Epoxy Resin Market Size and Growth Analysis-2021
Epoxy Resin Market overview:
The worldwide epoxy resin market size is predictedto reach USD 8.54 billion in 2025 from an predicted USD 6.62 billion in 2020,registering a CAGR of 5.88% between 2020 and 2025. Epoxy resin is a flexiblethermosetting resin that refers to a kind of reactive prepolymer and polymer,which contains epoxy groups. The epoxy resin reacts with various co-reactantssuch as phenols, amines, thiols or with themselves in the presence ofcatalysts. It has superior mechanical properties and exhibits higher thermaland chemical resistance than other types of resin. Furthermore, factors such asthe escalating call for epoxy-based compounds in the automotive andtransportation industry and the constant expansion of the construction industryare driving the market.
Impact of Covid 19 on the Epoxy ResinMarket:
Factories around the world have had to temporarily close orlimit the number of people allowed to work there. Major shipping andmanufacturing centers for devices and parts such as Mexico, China and theUnited States have been particularly affected by the pandemic. Many appliancemakers voluntarily cut production at the beginning of the year, wronglypredicting call will be weaker this year due to the worldwide recession andlower consumer spending. For many consumers, especially in the United States(the world's second-largest domestic appliance market and the country with thehighest number of coronavirus cases and deaths), the device shortage is predictedto continue throughout the year and possibly until 2021. Although suppliers havebeen escalating production after seeing spikes in call, the backlog willcontinue.
Epoxy Resin Market drivers andrestraints:
The main factor contributing to the expansion of the worldepoxy resin market is the escalating use of epoxy resin in the paint andcoatings industry due to its high corrosion resistance and strong adhesion. Inthe automotive industry, epoxy resin is widely used as a coating due to itshigh mechanical strength, high heat resistance, and strong adhesion to metals.These features make it easy to protect the car body from corrosion and othermajor damage, further escalating the life of the vehicle. Escalating call forepoxy-based composites in automotive and aircraft manufacturing is likely todrive expansion in the worldwide epoxy resin market during the evaluationperiod. In addition, the escalating need to increase the efficiency ofcommercial and military aircraft has led to the introduction of lightweight,high-performance structural materials. Composite materials play an essentialrole in aircraft components due to their excellent strength and high stiffness/ density ratio. These materials include stiff, high-strength fibers in astrong resin matrix.
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Report segmented as:
By physical form:
· Liquid
· Solid
· Solution
By application:
· Paints &coatings
· Adhesives andsealants
· Composites
By end use industry:
· Building &construction
· Aerospace
· Wind power
· Marine
· Consumer goods
Geographical analysis:
Asia-Pacific is the largest epoxy resin market, followed byNorth America and Western Europe. The Asia Pacific market is predicted torecord the highest CAGR during the foreseen period. Most of the emergingeconomies are in this region. Escalating industrialization and growinginfrastructure development make it an attractive market. The United States isthe largest used car market and therefore the call for epoxy resin in theproduction of auto refinish coatings is predicted to accelerate regional marketexpansion over the foreseen period. The call for epoxy resin in the productionof paints used in the automotive industry is escalating in Asia-Pacific due toincreased automobile production and disposable income in the region. The expansionof the European market is being driven by the expansion of the aerospaceindustry and the development of infrastructure, which is predicted to drive thecall for architectural coatings in the region. In addition, the high productionof electronic components, auto parts and aircraft drives call for epoxy resinin the manufacture of lightweight composites.
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The Scope of the report:
This report offers the current productand services market evaluation and the future estimation of the market. Ithelps us understand the market better through size anticipation and CAGRcalculation to estimate the next market. It has a broader segmentation forbetter understanding of the enterprising of the market at a low level bysegregating the market into smaller sectors.
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