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The rapid globalisation, along with robust economic growth, is increasing maritime trade and shipping demand significantly, which is surging the use of various marine vessels such as ships and boats. This is increasing the demand for marine coatings, therefore propelling the growth of the epoxy resin industry. Epoxy resins are widely used as a raw material in the marine coating during shipbuilding, maintenance, and repair in various parts of marine vessels such as cargo tanks, decks, superstructures, and underwater hulls, among others. Moreover, they can be used in primers, top coats, to prevent corrosion and provide UV resistance while offering decorative purposes. This is contributing significantly to the market growth for epoxy resin. It also enhances the life of marine vessels by protecting them from extreme environmental conditions, which are further fuelling the growth of the epoxy resin industry.
BASF SE (OTCMKTS: BASFY), one of the leading companies in the industry, strengthened its exclusive collaboration with Gustav Grolman GmBH & Co. KG in Europe for marketing of anime-based curing agents for the professional processing of epoxy resins in August 2018. The latter expanded the marketing of the BASF speciality chemicals under Baxxodur brand to Spain, Italy, and Portugal in epoxy resin-based applications. The collaboration makes the company one of the largest distributors of speciality chemicals, therefore strengthening its position in the European market. This is expected to increase the demand for epoxy-resin for various application in major industries. Such collaborations are anticipated to propel the market growth for epoxy resin in the forecast period.
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The major players in the global market for epoxy resin are BASF SE, Kukdo Chemical Co. Ltd., Jiangsu Sanmu Group Co., Ltd., Hexion Inc., Aditya Birla Chemicals, and Chang Chun Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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