Zion Research has published a new report titled “Epoxy Resins Market for Paints & Coatings, Wind Energy, Composites, Construction, Electrical & Electronics, Adhesives and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 - 2020” According to the report, the global epoxy resins market was valued at approximately USD 7.1 billion in 2014 and is expected to reach USD 10.5 billion by 2020, growing at a CAGR of around 7% between 2015 and 2020. In terms of volume, global epoxy resins market stood at 2.50 million tons in 2014.
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Epoxy resins are low molecular weight pre-polymers or higher molecular weight polymers. Epoxy resins are thermosetting polymers containing epoxide as a basic functional group. Curing of epoxy resins is done either by cross reacting with themselves or with the help of curing agents such as amines, acids, thiols and phenols. The basic raw materials for producing epoxy resins include bisphenol A (BPA), epichlorohydrin, phenols, aromatic amines, and aliphatic alcohols.
Major application markets for epoxy resin includes paints & coatings, wind energy, composites, construction, electrical & electronics, adhesives and others. Epoxy resins are used for manufacturing electrical laminates and printed circuit boards. Laminates manufactured from epoxy resins are primarily used as rods, sheets and tubes, all of which find applications in concrete molds, wood and metal assemblies, and other building and electrical structures. In addition, the demand from composites and adhesive industries is further propelling the growth of the market. Epoxy resins are also used for producing reinforced plastics, which have applications in automotive, aerospace and marine industries.
Bisphenol A, epichlorohydrin, phenols, aliphatic alcohols and aromatic amines are some of the important raw materials used in the manufacture of epoxy resins. However, fluctuation in prices of key raw materials of epoxy resin is expected to be major concern for the manufacturers. Introduction of bio-based epoxy resins is projected to provide immense opportunities to the market in the near future.
Paints & coatings, wind energy, composites, construction, electrical & electronics, adhesives and others are the key applications for epoxy resins. Paints and coating was the largest application segment for epoxy resins with over 40% share of total epoxy resins consumed in 2014. Electrical and electronics was the second largest application market for epoxy resins in 2014. Epoxy resins are widely used in the manufacture of insulators, motors, generators and switchgears.
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Asia Pacific region was the leading regional market for epoxy resins with over 60% share in total volume consumed in 2014. China has been emerged as a manufacturing hub of the world. Many companies have shifted their production facilities in China owing to abundant availability of raw material and cheap labor. This has resulted into strong demand for epoxy resins for different end user industries such as paints & coatings, wind energy, composites, construction, electrical & electronics, etc. North America, Europe, Latin America and Middle East & Africa accounted for smaller share of the global epoxy resins market. Europe was the second largest regional market for epoxy resins followed by North America.
Some of the major industry participants in the global epoxy resins market include the Dow Chemical Company, Nan Ya Plastic Corporation, Momentive Specialty Chemicals Inc., Sika AG, Kukdo Chemical Co. Ltd., Cytec, Huntsman Corporation, NAMA Chemicals, 3M Company, Du Pont, BASF SE, Baling Petrochemical, Spol Chemie and Ashland Inc.
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