Epoxy Resin Market will grow at a CAGR of 6.9% between 2016 and 2021
Zion Research has published a new report titled “Epoxy Resin Market, for Paints and Coatings, Wind Energy, Composites, Construction, Electrical & Electronics and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2021”. According to the report, the epoxy resin market accounted for USD 7.54 Billion in 2015 and is expected to reach USD 11.22 Billion by 2021, growing at a CAGR of around 6.9% between 2016 and 2021.
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Epoxy resin is a thermosetting synthetic polymer having properties such as adhesive strength, luster, and hardness. Epoxy resins are available in the form of liquid as well as high viscosity solid. Epoxy resins are segmented on the basis of applications such as follow-paints & coatings, electrical & electronics, wind energy, construction, and composites.
The paints & coatings industry is the largest market for epoxy resins in terms of volume and revenue. The market penetration can be attributed to demand from automotive, construction and industrial applications. Epoxy resin-based paints and coatings are used in wall coatings of food storage and manufacture, tank lining, swimming pools finishes, seal coats, wet rooms, waterproofing and decorative finishes, and water treatment plants. Thus, the growing paint & coating industry and the consequent demand for epoxy resins is expected to drive the demand for epoxy resins within the forecast period. Electrical and electronics segment accounted for 34.0% share of the total global epoxy resin market in 2015, followed by paints and coatings. Composites are expected to witness highest growth rate owing to increasing demand for high strength lightweight composite materials from aerospace, automotive and defense industries.
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In terms of geography, Asia-Pacific was the largest market for epoxy resin in the world due to the increasing demand from paints & coatings and electrical & electronics industries. In terms of revenue, Asia Pacific accounted for the major chunk of the total epoxy resin market in 2015. Increasing automotive demand coupled with rapid infrastructure development is expected to grow the demand for epoxy resin from India during the forecast period. Europe was the second-largest consumer of epoxy resin in 2015. Moreover, Germany accounted for 30.0% market of the Europe epoxy resin market in 2015 and is expected to grow with the highest rate in Europe.
Key players in the market include Huntsman Corporation, Dow Chemical Company, Momentive Specialty Chemicals Inc., Nan Ya Plastic Corporation, Sika AG, Kukdo Chemical Co. Ltd., Ashland Inc., Cytec, NAMA Chemicals, 3M Company, Du Pont, BASF SE, Baling Petrochemical and Spol Chemie.
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This report segments the global epoxy resin market as follows:
Global Epoxy Resin Market: Application Analysis
- Paints and Coatings
- Wind Energy
- Electrical and Electronics
Global Epoxy Resin Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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