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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.
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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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