Epoxy resins are accepted to be thermosetting polymers. These thermosetting polymers are utilized as high-performance coatings, adhesives, and encapsulating materials. Epoxies have a huge quantity of compensation over other objects; the most significant is their adaptability coupled with their flexibility. Their main application industry comprises coatings & paintings, electrical and electronics appliances, and compound, amongst many others. Increasing applications coupled with technological advancements, and the rising demand in the aerospace market will be the significant influencing factors for the global epoxy resin industry with the augmented emphasis on its various applications. The product has favorable characteristics such as soaring thermal stability, moisture resistivity, mechanical strength, and adhesion since it offers heat resistance which, mechanical resistance and electrical resistance make them appropriate for numerous end-use functions such as jewellery, laminates, industrial applications, and insulation.
The epoxy resin industry is experiencing huge expansion which is accepted to over the forecast period, mainly fuelled by the extremely growing countries .The drivers of the market are wind energy facility installation, and growing requirement in adhesive & construction industries. Epoxy resins are of small molecular weight prepolymers or superior molecular weight polymers. They are accepted to be thermosetting polymers which contain epoxide as a fundamental useful group. The main raw materials for making these resins comprise epichlorohydrin, bisphenol A (BPA), phenols, aliphatic alcohols and aromatic amines, The global epoxy resins industry is expected to observe significant growth over the forecast period. Growing painting & coatings demand on account of positive constructive outlook on automotive and construction industries has propelled expansion. This shift is expected to carry on over the predicted period. Increasing end-use industries comprising marine coatings, transportation, electrical & electronic laminates, aerospace, composites particularly in Asia Pacific is also likely to impact the industry positively.
On the basis of end-user application, the market can be segregated into construction, automobiles, transportation, electronic & electrical laminates, composites, powder coatings and others. Construction segment is expected to capture maximum revenue over the forecast period owing to their increasing demand across the world. Automotive segment is expected to grow rapidly over the forecast period owing to their owing to increasing demand for automobiles across all the end user segments which in turn will fuel the growth of automotive segment over the forecast period. On the basis of the region, the market can be segregated into Asia Pacific, Latin America, North America, Europe and Middle East & Africa. Asia Pacific is expected to generate maximum revenue over the forecast period owing to increasing demand for paint & coatings coupled with composites which in turn fuel the growth in Asia Pacific. Another factor expected to fuel the growth in Asia Pacific over the forecast period is rapidly growing infrastructure development coupled with growing automobile protection. North America is expected to generate second largest revenue over the forecast period owing to increasing marine & automotive industries in this part of the world. European industry is expected to observe nice growth over the forecast period owing to increasing demand for coatings & composites by the aircraft manufacturer industries. Another factor fuelling the growth in Europe is increasing demand for automobiles in this part of a world. Middle East & Africa is expected to see moderate growth over the forecast period followed by Latin America.
Some of the key players in the market are Nan Ya Plastic Corporation, Hexion Speciality Chemicals Inc., Sanmu Group, Dow Chemical, BASF SE, Sika AG, Aditya Birla Chemicals, Spol Chemie, Baling Petrochemical, Huntsman, Momentive and Kukdo Chemical. Over the last few years, Kukdo Chemical captured maximum share in epoxy resin market. Growing R&D initiatives by main participants coupled with technical advancement & innovation in the area of modified resins is likely to craft novel opportunities for industrial applications. Worldwide demand is fuelled by fast growing wind energy capacity setting up on account of a trend towards the growth of renewable energy.
Accessibility of phenolic & polyurethane and resins as replacements in numerous applications coupled with instability in raw material (epichlorohydrin and bisphenol-A ) costs are likely to restrict market expansion over the estimated period which in turn is expected to restrict the growth of active players in the market. Epoxy resins are utilized for making printed circuit boards & electrical laminates. Laminates made from epoxy resins are initially utilized as sheets, rods and tubes, all of which finds function in concrete wood, molds, and metal assemblies. Printed circuit boards (PCB) seizes the maximum share in the electronics & electrical application segment. The growing requirement for epoxy resins by the aerospace industry can be accredited to the superior focus of the aerospace industry on attracting fuel effectiveness of aircraft. The utilization of epoxy resins in making of aircraft decreases the overall heaviness of the aircraft, which in turn makes fuel savings. The companies active in this market need to understand these trends so that they can inculcate latest innovations in their offerings which in turn will help them to achieve competitive edge over other players.
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