Epoxy Resin Market overview:
The worldwide epoxy resin market size is predicted to reach USD 8.54 billion in 2025 from an predicted USD 6.62 billion in 2020, registering a CAGR of 5.88% between 2020 and 2025. Epoxy resin is a flexible thermosetting resin that refers to a kind of reactive prepolymer and polymer, which contains epoxy groups. The epoxy resin reacts with various co-reactants such as phenols, amines, thiols or with themselves in the presence of catalysts. It has superior mechanical properties and exhibits higher thermal and chemical resistance than other types of resin. Furthermore, factors such as the escalating call for epoxy-based compounds in the automotive and transportation industry and the constant expansion of the construction industry are driving the market.
Impact of Covid 19 on the Epoxy Resin Market:
Factories around the world have had to temporarily close or limit the number of people allowed to work there. Major shipping and manufacturing centers for devices and parts such as Mexico, China and the United States have been particularly affected by the pandemic. Many appliance makers voluntarily cut production at the beginning of the year, wrongly predicting call will be weaker this year due to the worldwide recession and lower consumer spending. For many consumers, especially in the United States (the world's second-largest domestic appliance market and the country with the highest number of coronavirus cases and deaths), the device shortage is predicted to continue throughout the year and possibly until 2021. Although suppliers have been escalating production after seeing spikes in call, the backlog will continue.
Epoxy Resin Market drivers and restraints:
The main factor contributing to the expansion of the world epoxy resin market is the escalating use of epoxy resin in the paint and coatings industry due to its high corrosion resistance and strong adhesion. In the automotive industry, epoxy resin is widely used as a coating due to its high mechanical strength, high heat resistance, and strong adhesion to metals. These features make it easy to protect the car body from corrosion and other major damage, further escalating the life of the vehicle. Escalating call for epoxy-based composites in automotive and aircraft manufacturing is likely to drive expansion in the worldwide epoxy resin market during the evaluation period. In addition, the escalating need to increase the efficiency of commercial and military aircraft has led to the introduction of lightweight, high-performance structural materials. Composite materials play an essential role in aircraft components due to their excellent strength and high stiffness / density ratio. These materials include stiff, high-strength fibers in a strong resin matrix.
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Report segmented as:
By physical form:
- Paints & coatings
- Adhesives and sealants
By end use industry:
- Building & construction
- Wind power
- Consumer goods
Asia-Pacific is the largest epoxy resin market, followed by North America and Western Europe. The Asia Pacific market is predicted to record the highest CAGR during the foreseen period. Most of the emerging economies are in this region. Escalating industrialization and growing infrastructure development make it an attractive market. The United States is the largest used car market and therefore the call for epoxy resin in the production of auto refinish coatings is predicted to accelerate regional market expansion over the foreseen period. The call for epoxy resin in the production of paints used in the automotive industry is escalating in Asia-Pacific due to increased automobile production and disposable income in the region. The expansion of the European market is being driven by the expansion of the aerospace industry and the development of infrastructure, which is predicted to drive the call for architectural coatings in the region. In addition, the high production of electronic components, auto parts and aircraft drives call for epoxy resin in the manufacture of lightweight composites.
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