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Paints, Coatings Spur Epoxy Resins Need

Wednesday, September 9, 2015

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Forecasters are predicting a favorable growth period for the epoxy resins market in the coming seven years.

The global market for epoxy resins is expected to reach $12.10 billion by 2022, according to a new report by Grand View Research Inc. titled Epoxy Resins Market Analysis by Application and Segment Forecasts to 2022.

In 2014 the global market was estimated at $6.63 billion.

What’s Driving Demand?

Increasing demand for paints and coatings as a result of sustained growth in the construction and automotive industries is credited with boosting the market now and is expected to continue to drive the global epoxy resin market over the forecast period.

© iStock.com / nightman1965

An increase in the use of resin-based coatings as primers in marine paints is driving demand in the epoxy resins market.

The upward trend is expected to continue as certain end-use markets grow and create more demand in industrial applications, including transportation, marine coatings, aerospace, composites, electrical and electronic laminates, construction, and powder coatings.

An increase in the use of resin-based coatings as primers in marine paints is predicted to further drive the demand, while wind energy installations are also recognized as stimulating the market globally.

Application Segments

Paints and coatings was the largest application segment and was responsible for more than 40 percent of the global market in 2014. In the U.S. market, this segment was valued at $335.4 million in 2014.

The demand for automotive coatings, as a result of increased automobile production, is predicted to create more need in this segment in the forecast period.

Composites are expected to be the fastest-growing application segment for this market, at a rate of 7.3 percent globally from 2015 to 2022. Growing demand for lightweight, high-performance materials, particularly in the aviation and automotive industries, is expected to drive this segment over the next seven years.

The report also predicts that research and development, as well as technology innovations, focused on modified resins will lead to new uses in industrial applications.

© iStock.com / vinzo

The increase in wind energy installations is helping to drive demand globally in the epoxy resins market.

In addition to the construction and paints and coatings segments, the report covers wind turbine, composites, electrical and electronics, adhesives, and “other” applications.

Global Market

Asia Pacific is identified as a particularly influential market.

The paints and coatings industry, as well as the composites industry, have made Asia Pacific the largest market for epoxy resin, at 60 percent of the market. The region is also flagged to be the fastest growing over the period covered in the report, citing an increase in infrastructure development and automotive production.

The North American market is said to be benefitting from an increase in the automotive and marine coatings industries. Additionally, the attention now being given to wind turbines as an alternative energy source is boosting this market’s use of epoxy resins. This market was valued at just over $1 billion in 2014.

© iStock.com / lawcain

A positive outlook in the construction industry, and the related demand for paints and coatings, has helped to develop the current epoxy resin market.

In Europe, the aviation industry is fueling the use of composites and coatings, and an increase in automotive demand is also spurring growth in this region.

Key Players

According to the report, the companies composing the competitive landscape include 3M, Aditya Birla Chemicals Ltd., Atul Ltd., Baling Petrochemical, BASF SE, Cytec Industries Incorporation, DuPont, Hexion Specialty Chemicals Inc., Hunstman Corporation, Jubail Chemical Inds. Co., Kukdo Chemical, Nan Ya Plastic Corporation, Sanmu Group, Sika AG, and The Dow Chemical Company.

Nan Ya Plastic Corporation is the largest player in the field, responsible for more than 16 percent of production.

Nan Ya, Dow Chemical, Sanmu Group, Hexion Speciality Chemicals Inc., and Kukdo Chemical are identified as holding held the maximum epoxy resins market share.

   

Tagged categories: Asia Pacific; Automotive coatings; Aviation; Coating Materials; EMEA (Europe, Middle East and Africa); Epoxy; Latin America; Marine Coatings; Market forecasts; North America; Resins; Wind Towers

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