Introduction
Epoxy resins are thermosetting
resin developed by the process of copolymerization of an epoxide (glycidyl or
oxirane group) with other compound having two hydroxyl groups. The market for
epoxy resin has witnessed significant growth due to rising demand from various
applications such as automotive & transportation, aerospace and wind
energy. The major factor driving the growth of market include growing usage of
epoxy resins in construction and automotive & transportation sector.
Market Dynamics
The increasing use of composites,
investment in emerging economies (such as, India, China, Brazil, South
East-Asia and Mexico) and high growth in end use industries is driving the
market for epoxy resins, globally. Increased use of epoxy resins in consumer
goods and emergence of new end users of epoxy resins such as wind energy and
marine sector is expected to change the dynamics of the market in near future.
However, growing opportunities across Asia-Pacific market; as well as emergence
of need for lightweight and fuel efficient vehicles/aircraft are major
opportunity areas for the market. The major challenges can be attributed include
stringent regulatory approvals such as, Control of Substance for Hazardous
health (COSH), European Union (EU), REACH etc. required for production along
with limited market opportunities in developed economies of North America and
Europe. Other important factor hindering the growth of epoxy resin market is
volatility in raw material prices.
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Market Classification and
Overview
The Epoxy
Resin Market is
bifurcated on the basis of form factor/type, application, end-use industry, and
geography. The different form/type of epoxy resins includes solid, liquid, and
solution. Liquid epoxy resins is the largest market and is most widely used
type as it caters to almost every type of application. It is more popularly
used type of resin as it is easy to apply or convenient to use where there is a
spatial constraints. However, solid epoxy resin is the fastest growing type in
epoxy resin market. This is mainly because the use of solid resin is safer than
liquid and solution type resins. The biggest problem with solution-based epoxy
resin product is their high VOC content. Based on application, the market is
further segmented into paints & coating, adhesive & sealants,
composites and others. Paint & Coating accounts for nearly half of the
global consumption of epoxy resin market and led the global epoxy resin market
followed by composite and adhesive & sealants segments. Its growth is
driven by increasing demand from end-use industries. Composite application is
the fastest growing market owing to rising standard of living and the know-how
about the benefits of composites in different applications. Increase in demand
for lightweight material in automotive & transportation sector to increase
fuel efficiency, and increased use of composite by Boeing and Airbus in the
aerospace industry are the key drivers for the growth of composite resins
segment.
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Regional Overview
The market for epoxy resin is
segmented into regions such as North America, Europe, Asia-Pacific, Latin
America, and Middle-East and Africa (MEA). Asia-Pacific was the major
contributors to the growth of epoxy resins market in 2015. North America was
the second biggest market followed by Europe. The market for epoxy resin in
Asia-Pacific is further projected to witness highest growth in coming years
owing to rapid industrialization and growth in infrastructural activities in
the region. The North American market for epoxy resin is likely to grow at a
significant rate owing to the increase in demand from marine and automotive
sector. The market will also experience increased demand from manufacturers of
aircraft.
Report Coverage
|
Market |
Epoxy Resin Market |
|
Analysis Period |
2014 – 2024 |
|
Historic Data |
2014 – 2015 |
|
Base Year |
2016 |
|
Forecast Data |
2017 – 2024 |
|
Market Stratification |
Form Factor/Type, Application,
End-Use Industry, Geography |
|
Regional Scope |
North America, Europe,
Asia-Pacific, Latin America, Middle East and Africa (MEA) |
|
Report Coverage |
Market Trends, Drivers,
Restraints, Porter's Five Forces Analysis, Competitive Analysis, Player
Profiling, Value Chain Analysis |
Market Participants
BASF SE, Sika AG, Aditya Birla
Chemicals, DuPont, 3M, Atul Ltd. and Baling Petrochemical, Momentive, Cytec,
Huntsman, Olin Corporation are the key players in the epoxy resin market.
These players involved have adopted the strategies including mergers and acquisitions
with local as well as established players.
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Market Segmentation
Market By Form Factor/Type
·
Solid
·
Liquid
·
Solution
Market By Application
·
Paints & coating
·
Adhesive & sealants
·
Composites
·
Others
Market By End-Use Industry
·
Automotive (Large & heavy vehicles & railroads)
·
Industrial
·
Building & construction
·
Wind power
·
Marine and Aerospace
·
Consumer goods
Market By Geography
·
North America
o US
o Canada
o Mexico
·
Europe
o UK
o Germany
o France
o Rest of Europe
·
Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of
Asia-Pacific
·
Latin America
o Brazil
o Rest of Latin
America
·
Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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