Extensive Use of Epoxy Resin in Automotive & Transportation is Expected to Propel the Growth of the Market

Pune, India, September 2019, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Epoxy Resin Market.

Market Highlights

The Global Epoxy Resin Market is estimated to be valued at USD 21.7 billion by 2030 and is expected to register a CAGR of over 6.41% during the forecast period.

The epoxy resin market is estimated to reach USD 10,620.5 Million by 2030, expanding at a CAGR of 6.41% during the forecast period. The protuberant factors driving the growth of the market are increasing demand for epoxy-based composites in the automotive & transportation industry.

The automotive industry is expanding in developed as well as in developing countries on account of changing lifestyles, growing need for transportation, and growing population. Transportation is one of the fastest-growing sectors owing to the increasing consumer base, rising per capita income, and surge in the demand for fuel-efficient automobiles. Various materials such as iron, steel, aluminum alloys, magnesium, rubber, and plastics are used in the manufacturing of automobile components. The use of steel and other heavy metal alloy increases the overall weight of the vehicle, which results in high fuel consumption and thus high CO2 emission. The reduction of automobile weight by 15% has proved to increase the fuel economy as high as 25%. To ensure limited fuel consumption, researchers and material designers are working on the production of lightweight materials exhibiting similar superior mechanical properties as of the existing materials. These efforts can aid in the reduction of fuel consumption of automobiles by at least 75% by 2025 which is propelling the demand for epoxy resin in the automotive & transportation industry.

Segment Analysis

The global epoxy resin market has been segmented on the basis of type, technology, application, end use, and region.

On the basis of type, the global market has been segmented Diglycidil Ether of Bisphenol-F (DGBEF), Diglycidil Ether of Bisphenol-A (DGBEA), novolac, glycidylamine, aliphatic, and others. The diglycidil ether of bisphenol-F (DGBEF) segment is fastest-growing which is estimated to reach around USD 21.7 billion by 2030 owing to the high demand in the automotive and construction industries.

By application, the market has been divided into paints & coatings, composites, adhesives, electronic encapsulation, grouts & mortars, and others. The paints & coatings segment held the largest market share in the following years owing to its high chemical and corrosion resistance properties ideal for the marine and automotive industries.

By technology, the global epoxy resin has been segmented into liquid epoxy, waterborne epoxy, solvent cut epoxy, and others. Liquide epoxy is projected to register a CAGR of 6.41% owing to its strong adhesion and superior finishing capabilities.

Based on end use, the global market has been categorized into automotive & transportation, building & construction, electrical & electronics, marine, aerospace, and others. The high demand for epoxy in the manufacturing of high strength and lightweight automobile parts is driving the growth of the segment.

Regional Analysis

Geographically, the global epoxy resin market has been segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per the MRFR analysis, Asia-Pacific was the largest regional market for epoxy resin in 2018, in terms of the market share. The region is likely to retain its dominance throughout the forecast period owing to increasing construction activities. The Asia-Pacific market is followed by North America, which accounted for the second-largest share of the global epoxy resin market as of 2018. The North America market is set to reach USD 1,556.8 million by the end of 2025. Europe is also a prominent market, accounting for a 4.57% share of the global market in 2018. Country-wise, China is the leading market, in terms of value and volume, followed by the US. In the coming years, Latin America is set to emerge as a significant market for epoxy resin during the forecast period.

Market Players

Market Research Future (MRFR) recognizes Olin Corporation (US), Aditya Birla Chemicals (India), Kolon Industries (South Korea), Inc, Atul Ltd (India), Ciech S.A. (Poland), Huntsman International LLC (US), Spolchemie (Czech Republic), Nan Ya plastics corporation (Taiwan), China Petrochemical Corporation (China),Hexion (US), Kukdo Chemical Co., Ltd (South Korea), Chang Chun Group (Taiwan), Macro Polymers (India), and Dow (US) as the key players in the global epoxy resin market.

Key Findings of the Study:

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  The Global Epoxy Resin Market is projected to reach USD 11,056.3 Million by 2025 at a CAGR of more than 5.38% during the review period of 2017 to 2025.

  
  


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  Asia-Pacific accounted for the largest market share in 2018 and is expected to register a CAGR of 6.04%.

  
  


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  Capacity expansion, partnerships, and acquisitions are the initiatives adopted by the manufacturers to meet the rising demand for epoxy resin across various end-use industries.

  
  

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