Industry News, Coatings
Transparency Market Research (TMR) has published a new market study on the global epoxy resins market. Epoxy resins are adhesive plastics or any other material made from a class of thermosetting polymers containing the epoxide group. Epoxy resins are produced by making use of raw materials such as bisphenol A (BPA), phenols, aromatic amines, aliphatic alcohols, and epichlorohydrin.
Epoxy Resins Market Outlook 2031
- The global epoxy resins market was valued at US$ 10.5 Bn in 2020
- It is estimated to expand at a CAGR of 6.9% from 2021 to 2031
- The global epoxy resins market is expected to reach the value of US$ 21.87 Bn by the end of 2031
According to the report, the epoxy resins market, which was valued at US$ 10.5 Bn in 2020, is anticipated to reach the market value of US$ 21.87 Bn by 2031. The report contains an executive summary comprising a snapshot of the epoxy resins market, containing detailed information on various segments of the global epoxy resins market as well as market dynamics such as the growth drivers and challenges faced by the epoxy resins market. It also analyzes the impact of these dynamics on the market during the forecast period from 2021 to 2031.
The report segments the global epoxy resins market on the basis of application and region to make the study easier to understand and analyze. Based on application, the epoxy resins market has been categorized into electrical & electronics, adhesives, composites, wind energy, paints & coating, and construction. Other application areas include eye glasses, vinyl gloves, metal protection, handbags, and plastic tooling.
Rise in Applications of Epoxy Resins
Epoxy resins are a highly versatile and useful group of chemicals employed in various industrial applications. They are utilized in the paint industry, as epoxy resins help paints dry off quickly and provide a tough protective layer. Epoxy resins are utilized in the construction of aircraft, watercraft, and automobiles. They are also an integral requirement in the electronics industry, used in ICs, PCBs, hybrid circuits, and transistors. Among these, printed circuit boards from the electrical & electronics segment accounts for a prominent share.
Epoxy resins are applied in the production of electrical items such as motors, generators, switchgears, and electrical laminates that are utilized in insulators. Epoxy resins are also used in the wind industry for the manufacture of aerodynamically efficient blades, which offer better generation of electricity. Moreover, applications of epoxy resins are not limited to the technical sector alone; epoxy resins are used by artists to obtain specific colors by mixing pigments. The high demand from aforementioned application areas has greatly boosted the market for epoxy resins. An increased demand from the aerospace industry, due to the reduced overall weight of the aircraft due to the use of epoxy resins, is one of the major drivers for the market.
Regional Analysis of Epoxy Resins Market
In terms of region, the global epoxy resins market has been segmented into Europe, China, North America, Asia Pacific, and Latin America, and Middle East & Africa. China dominated the market in 2020, and accounted for more than 45% of the market.