Global Epoxy Resin Market is anticipated to grow considerably in the forecast period owing to the growing industrialization and the growing development in electronic and electrical equipment. Epoxy is a chemical known for its versatility. It is highly used in chemical compounds that has created a niche market for numerous industrial applications. Epoxy resins are used in decorative flooring, in fabric applications for surgical and dental treatments, printing inks, etc.
Epoxy
resins also have applications as additives for several plastic materials like
acrylic & vinyl resins and synthetic &natural rubbers. Currently, epoxy
resins are extensively used in numerous structural and engineering applications
like electrical industry, commercial and military planes. To improve the
performance of products and maintaining cost-efficiency, several new fillers
are bring introduced into resins while processing.
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Epoxy
resins have extensive applications as an insulation in electrical and
electronic that need protection in extreme and hazardous environments like
engine management, deep sea, and chemical plant equipment due to the properties
like high mechanical and physical strength, excellent dimensional stability,
good dielectric properties, and more. They also have applications in keeping
switches, generators, motors and transformers clean, dry and free of shots.
Moreover,
the growing consumption rate of electronic and electrical equipment on a
commercial scale in emerging economies like China & India is predicted to
drive epoxy resin industry. Epoxy resins have also created strong presence in
paints & coating industry. They offer two major advantages that comprise
protection and decoration. Several industries make use of paints & coatings
for different purposes. They can be stated as primer tie coats, abrasion
resistant coating, anti-corrosive primers, heat & fire resistant and
chemical coatings.
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In
the same way, epoxy sealants and floor paints are other items that can be used
as coatings on the floor to make it durable and decorative. Residential sector
is consistently progressing with improved construction in Europe. Despite
multiple properties of epoxy resins like superior adhesion, chemical&
water, and corrosion resistant, durability, etc. high cost and fluctuating raw
material could easily obstruct the growth of epoxy resins market.
Epoxy
resin industry is categorized on the basis of type, technology, application and
geography. On the basis of type, epoxy resin market is divided into glycidyl
epoxy and non-glycidyl epoxy. Glycidyl epoxy is expected to lead the epoxy
resins industry due to its increasing use in powder coating applications. Based
on technology, the industry is divided into liquid epoxy, solvent cut epoxy,
waterborne epoxy, and others. Owing to the increasing use of waterborne epoxy
in powder application, it is predicted to lead the market in the coming years.
In
terms of application, epoxy resin market is split into building &
construction, electrical & electronics, adhesives & sealants,
automotive & transportation, marine, and others. Due to the speedy
development and growing infrastructure, building and construction segment is
expected to flourish the market in future.
Geographically,
the market is segmented as North America, Latin America, Europe, Asia Pacific,
and Middle East & Africa. Due to the spurring demand for the product and
rapid industrialization in the emerging regions, Asia Pacific is predicted to
dominate the industry in the years to come. The prominent players in epoxy
resin industry comprise Cytec Solvay Group., BASF SE, Hexion Inc., E I DuPont
de Nemours and Company, 3M Company, Dow Chemical Company, Kukdo Chemicals, Nan
Ya Plastics Corporation, Olin Corporation, and Huntsman Corporation.
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