The 2020 Epoxy Resin Market outlook through 2026 is estimated to enter growth phase with a strong CAGR of 7.24%, notes OG Analysis. Demand for strong industrial molds with advantages of increased heat resistance and prolong usage as well as the growing consumption of epoxy resins to replace metal and wood in industrial applications are the key market drivers and trends positively impacting the market growth.
Further, strong demand from key end-users leverages the epoxy resins market value during the forecast term. Accordingly, the potential of epoxy resins as multi resource material with defined strength with low weight is observed to trigger the demand across aircraft and automotive sectors.
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Key vendors of Epoxy resin market are introducing high temperature resistant coatings for aircraft, wind turbine blades, consumer electronics and automotive. For instance, in 2019 Sun Chemical launched EPICLON HP 4770, a multi-functional naphthalene epoxy resin for formulators and engineers in the aerospace, transportation and electronics industry who seek to increase high-temperature resistant performance. On similar lines, Hexion Inc developed a two-component (2K) system for increased composite aerostructures production on its Epikote System 600 epoxy resin in 2019.
Further, increase in the global electronics production drives the epoxy resin market growth. The electronic and electrical OEMs are mainly contributing to vast use of epoxy resins to encapsulate hybrid circuits in electronic and digital devices.
However, stringent regulations over safety and environmental awareness are negatively impacting market growth. To compensate for the environmental crisis, key market players are filing patents to introduce modified epoxy resins with low VOC and high performing bio based epoxy resins. In order to meet the regulations of low emission, focus is laid on sustainable and cost effective production, while maintaining high coating performance.
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Upcoming market drivers and emerging market trends across key regions
Asian countries are expected to witness high growth rate and a high demand for epoxy resin driven by the growing consumption of epoxy resins across electronics, construction, and automobiles sectors.
Asia Pacific is currently experiencing strong growth over industrialization and rise in the paints and coatings producers across the region. Further, major market players are investing in setting up resin manufacturing facilities. For instance, in 2019, Arkema inaugurated a new first-class polyester resin manufacturing facility in India to offer reliable supply high-performance, low-VOC powder coating products across the regional epoxy resin formulators.
Waterborne epoxy resin consumption continues strongly across U.S, Germany, South Korea, Japan, U.K., and Russia. To meet the high demand for waterborne epoxy resins with customer requirements, key players are introducing diverse product portfolios with advantages of superior corrosion-resistant coatings. For instance, the 2018 waterborne epoxy resin and curing products introduced by Hexion Inc. offers diverse portfolio of waterborne epoxy resin and curing agents.
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However, the large consumption of epoxy resins across North America and Europe drives epoxy resin market growth across aerospace, automotive and construction sectors.
Roof coatings are the fastest growing applications across North American industry and to seek this market growth opportunity key players are offering effective epoxy resin coatings for roofing membrane. For example, Arkema introduced a number of new resin products, such as ENCOR Flex 192 Resin for use in primer-free elastomeric roof coatings.
Prominent players leading the epoxy resin market growth during the forecast period
The epoxy resin market share is observed to witness significant growth with market entrants entering the space with innovative and sustainable approaches. Though new market players are marking footprint, prominent players of epoxy resin market continue to contribute to the market share by procuring latest technology, intense R&D and enhancing production capabilities. DowDuPont, BASF SE, 3M, Huntsman Corporation, Hexion Inc., Aditya Birla Chemicals, Covestro, Sika AG, Nan Ya Plastics, and Changchun Chemicals are among the leading players of the epoxy resin market.
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