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- High demand for epoxy resins by painters to get certain colors by blending pigments is expected to boost the global epoxy resins market
- Continuous growth in the usage of epoxy resins in the aviation industry is likely to benefit the global epoxy resins market. Epoxy resins have a strong mechanical strength as well as resistance to temperature extremes.
ALBANY, N.Y., May 9, 2022 /PRNewswire/ -- The worth of global epoxy resins market stood at US$ 10.5 Bn in 2020. The global market is anticipated to rise at a CAGR of 6.9% during the forecast period, from 2021 to 2031. The global epoxy resins market is anticipated to attain the valuation of US$ 21.87 Bn by 2031. The rapidly expanding AEC or architecture, engineering, and construction industry is providing value-added prospects for players in the global epoxy resins market. In comparison with normal cement, innovative epoxy resin compositions provide several benefits. Epoxy resins are utilized in the paint industry and provide a durable protective coating on substrates, whilst allowing paints to settle rapidly. As such, companies are also expected to boost their output of epoxy resins.
Adhesives, coatings, paints, as well as other epoxy resin-integrated items are pretty much ubiquitous in all end-use sectors, including electronics, consumer goods, and wind energy; thus, companies are optimistic about higher company profits. The extremely competitive nature of the global epoxy resins market, on the other hand, compels producers to hunt for a differentiating element to set themselves apart. As a result, firms are engaging in mergers & acquisitions activities in order to improve their growth potential in sustainable coating resins.
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Plastic tooling, lightweight composites, and metal protection applications in the automotive industry are among the uses where manufacturers are focusing on widening their product portfolios so as to leverage value-grab possibilities. They are spending on research & development to create extremely adaptable epoxy resins, a class of chemicals that can be used in a wide range of industrial applications. The use of epoxy resins in the manufacture of airplanes, boats, and vehicles is becoming more widely known.
Key Findings of Market Report
- Epoxy resin producers are raising their output capacity to take advantage of revenue prospects in construction and aviation industries. Varnishes, paints, and adhesives are being developed to fulfill the demands of clients as well as consumers in these sectors. Epoxy resins provide stability and durability to paint and coating formulations, as seen by their use.
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- The global epoxy resins market is likely to profit from a variety of end-use industries, as technological advancement and demand for hardware development have rendered epoxy resins an essential material in the present technological situation. The global epoxy resins market is expected to grow due to increasing demand from various industries such as metal coatings , fiber reinforced plastics , and electrical & electronics.
- North America's rapidly expanding aerospace industry is expected to add to the region's significant market share in the upcoming years. Government funding for aviation research has been a crucial component in the North America market. Besides, the region's expanding private investment channels are expected to develop the global epoxy resins market even more.
Epoxy Resins Market: Growth Drivers
- In aviation and construction industries, there is a soaring demand for paints and coatings that can survive extreme weather as well as temperatures. Epoxy resins are recognized to offer higher mechanical strength and great resistance to harsh temperatures, and these requirements are likely to fuel expansion of the global epoxy resins market.
- China is likely to dominate the global epoxy resins market, accounting for over 40% of all sales. Due to the increasing number of firms transferring their production base to the nation, it is expected to retain its hegemony in the global market in the forthcoming years. The strong performance of China's construction industry, which is likely to benefit from the urban consumers' increasing disposable income, is expected to drive the global market.
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Global Epoxy Resins Market: Key Competitors
- BASF SE
- The Dow Chemical Company
- Kukdo Chemicals Ltd.
- 3M Company
- Huntsman Corporation
- NAMA Chemicals
Global Epoxy Resins Market: Segmentation
Application
- Paints & Coatings
- Wind Energy
- Composites
- Construction
- Electrical & Electronics
- Adhesives
- Others
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