Technological advancements have enabled the development of sustainable architectural countertops and surfaces, manufactured from composite blends of recycled glass and epoxies as well as other usually wasted post-consumer materials. With the usage of innovative technology, most of the materials that are recycled can be composed and used by builders to achieve Leadership in Energy and Environmental Design (LEED) credits. Epoxy resin is a type of organic polymers which includes a wide variety and continuous development in its products. It can be used as structural adhesives, coatings, paints, fluxes, and the matrix resin of fiber-reinforced plastic materials. The increasing demand for paints and coatings in construction sector is driving the growth of the epoxy resin market.
According to a recent market research report from IndustryARC, the global epoxy resin market size was approximately $2,460 million as of 2018, and the demand is projected to increment at a CAGR of 2.5% over the forecast period of 2019 to 2025. Based on the epoxy resin market analysis, the Americas holds the largest market share exceeding 35% in 2018. The key application of epoxy resins is at construction sector in this region, and the demand for this application is projected to increment at a CAGR of 3.5% over the forecast period. In the construction sector, epoxy resins are used to provide strong bonding adhesives, sealants, and fillers. These are the replacements for various mechanical fixings such as bolts, screws, studs, and setscrews.
Epoxy resins are widely used in aerospace, automotive, transportation, electrical, food and beverages, and chemical industries. It is the most common thermosetting polymer used in the aircraft marketplace. It is used as a structural adhesive in aircraft joints and repairs. The growing usage of these in wide array of consumer and industrial applications is because of its key attributes of toughness, strong adhesion, and chemical resistance. Epoxy resin market players also offer products that are used in different sporting equipment including surfboards, skis, tennis racquets, and golf clubs. Brominated epoxy resins are extensively used as flame retardant sealing material, matrix for composites and flame retardant adhesive for laminated plates in the fields of electronics, electric appliance, marine, and construction.
In the transportation sector, epoxy resin are used in cars, trucks, trains, and motorcycles. In cars, epoxy coats are applied to the external part of the vehicle through the cathodic electrodes position (CED) process. It also provides water and corrosion resistance, and prolongs the life of components. In trains, epoxy resins avoids damage from debris, increases service life and helps in maintaining the weight. In food and beverages industry, epoxy resins protects food from contamination, lower production costs.. They protect machinery from chemicals in cleaning products extending operational lifetimes.
Additionally, epoxy resins are used in construction of wind turbine blades and applied as protective coatings. They provide blades with enough strength and toughness with low weight, enabling longer blades. On the back of governmental emphasis on green sources of energy, the epoxy resin market size if expected to expand well. These are also used in electrical and energy distribution systems as sealants, coatings, and adhesives. They are used as protective coatings in large generators and on printed circuit boards and contribute to longer-lasting and more reliable modules and electricity distribution and supply.
Epoxy Resin Market: Disruptive Drivers and Trends
Increasing popularity of different type of proactive coating resins which includes alkyd, acrylics, epoxy, polyurethane, and polyester in various end-use applications such as construction, building, and marine industries.
Growth in the coating additives industry is one of the key trend contributing towards the growth of the epoxy resin market. Due to the attractive properties of the product, epoxy coatings are used in several applications like paints, coatings, building, and construction.
Increasing adoption of epoxy resins in marine applications. These are suitable for preparing wood boats, as they are less porous than the rest of the available types of boats.
Increase in usage of DiGlycidyl Ether of Bisphenol-A (DGEBA) epoxy resin in construction industry is creating new revenue avenues for the players operating in the epoxy resin market. The DGEBA resin is the condensation product of bisphenol-A and epichlorohydrin which have excellent adhesion, chemical, and heat resistance properties.
Epoxy Resin Market: Competitive Landscape
Some of the major players operating in the epoxy resin market are DowDuPont, Nan Ya Plastics, BASF SE, Hexion, Huntsman, Jiangsu Sanmu Group, Changchun Chemicals, Aditya Birla Chemicals, Ciech S.A., and Dalian Qihua.
