The global demand for epoxy resins is fueled by rapidly expanding wind energy capacity installation drives Growth
NEW YORK CITY, NEW YORK, UNITED STATES, August 17, 2022 /EINPresswire.com/ — The global epoxy resins market is forecast to reach USD 12.44 Billion by 2028, according to a new report by Reports and Data. Epoxy resin is a molecule that contains more than one epoxide group.
Epoxy resins are thermosetting polymers and are used as high-performance coatings, adhesives, and potting and encapsulating materials. They also have excellent electrical properties, low shrinkage, and good adhesion to many metals and are resistant to moisture, thermal, and mechanical shock. Viscosity, epoxide equivalent weight, and molecular weight are the important properties of epoxy resins.
Increasing demand for the resin in paints and coatings industry owing to the positive growth of automotive and construction globally has driven the epoxy resins market. Growth in end-use industries such as marine coatings, aerospace, transportation, decorative powder coatings, electrical & electronic laminates, and composites, are affecting the market positively. An increase in research and development by key participants, along with technology innovation in the field of modified resins, are expected to provide ample opportunities for growth of epoxy resins.
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Major companies Olin Corporation, Hexion Inc., Huntsman Corporation, BASF SE, 3M Company, Aditya Birla Chemicals, Sinopec Corporation, Covestro AG, Solvay SA, and Evonik Industries AG.
Further key findings from the report suggest
Epoxy resin is among the commonly used thermosetting polymer in aircraft structures. It is used as the matrix phase in carbon-fiber composites for aircraft structures and is also used as an adhesive in aircraft structural repairs and joints.
The reactivity of the epoxy resins allows them to bond easily with fibers and their toughness. This thermoset resins, when combined with carbon, glass, or aramid fibers, produce composite materials with the best properties of most thermosets.
Diglycidil Ether of Bisphenol-A is an organic compound used as a constituent of epoxy resins. This compound is a colorless solid that melts slightly above room temperature. This type of epoxy resin has gained much attention as a potential endocrine disruptor. It also has antiandrogen and PPARγ-modulating properties.
Solid epoxy resin is mainly used in paints and coatings, or as a modifier for other epoxy resins to enhance impact strength, adhesion, and extensibility.
Usage of epoxy resins in adhesives is one of its most common application. The strong-properties of the epoxy allow for engineering and structural adhesives. Generally, it is used in the construction of aircraft, snowboards, vehicles, and bicycles.
Asia Pacific dominated the market for epoxy resins. The demand for the market is high in the region because of the increase in the number of consumers. The major end-user of the product in the region is the paints and coatings industry. The presence of big companies such as AkzoNobel, Asian Paints, Nippon Paints, Kansai Paints, and PPG is driving the market for epoxy resins in the region.
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Segments covered in the report:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
Form Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
Solid Epoxy Resin
Liquid Epoxy Resin
Solution Epoxy Resin
Applications Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
Adhesive and Sealants
Paints and Coatings
End Users Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
Building and Construction
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Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)
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