The global epoxy resins market has generated substantial demand in the past few years. The increasing demand for epoxy resins from fields such as aerospace, wind energy, and paints and coatings is the primary growth driver for this market. According to a research report by Transparency Market Research, the global epoxy resins market was valued at US$6.6 bn in 2013 and is expected to reach US$10.5 bn by 2020. This growth, at a CAGR of 6.90% between 2014 and 2020, will mainly be propelled by to the aerospace industry’s demand for epoxy resins as raw materials for manufacturing aircrafts. These thermosetting polymers belong to the epoxide functional group and are used on a large scale in the paints and coatings industry. Thus, as the construction industry grows, it will boost the demand for paints and coatings. The global epoxy resins market also has a huge opportunity of developing bio-based epoxy resins in the next few years.
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The global epoxy resins market is segmented on the basis of application and region. The application of epoxy resins is seen in paints and coatings, composites, wind energy, construction, adhesives, electrical and electronics, and others such as metal protection, vinyl gloves, handbags, eyeglasses and plastic tooling. Regionally, this market is segmented into Europe, North America, Rest of Asia Pacific, and Rest of the World.
Paints and Coatings to Remain the Largest Segment of the Global Epoxy Resins Market
The paints and coatings segment generated the largest volume and revenue in the global epoxy resins market in 2013. In the same year, this segment held 42% of the global epoxy resins market and is expected to continue its dominance in the future as well. The primary growth driver of this segment is the rising demand for paints and coatings that come with improved durability. Rising demand from major end-use industries such as building and construction, automotive, and marine is also expected to drive the demand for the paints and coatings segment of the global epoxy resins market.
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Strict Government Regulations Forces Wind Energy Segment to Use Epoxy Resins
According to a research report, the electrical and electronics application held the second place in terms of growth in 2013. This segment is expected to grow at a rapid pace in the next few years. The largest driver for the electrical and electronics application segment will be growing demand for printed circuit boards. Epoxy resins are also used for making motors, electrical laminates for insulators, switchgears, and generators. In the wind energy application, epoxy resins are used for designing blades that are aerodynamically efficient, in order to enhance electricity generation.
The presence of strict government regulations pertaining to CO2 emissions are driving the demand for epoxy resins in wind energy and composites applications. These resins are also used by the aerospace industry for making airframes of aircraft. As they help in reducing the overall weight of the vehicle, they help in bringing about a much-required increase in fuel efficiency.
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The key players in the global epoxy resins market are Dow Chemical Company, NAMA Chemicals, DuPont, Kukdo Chemical Ltd., 3M Company, Hunstman Corporation, The Dow Chemical Company, and BASF SE.
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