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Global Epoxy Resins Market to Grow at a CAGR of 5% over the Forecast Period of 2021-2026.

According to a new report by EMR titled, ‘Global Epoxy Resins Market Report and Forecast 2021-2026’, the global demand for epoxy resins reached a volume of around 3.2 million metric tons in 2020. The industry is further expected to grow at a CAGR of 5% between 2021 and 2026 to attain a volume of nearly 4.3 million metric tons by 2026.

The Asia Pacific dominates the global epoxy resins market, accounting for nearly 65% of the global consumption. Within the region, China remains the largest consumer of the product. Epoxies are plastics composed using two or more industrial chemical compounds via the thermosetting process. Epoxy resins are used for the production of plastics, adhesives, paints, coatings, primers and sealers, flooring, and other materials and products used for building and construction applications. The growing electronics industry, particularly in the emerging nations of Asia, is the primary demand driver for epoxy resins, thus, aiding the growth of the global industry of the product. For Apple (NASDAQ: AAPL), a leading electronics and technology company, Asia is a significant growth region, accounting for a major portion of the company’s sales.

The growing demand for recyclable products has resulted in the increased adoption of recyclable epoxy resins technology by manufacturers, which is expected to drive the demand for the product during the forecast period. In July 2020, Aditya Birla Chemicals Thailand Limited announced the acquisition of Recyclamine, a recyclable thermoset technology to produce epoxy resin, from the US-based start-up, Connora. Connora’s Recyclamine technology ensures a zero-waste production process, enabling end-of-life recyclability to epoxy customers around the world. Aditya Birla Chemicals, which is a part of the USD 48.3 billion global conglomerate Aditya Birla Group, has been collaborating with Connora Technologies since 2016 as a part of a Joint Development Agreement, aiming to scale-up the production of recyclable epoxy thermoset technology by Connora. This acquisition by the company is expected to enhance its market, further promoting recyclable epoxy resins technology at the global level.

Market Breakup by Applications and Regions:

  • Epoxy resins find their applications in segments like electrical and electronics, powder coatings, marine and paints, civil engineering, can and coil coatings, automotive coatings, composites, and adhesive. 
  • Region-wise, the global epoxy resins market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • As epoxies are used most widely in circuit boards, the expanding electronics industry, especially in the emerging regions, is driving the demand for epoxy resins, thus, aiding the industry growth globally.  
  • With the rising demand for smartphones, its production rate has also increased, which further aids the global epoxy resins market.
  • With the rise in disposable incomes and increasing urbanisation, the construction sector and automotive industry have witnessed a growth, providing further impetus to the market.
  • The increased demand for adhesives, and paints and coatings, particularly in emerging economies, is expected to drive the product demand.

Key Offerings of the Report:

  • The EMR report gives a detailed overview of the global epoxy resins market, providing an insight into the applications and regional markets of the product for the periods (2016-2020) and (2021-2026). 
  • The report gives the regional historical (2016-2020) and forecast (2021-2026) price trends of epoxy resins. 
  • The global trade data analysis has also been provided in the report by EMR.

The major players in the global epoxy resins market are Kukdo Chemical Co. Ltd., Nan Ya Plastics Corporation, Jiangsu sanmu group Co. Ltd., Hexion Inc., Chang Chun Group, Aditya Birla Chemicals, Huntsman International LLC, Jiangsu Yangnong Kumho Chemical Co., Ltd., Baling Petrochemical Co.,ltd, and Jubail Chemical Industries LLC, 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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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