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The Middle East & Africa Epoxy Resins Market is forecast to reach US$2.3 billion by 2026, after growing at a CAGR of 5.7% during 2021-2026 due to robust growth in the construction industry across the Middle East & Africa region. Epoxy resins are used in a wide array of automotive, electronics, wind power, and other industrial application because of its toughness, strong adhesion, chemical resistance, and other specialized properties. Epoxy resin materials such as bisphenol A diglycidyl ether, glycidylamine, epichlorohydrin & bisphenol-A, and others are used in coating applications as they are suitable to apply at high room temperatures. Hence, increasing demand for epoxy resins from end-use sectors is expected to grow the market size during this forecast period. However, epoxy coating produces hazardous fume, which highly affects human health. Thus, such factors are estimated to limit the consumption of epoxy resins.
Impact of COVID-19
The tragedy of COVID-19, which is declared as a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. This has affected the demand and supply chain as well, thereby limiting the growth in 2021. Thus, all pending activities are limiting the demand for epoxy resins.
Middle East & Africa Epoxy Resins Market Segment Analysis – By Raw Material
Aromatic glycidyl amines held a significant share in the Middle East & Africa epoxy resins market in 2020. Aromatic glycidyl amines offer excellent mechanical properties and high glass transition temperatures. Glycidyl amine epoxy resins are higher functionality epoxies produced by reacting aromatic amines with epichlorohydrin. Thus, it is suitable for aerospace applications. Apart from this, bisphenol-A diglycidyl ether is also widely used for epoxy resin coatings. Bisphenol-A diglycidyl ether is a flame retardant thus, it is mostly used in electrical applications. Hence, due to these properties, such resins are used as epoxy resins.
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Middle East & Africa Epoxy Resins Market Segment Analysis – By Application
Paint & coatings dominated the Middle East & Africa epoxy resins market in 2020 and is growing at a CAGR of 5.9% during 2021-2026 as epoxy resin features water & heat resistance, excellent durable, and flexible coatings to the industries. Epoxy resins are widely used as a binder in paints & coatings applications owing to their mechanical and protective properties. It is extensively used in spacecraft and aircraft as it dries quickly and provides protective coatings. Hence, increasing usage of epoxy coatings as primers in the automotive coating, marine paints, metal can coatings, and containers are expected to augment the demand for epoxy resins.
Middle East & Africa Epoxy Resins Market Segment Analysis – By End-Use Industry
Building & Construction dominated the Middle East & Africa epoxy resins market in 2020. Epoxy resins are used to manufacture plastics, paints, coatings, primers and sealers, flooring, and other materials that are ideal in building and construction applications. Hence, the increasing building & construction sector is estimated to grow the consumption of epoxy resins in building applications. According to the Statics of South Africa, GDP from construction in South Africa increased to ZAR 82,047.74 million (US$5,018.95 million) in the fourth quarter of 2020 from ZAR 79,899.25 million (US$4,887.51 million) in the third quarter of 2020. Hence, all such factors are boosting the demand for epoxy resins in Middle East & Africa.
Middle East & Africa Epoxy Resins Market Segment Analysis – By Country
Saudi Arabia dominated the Middle East & Africa Epoxy Resins Market with a share of up to 30% in 2020 owing to increasing consumption of epoxy resins from construction and automotive sectors. Epoxy resins are used for various applications in automotive and construction industry due to their chemical properties such as mechanical strength, adhesion to metals, toughness, and heat resistance. Thus, increasing expenditure and vehicle production in Saudi Arabia is estimated to growing the consumption of epoxy resin in that industry. In December 2020, the Kingdom of Saudi Arabia announced its budget 2021 to spend around US$264 billion on residential, infrastructure, and energy project development. Apart from this, according to the Central Department of Statistics & Information, GDP from construction in Saudi Arabia increased to SAR 30,656 million (US$ 8,174.94 million) in the fourth quarter of 2020 from SAR 30,163 million (US$ 8,043.47 million) in the third quarter of 2020. Thus, the increasing building sector is estimated to the growing demand for epoxy resin in Middle East & Africa.
Middle East & Africa Epoxy Resins Market Drivers
Robust Growth in Building & Construction in Middle East
Epoxy is used for surface coating, floor coating, and decorative coating in buildings & construction industry. Hence, increasing building and construction in Middle East & Africa is augmenting the consumption of epoxy resins. According to the Saudi Contractors Authority (SCA), the construction market revenue in Saudi Arabia is anticipated to grow approximately 4% annually between 2020-2024. Additionally, the Government of Saudi Arabia has set a Vision 2030 for homeownership among Saudi citizens to 70% by 2030 which will directly influence construction activities in Middle East. Furthermore, according to the Central Bureau of Statistics, a total of 49,810 new apartments were built in Isreal from October 2019 to September 2020. Thus, all growing activities are boosting the demand for epoxy resins in Middle East.
Increasing Vehicle Production in Egypt
Epoxy resin is used in coatings, plastics which are used to reduce the weight of automotive. Epoxy resins offer various properties such as low toxicity, low shrinkage, high strength, and can be applied at low cost. Thus, increasing vehicle production is estimated to grow the demand for epoxy coatings. According to the Automotive Marketing Information Council (AMIC), passenger car sales increased by 24% to 17,051 units in September 2020 as compared to 13,734 units in September 2019 in Egypt. Furthermore, Truck sales also increased by 9.6% to 3,348 vehicles in September 2020 in Egypt, compared to 3,055 units in 2019. Hence, such factors are accepted to grow the Middle East & Africa epoxy resins market.
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Middle East & Africa Epoxy Resins Market Challenges
Hazardous Impact on Health of Epoxy
During inhalation, epoxy fumes irritate the nose, throat, and lungs. Thus, it causes asthma, cancer, and other diseases. Epoxy vapor can irritate the respiratory system and cause sensitization during breathing. Epoxy resins contain chemicals that cause to damage health. Hence, such factors are limiting the growth of the demand for epoxy resins.
Middle East & Africa Epoxy Resins Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Middle East & Africa Epoxy Resins Market. Major players in the Middle East & Africa Epoxy Resins Market include:
Huntsman Corporation LLC
Aditya Birla Chemicals
DuPont, and among others.
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Waterborne Epoxy Resin Market
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