TAGS: Epoxy Adhesives Sealants
Global epoxy resin market size is expected to reach USD 19.55 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 6.7% over the forecast period. The growing demand for epoxy-based composites across various end-use industries is expected to drive the market during the forecast period.
High-mechanical Properties with Super Adhesiveness
Epoxy resins are used to manufacture composite materials that are used widely in load-bearing applications, such as automotive, aerospace, construction, oil & gas, and marine, owing to its properties, such as high mechanical properties, super adhesiveness, and others.
The demand for high-performance composites is expected to witness high demand from the commercial airplane sector. Moreover, emerging opportunities in various applications, such as wind turbines and pressure vessels, will boost market growth.
However, the relatively high cost and labor-intensive production of advanced composites are anticipated to prevent these composites from penetrating high-volume and price-sensitive markets. Increasing demand for composites from the automotive and aerospace industries, particularly in Europe and North America, is expected to remain a key driving factor for the market. Rising fuel prices coupled with the rapidly growing commercial aviation sector are expected to drive product demand over the forecast period.
Use of Epoxy Resins in Sealants for Construction Application
The construction application segment is estimated to witness significant growth over the forecast period. In construction applications, epoxy resins are used as sealers, hardeners, grouts, and mortars, and laminates for walls, roofs, and decks. Properties, such as low water permeability, excellent cleaning material, chemical resistance, good mechanical properties, low cure shrinkage, and excellent adhesion, are projected to fuel product demand in construction applications.
Increasing spending on infrastructure development, rising urban population, coupled with favorable government initiatives for providing affordable houses to the masses are expected to contribute to the growth of the construction industry globally, thereby creating product demand. For instance, in March 2020, the U.S. government announced an investment worth USD 2 trillion as a part of coronavirus response for the development of infrastructure including hospital buildings, roads, and other infrastructure. In addition, the rising awareness among the masses about the benefits of green buildings is anticipated to fuel the growth of the construction industry globally. This, in turn, is projected to lead to increased product demand in construction applications over the forecast period.
Some Epoxy Resin Grades
Source: Grand View Research