Epoxy Resin Market Demand, Latest Development, Top Key Players Review, Growth Estimation, Business Strategies, Upcoming Trend and Fast Forward Research 2023
Epoxy Resin Market – Overview
The demand for fiber reinforced polymer composites has been among the major factor driving the growth of the market. Market intensive reports associated with the chemicals & materials industry among others recently have been made accessible by Market Research Future which issues reports on this industry. The Global Epoxy Resin Market is likely to develop with a CAGR of 5.24 percent to achieve revenues worth USD 10,620.5 million by the end of 2023.
The demand for Epoxy Adhesives has shown a great level of growth in the recent times, prompting further development of the market. Its qualities of high electrical insulation and adhesive strength have raised the application range of the Epoxy Resins significantly. The adoption of fiber glass resin composites in the transport sector has brought up new avenues for the progress of the market. Its application in the oil and gas sector for solidifying sandy surfaces will see an uptick in demand due to growth in the market.
Industry Segments:
The Epoxy Resin Market is segmented on the basis of Application, Technology, Type, and Region.
The Type Basis of Segmentation of the market is divided into non-glycidyl epoxy and glycidyl epoxy.
On the basis of Technology, the market segment comprises of waterborne epoxy, liquid epoxy, solvent cut epoxy, and others.
Additionally, the basis of Application has segmented the market into building & construction, automotive & transportation, electrical & electronics, marine, adhesives & sealants, and others.
On the basis of Geography, the Epoxy Resin Market segments the market into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
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Global Competitive Analysis:
The tone for development in the market has been altered to a great extent with the entry of new players and the changes in the mode of functioning of the established players. The ability to withstand their competitive edge is one of the key factors fuelling their efforts in this period. The market has been led into a new period of growth as the market is normally in a state of mutability. The room for development in the market seems to be promising through the forecast period. Portfolio development is being significantly endorsed by market competitors to achieve high growth rates. Localization is among of the more favored trends for growing the market portion of the competitors in the market. The ripple effects of the market’s growth have altered the competitive backdrop of the market. The mounting interest in change within the business has ultimately permitted the businesses to apply many situations accessible in the market. The odds for growing revenue inflow in the business are likely to multiply through the forecast period.
The important competitors in the Epoxy Resin Market globally are Aditya Birla Chemicals (India), Olin Corporation (Olin) (U.S.), BASF SE (Germany), Ciech S.A (Poland), Kolon Industries, Inc (South Korea), Huntsman International LLC (U.S.), and Spolchemie (Czech Republic), among others.
Detailed Regional Analysis:
The Epoxy Resin Market globally comprises of regions such as Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa. Among them, the Asia Pacific region is responsible for the major share of the market in 2016 and is projected to develop at a considerable CAGR during the review period. The rising demand for the product in the gradually growing construction sector, along with manufacturing of consumer goods and increasing production capacity in this region is the main factor accountable for the authority of the Asia Pacific region in this market. As of the year 2016, the Asia Pacific region is followed by the North America, which is responsible for the second largest market share. The U.S. held the main share of the regional market and is likely to uphold its domination through the forecast period due to greater penetration of the end user industries in the country.
The European region is a substantial region in the Epoxy Resin Market. It has previously accounted for a 9.28 percent share of the market in 2016. Germany is the foremost market in this region, in terms of volume and value owing to rising demand from the established automotive industry. The European region is followed by the Middle East & Africa and Latin America. The Latin American region is an emerging market in the Epoxy Resin Market and is estimated to develop at the highest CAGR due to developing industries and easing economic conditions in Venezuela, Brazil, and Colombia.
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