TAGS: Epoxy Adhesives Sustainability / Natural Adhesives Sealants
Inkwood Research anticipates that the global epoxy resins market, which was valued at $7.67 billion in the year 2021, is projected to reach $12.43 billion by 2030, growing at a CAGR of 5.65% during the forecast period.
Epoxy resins are widely used high-performance polymers with exclusive mechanical and resistance properties. They have extensive applications in paints & coatings, adhesives & sealants, composites including electrical encapsulation, and others.
Key Growth Enablers Propelling Epoxy Resins Market
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Developments in the wind energy market
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Rising demand for epoxy resins in the aerospace industry
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Growing demand for paints and coatings
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Epoxy resins are primarily used in chemical and special purpose coatings as they provide a thin layer of coating with excellent chemical resistance, strong bond strength, durability, and adhesion. Besides, they also dry quickly.
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Special epoxy coating formulations offer increased temperature resistance, high chemical resistance, and the ability to be applied underwater.
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Epoxy resin coatings find applications across buildings, automobiles, washing machines and appliances, containers, ships and bridges, pipelines and chemical plants, farm implements, and floor coatings. Moreover, steel pipes or other steel products can also be coated using epoxy resins.
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Growing demand for modified epoxy resins
Key Restraining Factors
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Awareness regarding health hazards associated with BPA-based products
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Scientists and researchers examining the metabolic collapse of epoxy resin during occupational exposure discovered that the BPA from epoxy resin products could be absorbed into the human body. Subsequently, it could affect the endocrine and reproductive systems.
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Growing interest in alternate resins
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Fluctuating raw material prices
Global Epoxy Resins Market: Top Trends
The COVID-19 pandemic has impacted the global epoxy resins market negatively. Moreover, further uncertainties across various sectors such as construction and automotive due to the virus’ outbreak may act as a stumbling block in terms of the demand and growth of the global epoxy resins market during the forecast period.
Several key players, such as Huntsman and 3M, are currently investing in research, as well as production facilities for bio-based epoxy resins. Furthermore, new product developments and innovations are key developmental strategies adopted by leading players.
Epoxy resins can be produced using bio-based raw materials such as sorbitol, natural sugars, and isosorbide and can also be a part of biopolymers in the future.
Highest Growth in Asia Pacific Region
Asia-Pacific is anticipated to be the most dynamic regional market with a share of 57.58% in 2021. The Asia-Pacific is the largest consumer of the paints, coatings, adhesives, automotive & construction industry, owing to the demand in major economies, such as China, India, and Japan.
Further, electronic products, such as OLED TVs, tablets, smartphones, and others, have the highest growth within the consumer electronics segment.
Furthermore, with the accessibility of inexpensive labor and low-cost electronic substitutes, the demand for electronic products is likely to augment rapidly over the upcoming years, thus increasing the demand for epoxy adhesives in the Asia-Pacific.
Source: Inkwood Research