LLC, Kukdo Chemical and Aditya Birla Chemicals Ltd. together account for over 50% of the global production capacity.
- Epichlorohydrin derived from glycerin is among the most dominant raw materials used in the production of epoxy resins
- Major market players focus to integrate throughout the value chain, to achieve profitability and also expand their presence in emerging markets