Global Epoxy Resins Market Set for a Rapid Growth and is Expected to Reach USD 11.5 Billion by 2022
Sarasota, FL -- (SBWIRE) -- 09/05/2018 -- Zion Market Research has published a new report titled "Epoxy Resins Market for Paints & Coatings, Wind Energy, Composites, Construction, Electrical & Electronics, and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022". According to the report, the global epoxy resins market accounted for USD 7.9 Billion in 2016 and is expected to reach USD 11.5 Billion by 2022, growing at a CAGR of around 6.8% between 2017 and 2022.
The global epoxy resins market is expected to witness significant growth over the forecast period on account of increasing demand from paints and coatings industry and composites industry. Epoxy resins are low molecular weight pre-polymers or higher molecular weight polymers. Epoxy resins demonstrate various properties that are unfeasible for other thermoset resins. They are compliant with a host of applications and processes owing to its variety of physical forms. The growing demand for paints & coatings industry is driving the demand for epoxy resins across the globe. Urbanization and technological advancements have increased the demand for epoxy resins in various end-user industries such as electrical & electronics. However, fluctuation in prices of raw materials is expected to curb the growth of the epoxy resins market within the forecast period. The introduction of bio-based epoxy resins is also projected to present new opportunities for the epoxy resins market within the forecast period.
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Paints & coatings segment emerged as the leading application segment by accounting for most of the global market share in terms of volume and is expected to witness growth within the forecast period. They are used in paints & coatings as they dry swiftly and offer protective, tough coating with excellent hardness. Composites segment is expected to be the fastest growing segment within the forecast period owing. Epoxy resins are preferred in the manufacturing of polymer composites on account of their superior properties.
In terms of geography, Asia Pacific accounted for the largest market share in light of growing demand for paints & coatings and composites application. The Asia Pacific is also expected to witness the fastest growth across the globe owing to rapid infrastructure development and demand from end-user industries such as automotive. North America accounted for a large share of volume consumed followed by Europe.
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The key players in this industry are Dow Chemical Company, Nan Ya Plastic Corporation, Momentive Specialty Chemicals Inc., Sika AG, Kukdo Chemical Co. Ltd., Cytec, Huntsman Corporation, NAMA Chemicals, 3M Company, Du Pont, BASF SE, Baling Petrochemical, Spol Chemie and Ashland Inc among others.
This report segments the global epoxy resins market as follows:
Global Epoxy Resins Market: Application Segment Analysis
Paints & Coatings
Electrical & Electronics
Global Epoxy Resins Market: Regional Segment Analysis
The Middle East and Africa
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