Pune, India, Feb. 10, 2021 (GLOBE NEWSWIRE) — Global Epoxy Resin Market Overview:
Market Research Future (MRFR) projects the Epoxy Resin Market is slated to register a CAGR of 5.38% to gain a substantial valuation of USD 7.69 billion by 2025.
The use of epoxy resin over the last few years has increased. The increased demand for epoxy resins has been attributed to their more durable resistance to chemicals and corrosion. Another factor that encourages the market size is the increasing demand for epoxy resins in the transportation industry and the construction industry’s continuing growth. Rising demand for resins is expected from other end-uses, including marine coatings, automotive, electrical & electronic laminates, composites, and decorative powder coatings. Despite an estimated downturn over the next few years, this pattern will remain trending as infrastructure and automobile demand surges.
Future Market Growth Factors:
Furthermore, the increased R&D in the sector of modified resins combined with advances in technology would generate new industrial applications. Demand linked to renewable energy is also powered by rising wind energy potential due to traditional energy sources’ exhaustion.
On the other hand, the availability of plastic and epoxy resins as substitutes in some applications coupled with uncertainty in raw materials’ cost is expected to limit the demand growth.
Developments Post COVID-19 Outbreak:
Due to a worldwide need for recovery post-COVID 19 and various supply constraints in essential raw materials, i.e., crude, isocyanates, E.O., and BNS, there is an upsurge in raw material prices and numerous other associated expenses, including freight. Additionally, as the latest coronavirus (Covid-19) outbreak persisted across Asia, creating at the same time a slew of bearish forecasts on regional economic development, this has also thrown some clouds on the longer-term outlook for epoxy resins. Several epoxy resin plants are now closed, which would open a large market demand void for imports to fill. The recession is likely to cause the price of a handful of building chemical goods to rise. The novel revenue will be increased suddenly or as present contracts permit, causing a minor deceleration in the epoxy resin market’s overall growth.
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Market Segmentation:
The global market for polyglycolic acid can be distributed into form and application.
The forms in which PGA is generally available include film, fiber, and others. The fiber segment seized close to 82.8% share in the global industry in 2018 and can procure a CAGR of 10.59% in the given period. Fiber’s demand is quite high due to the its escalating use in the manufacturing of numerous products that are in turn, used extensively in medical and oil & gas industries. Some of these products are PGA bars for frac balls, frac plugs, and medical sutures for reinforcing biodegradable weave fabrics, composites, scaffolds and meshes for tissue engineering. On the other hand, the film segment held a valuation of USD 78,011.5 thousand in the same year and is anticipated to touch USD 2,43,298.2 thousand by 2030-end.
In terms of application, the PGA market caters to packaging, oil & gas extraction, medical, and others. The medical segment has taken the top position in the global market and was worth USD 3,05,590.3 thousand in the year 2018, while the oil & gas extraction segment reached 983.9 tons in that year. The medical application of PGA is robust, given the mounting preference for biodegradable sutures and applications in oil and gas extraction are also significant due to the rise in the number of oil and gas extraction activities, particularly shale gas worldwide.
Affluent Key Players in the Global Epoxy Resin Market are:
- Dow (U.S.)
- Huntsman International Llc (U.S.)
- Aditya Birla Chemicals (India)
- Kukdo Chemical Co., Ltd (South Korea)
- Kolon Industries (South Korea), Inc
- Atul Ltd (India), Ciech S.A. (Poland),
- China Petrochemical Corporation (China)
- Nan Ya plastics corporation (Taiwan)
- Hexion (U.S.)
- Chang Chun Group (Taiwan)
- Spolchemie (Czech Republic)
- Olin Corporation (U.S.)
- Macro Polymers (India)
Browse In-depth Market Research Report (116 Pages) on Epoxy Resins: https://www.marketresearchfuture.com/reports/epoxy-resin-market-1736
Regional Status:
The regional analysis of the global epoxy resin market has been conducted in North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific Epoxy resin industry leads because of its use in paints and coatings and its use in composites and will see strong demand and growth by the end of the projected era. Increased infrastructure and automobile growth are expected to boost the regional market.
The North American region is expected to cross USD 1.55 billion by the year 2023, according to MRFR. Cross-current demand for coatings and sealants would push the field. The growing use of wind turbines for power generation is expected to help the product expand and increase revenues. The U.S. epoxy resin market for second-hand vehicles is the principal epoxy resin market and it is the North American region’s primary source of revenue. The demand for epoxy resin for automotive refinish coatings would result in considerable regional expansion.
Europe is also one of the biggest markets in the sector, with 9.28% stake in 2016. The European epoxy resin industry is dominated by aircraft producers that demand composites and coatings. Also, the rising demand for vehicles in the area would affect its future development. The European epoxy resin demand is also driven by infrastructure growth and a rise in the aerospace industry anticipated to fuel investments in architectural coatings.
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Latest Developments:
December 2020: Sicomin Epoxy Systems started a new marine collaboration and created a novel bio foaming epoxy. The firm’s epoxy resins have been nominated for ENATA’s high-performance Foiler motor yacht draft. The yacht is built of permeated carbon fiber and epoxy resin.
November 2020: Sika AG, a significant market leader, further expanded its manufacturing capacity in the United Arab Emirates by contracting a novel manufacturing facility in Dubai. Sika is determined to enlarge its manufacturing facilities at the Dubai site to curtail delivery times, upsurge tractability in production, enhance cost structures, and decrease inventories. The locally manufactured epoxy resins are an essential component of Sika’s flooring solutions.
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