Epoxy Resin market Overview
Polymerized epoxides and other compounds containing two hydroxyl groups are copolymerized to make epoxy resin, which has the properties of a thermosetting polymer. These resins are well-known for their improved performance in a wide range of industrial applications, which can be attributed to properties such as corrosion resistance, high thermal stability, superior mechanical strength, notable toughness, prolonged durability, resistance to chemicals and moisture, and superior adhesion, among others. Consequently, epoxy resins are widely used in a variety of sectors, including paints and coatings, adhesives, composite materials, and electronic encapsulation.
Epoxy resins are employed as adhesives and in the manufacture of automobiles, aircrafts, and snowboards, among other things. Furthermore, epoxy resin has a wide range of lucrative uses in the fields of painting, coatings and sealants, and repairs. Aside from that, it is a long-lasting composite that may be utilised in conjunction with wood, glass, china metal, and cloth. Moisture and damp environments, on the other hand, might have an influence on the product’s durability. According to reports, epoxy resin is used in a wide range of industries, including the manufacture of insulators, generators, motors, and transformers, because of its advantageous properties. Furthermore, epoxy resins are composed of cross-linkable material groups that react with electrophilic and nucleophilic species while also being responsive to reagents and other chemicals.
Which segment accounted for the largest Epoxy Resin market share?
This report categorises the global epoxy resin market into five segments: type; physical form; application; end user; and region.
The epoxy resin market is divided into three categories based on its physical form: solid epoxy, liquid epoxy, and solution epoxy.
It is classified into several types, including diglycidylether bisphenol A (DGBEA), diglycidylether bisphenol F (DGBEF), novolac, aliphatic, and glycidylamine, among others.
Paints and coatings, adhesives, composites, electronic encapsulation, and other applications are among those examined in the study.
The market is segmented according to end user into the following categories: building & construction, transportation, general industrial, consumer products, wind energy, aerospace, marine, and others.
It is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean.
What is the Epoxy Resin market growth?
Over the period from 2022 to 2028, the global Epoxy Resin Market is expected to generate profits of about 9.1 (USD Billion) in 2021 and revenue of around 14.7 (USD Billion) by 2028, registering a compound annual growth rate (CAGR) of almost 6.8 percent over that time.
The expansion of the global epoxy resin market is currently being driven by an increase in demand from end-use sectors, as well as an increase in the need for lightweight composites in aerospace and wind turbine applications. Lightweight composite materials are being used by car makers to address the desire for design freedom, flexibility, high strength, and decreased vehicle weight that is being expressed. Furthermore, in wind turbine blades, epoxy resins provide superior mechanical performance, notably in terms of tensile and flexural strength, than other materials. As a result, the market is likely to develop as the adoption of this resin in the wind energy sector grows. In response to rising incomes, urbanization, and an increase in technologically demanding activities, the number of end-use sectors is increasing, which in turn is driving up demand for epoxy resins throughout the world, according to the World Economic Forum. The continued expansion of the economy and the expansion of industrialization are also projected to contribute to the expansion of the global epoxy resin market.
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Who are the key players in the Epoxy Resin market?
The Dow Chemical Company, BASF SE, Huntsman Corporation, Nan Ya Plastic Corporation, Sika AG, Baling Petrochemical Company Limited, Kukdo Chemical Co., Ltd., Ashland Global Specialty Chemicals Inc., Nama Chemicals, Cytec Industries Incorporated, Du Pont, The 3M Company, and Spol Chemie are among the key players influencing the epoxy resin market surge and profiled in the study.
What are the factors driving the Epoxy Resin market?
A significant driver of the worldwide epoxy resin market is the expansion of end-use industries, as well as the rise in demand for lightweight composites and research and development in epoxy resin technology.