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The global high-performance epoxy market is set to reach US$ 15.23 BN by 2030, growing at a 5.83% CAGR between years 2022-2030. The market’s dynamic framework is influenced by various factors that collectively shape its growth and development. The building and construction industry is the largest end-user of epoxy. They use these materials to glue structures, make floors and fix concrete problems. The need for strong epoxy in building is growing because it sticks well, lasts a long time and can stand up to tough weather.
Super strong epoxy resins are widely used in airplane and army businesses for things like composite materials, glue and coverings. Epoxy is used a lot in making things like airplane parts and military stuff because it's strong but not too heavy. The electronics business often uses strong epoxy in encapsulation, potting and bonding of electronic parts.
The small-size pattern in gadgets and the want to keep things safe from nature's factors cause a need for epoxy that can stand high heat or power levels.
Continual improvements in special materials, especially for cars and planes, help increase the need for strong epoxy. These things are very important in making light and fuel-saving cars. They make these vehicles stronger from inside out. The renewable energy business, especially wind power, uses strong epoxy to make blades for wind turbines.
Epoxy resins give the needed toughness, bendability and stickiness to handle hard conditions in wind energy projects.
Considering the environment pushes market changes, which results in creating better and green epoxy mixtures. Businesses work to lessen harm caused by making and using epoxy. They use nature-made materials instead of old ones, and make stuff more friendly for the earth in how they do things step by step. Nanotech helps the strong glue market by making special nano-improved mixtures. Nanoepoxies help things be stronger, stick better and resist wear.
They are used in many different areas to make new improvements.
Many industries want high-performance epoxy coatings because they can resist rust and chemicals, as well as last a long time. The car, oil and gas, plus marine businesses really help a lot with the need for protective coatings in the market. Building and making cars affect how much people want the strong epoxy.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Grade, End User and Region |
High Performance Epoxy Market Highlights:
High Performance Epoxy Market Overview
The High-performance epoxy market is expected to reach USD 15.23 billion by 2030 and is expected to register a CAGR of over 5.83% during the forecast period. High-performance epoxy provides high gloss and protection to concrete and rigid surfaces. Its features include chemical resistance, low odor, high film-build, and protection against oils, cleaners, fuels, solvents, and water. High-performance epoxy has wide application in manufacturing plants, pharmaceutical plants, warehouses, food processing areas, hospitals, industrial facilities, and garage floors. In May 2019, Polytek Development Corp, a leading manufacturer of specialty polymers, announced the expansion of its high performance epoxy production capacity at its plant located in the US to meet the growing demand across the globe.
High performance epoxy is produced using the formulation of various polymers, hardeners, and grade fillers for its application in floor coatings. The application of high performance epoxy in industrial and commercial flooring has increased on account of its ability to enhance the durability and aesthetics of the floor. According to the European Coatings Association, the global floor coatings market is expected to reach around USD 11 billion by 2030. Technological advancements and high demand for floor coatings are expected to fuel the demand for high performance epoxy in floor coatings.
High performance epoxy is widely used in the electronics industries owing to the unique electrical and mechanical properties. It’s the ability to protect against chemicals, and high temperatures make it an ideal application for electrical components to protect against dust, short circuits, moisture, providing higher thermal conductivity than air. The growing consumer electronics industry, along with the rising affordability among the middle-class population, have increased the sale of electronics in developing countries. For instance, the Indian consumer electronics industry is expected to reach approximately USD 47 billion and register a CAGR of 13% by 2020. Moreover, increasing expenditure on smartphones with innovative and technologically advanced features coupled with growing per capita disposable income has resulted in the rising demand for durable and technologically advanced smartphones. This rise in smartphones production is expected to increase the demand for high performance epoxy during the forecast period.
Global High-Performance Epoxy Market Share, by Application, 2018 (%)
Source: MRFR analysis
Regional Analysis
The global high-performance epoxy market has been studied across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
North America dominates the global high-performance epoxy market with a significant market share on account of the high demand from the construction and packaging industry in the region. The construction industry has been witnessing remarkable growth owing to strong public funding and construction of institution building, which is estimated to drive the demand for high-performance epoxy during the forecast period.
Europe high-performance epoxy market is driven by high demand from packaging and medical industries. The European packaging industry has been growing exponentially due to a shift in consumer focus from fresh food to packaged food products, particularly in the UK. High consumption of packaged food products is led by a change in eating habits and consumer lifestyle. Hence, high-performance epoxy coatings are increasingly being used for food packaging in the region, which is driving regional market growth.
The Asia-Pacific market is growing at remarkable space owing to growing construction activities in the region. In addition, the government of China and India have been focusing on the development of manufacturing sector which is favoring the growth of electronics and electrical industry thus driving the demand for high performance epoxy coatings in electronic products.
The Middle East & Africa and Latin America are expected to register a significant CAGR owing to the increasing demand from construction and medical industries.
Market Segmentation
The global high-performance epoxy market has been segmented on the basis of grade, end use, and region. Based on grade, the global market is segmented into industrial, food, and others. The industrial segment is the fastest growing segment, with over 80% market share. The end-use segment includes electronics, packaging, construction, medical, transportation, and others. The construction segment is estimated to witness a significant growth owing to increasing building and infrastructure activities across the globe, demanding greater proportion of high-performance epoxy in the industry.
Key Players
Some of the prominent players in the global high-performance epoxy market are Atul Ltd (India), The Euclid Chemical Company (US), Stentor Enterprises Limited (Kenya), Aditya Birla Group (India), Huntsman Corporation (US), Endura Manufacturing Company Ltd (US), Gougeon Brothers, Inc (US), and Alchemie Ltd (UK). Major industrial players are expanding production capacity to achieve a competitive advantage.Industry UpdateJuly 2019: ProMarine Supplies, a supplier of high-performance epoxy resins, recently acquired Polytek Development Corporation. Polytek recently added ProMarine’s high-performance epoxy resins to their line of specialty polymers.
Intended Audience
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High performance epoxy manufacturers
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Traders and distributors of high-performance epoxy chemicals
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Research and development institutes
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Potential investors
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Raw material suppliers
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Nationalized laboratories
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