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The big Epoxy Market has many things that make it grow and change. Knowing these things is very important for companies in the fast-working glue field. It helps them make good choices and keep up with changes happening right now. The high-performance epoxy market is pushed by the aerospace and defense businesses. Making airplanes and defense stuff needs strong but light materials. This has pushed the use of good epoxy resins in composites, glue, and coverings more often now.
The growing wind power industry is a big part of the strong epoxy market. Epoxy resins are widely used to make wind turbine blades because they're very strong, last a long time and can handle tough weather. This grows need in the green energy area. New developments in special materials, especially the growth of carbon fiber and glass composites use a lot more high-performance epoxy resins. These resins are important for composite mixtures.
They strengthen the structure and improve how well they work in final materials made from composites. People use strong epoxy resins a lot in electronics and electrical stuff. They sometimes cover, protect and stick things together with it. As people want small and powerful electronics, they also need epoxy resins that are very good with electricity and heat.
The car-making business wants to make cars lighter for better gas usage and speed. This increases the need for strong epoxy resins that work really well. These sticky things are used to make light parts for cars, like body pieces and strong bits. This helps the car sector become greener. The oil and gas business uses strong epoxy coatings to protect from rust in pipes, tanks, and structures away at sea. As people keep looking for oil and gas, they need strong stuff to protect against damage. That's why the demand for certain types of epoxy stays high too.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 5.83% (2022-2030 |
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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