Epoxy Resin Market Is Expanding At a Rapid Pace As Huntsman International LLC Completes the Acquisition of Industrial Composites Manufacturer CVC Thermoset Specialties for US$ 300 Million

(MENAFN- Coherent Market Insights) Epoxy refers generally to any of the various component parts or compound ends of an epoxy resin, or simply an abbreviation for the epoxy functional group. Epoxy resin materials are produced through the mechanical actions of curing, which include heating, quenching, or cooling. The resin is cured by exposing it in a positive or negative atmosphere to a catalyst, such as nitrous oxide or sulfur dioxide. The reaction causes bonding agents such as dipropylene glycol to be dissolved in the resin solution. Epoxy resins are widely used in electronics and electric devices as coating, for encapsulating electric circuit components, and to isolate a device from adverse environmental effects such as moisture, gases, and current leakage. Such wide demand from prominent end-use industries can stimulate the growth of the epoxy resin market in the near future.

Recently, in May 2020, Huntsman International LLC, a U.S.-based manufacturer of epoxy resins, acquired CVC Thermoset Specialties, a manufacturer of industrial adhesives and composites for US$ 300 million.

The demand for composites such as reinforced concrete, metal matrix composites, reinforced plastics namely fiberglass, composite word, and advanced composite materials has increased significantly over the years. The above-mentioned composites are widely used in the construction industry for various applications including in doors, windows, walls, etc. This demand is catered to by the launch of novel products by market players operating across the globe. Recently, in May 2020, Haydale launched a new graphene-enhanced composite product, which includes a structural component carbon fiber prepreg with improved toughness, a prototype ‘out-of-autoclave curing carbon fiber, and a higher operating temperature autoclave. Epoxy resins are a critical part of these composites and therefore, these factors could augment the growth of the epoxy resin market.

The epoxy resin materials have high levels of adhesion to one another, especially after they are mixed. This makes the materials very useful for filling in holes and cracks. The mixing process and the curing time both affect the final performance of the finished product, which depends on the applied properties of the solution. Some epoxy resins have low viscosity, meaning that they are highly viscous, but with low working time. In terms of regions, Asia Pacific seems to lead the way in the epoxy resin market globally. This is typically due to the fact that there is high demand for paints & coatings and composites. Besides, there has been rapid infrastructural development over the years in India and China, which could stimulate the regional market growth. On the contrary, the demand for epoxy resins in North America is driven by the increasing use of wind turbines for power generation.

Despite such a wide application range, the epoxy resin market growth limited by raw material price volatility and stringent policies for regulatory approval. Besides, there are limited market opportunities in developed countries due to saturation, which could hamper the market growth.

MENAFN06042021005305011848ID1101869376