Albany, NY -- (SBWIRE) -- 05/30/2018 -- A recently released report from Transparency Market Research (TMR) forecasts that the global epoxy resins market will develop at a CAGR of 6.9% from 2014 to 2020. TMR, a market intelligence firm based in the U.S., states that by 2020, the global epoxy resins market will reach a market value of US$10.55 billion from US$6.64 billion in 2013. The report, titled 'Epoxy Resins Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020', is available for sale on the company website.
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According to this market research report, the global epoxy resins market is propelled by increasing demand from industries such as wind energy, aerospace, and paints and coatings. Epoxy resins composites in the aerospace industry are used as raw materials for building aircrafts. Epoxy resins refer to thermosetting polymers that belong to the epoxide functional group. The curing process makes use of curing agents, ultraviolet light or heat.
Growing demand for paints and coatings for industrial applications acts as a key factor that stimulates the overall demand for epoxy resins. Increasing focus towards bio-based epoxy resins is anticipated to create several growth opportunities for the global epoxy resins market.This TMR report segments the global epoxy resins market on the basis of application and geography. On the basis of application, this market is categorized into adhesives, electrical and electronics, construction, composites, wind energy, paints and coating, and others. Plastic tooling, eye glasses, handbags, metal protection, and vinyl gloves are the other areas of application in the global epoxy resins market. Epoxy resins are applied extensively in the production of switchgears, generators, motors, and electrical laminates that are used in insulators.
Printed circuit boards hold the highest share in the electrical and electronics application segment. The rising demand for epoxy resins from the global aerospace industry can be attributed to the greater focus of the latter on enhancing fuel efficiency of aircrafts. The use of epoxy resins in manufacturing aircrafts reduces the overall weight of the aircrafts, which in turn ensures fuel economy. The wind energy industry uses epoxy resins for manufacturing aerodynamically efficient blades for better electricity generation. Geographically, this research report segments the global epoxy resins market into China, North America, Europe, Rest of Asia Pacific, and Rest of the World. With a share exceeding 45%, the global epoxy resins market in 2013 was dominated by China, both in terms of revenue and volume. Substantial demand for epoxy resins in China comes from the growing electrical and electronics industry and the paints and coatings industry.
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With several electronics companies shifting their production facilities from Japan to China, the demand for epoxy resins in China is projected to increase significantly during the forecast period. The global epoxy resins market is a highly concentrated one, with a handful of leading companies dominating the overall market.The report identifies the following prominent players in the global epoxy resins market: NAMA Chemicals, Kukdo Chemical Ltd., DuPont, 3M Company, The Dow Chemical Company, Hunstman Corporation, and BASF SE amongst others.