Flexible Epoxy Resin Market is predicted to reach USD 1,076.15 Million at a CAGR of 7.19% during the forecast period

Pune, India, Nov 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Flexible Epoxy Resin Market.

Global Flexible Epoxy Resin Market Overview

The global flexible epoxy resin market is projected to register healthy growth during the forecast period, 2022–2030. The market was valued at USD 599.53 million in 2021 and is projected to register a CAGR of 7.19% to reach USD 1,076.15 million by the end of 2030.

Flexible epoxy resins, also known as polyepoxides, are epoxide-containing reactive prepolymers and polymers. Epoxide functional groups are also referred to as epoxy. Flexible epoxy resins can be reacted (cross-linked) with themselves via catalytic homopolymerisation, or with a variety of co-reactants such as polyfunctional amines, acids (and acid anhydrides), phenols, alcohols, and thiols to achieve high mechanical, thermal and chemical properties. These co-reactants are commonly known as hardeners or curatives, and the cross-linking reaction is known as curing. These cured flexible epoxy resins composites have wide range of applications in paints & coatings, electrical & electronics, automotive such as composites are used as encapsulates for semiconductor materials, surface coatings, adhesives, painting materials and others.

Competitive Landscape

The global flexible epoxy resin market is characterized by the presence of many regional, and local vendors. The market is highly competitive with all the players competing to gain maximum market share. The increasing flexible epoxy resin demand in end-use industry for epoxy-based composites boosting the sales flexible epoxy resin is the key driver of the market. The vendors compete based on cost, product quality, and mainly on availability of the products according to the geographies. It is crucial for the vendors to provide cost-effective and high-quality flexible epoxy resin to compete in the market. The competitive scenario is fragmented between the tier-1, tier-2, and tier-3 companies, while tier-1 and tier-2 companies in the market hold over 60% the global market share.

The growth of the market players is dependent on market and economic conditions, government regulations, and industrial development. Thus, the players should focus on expanding the production capacity to meet the demand and enhancing their services. DIC Corporation, Olin Corporation, Hexion, Kukdo Chemical limited, Aditya Birla Chemicals, Huntsman International LLC, Emerald Performance Materials, Resoltech, Epoxonic, Cardolite Corporation Spolchemie, Atul limited, Conren Limited, Intertronics, and Mereco Technologies are the major companies in the market at the present that are competing in terms of quality, price, and availability. These players are primarily focusing on the development of flexible epoxy resin. Although the international players are dominating the market, regional and local players with small market shares also have a moderate presence. The international players with presence across the globe, with established manufacturing units or sales offices have strengthened their presence across major regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Segmentation

By Product Type

• URETHANE MODIFIED: The urethane modified segment held the market share of 44.83% by volume in 2021 and is expected to register the CAGR of 8.55% by value during the forecast period. For structural bonding, coating, sealing, and potting applications, urethane modified epoxy offers a distinctive combination of characteristics. When compared to plain epoxy adhesives, the dimensional stability of epoxy adhesives containing 30% weight percent polyurethane was improved by around 98%. By adding more polyurethane, the epoxy's glass transition temperature increased from 0 °C to 74.76 °C. The urethane in the polyurethane (PU) molecular chain has a beneficial effect on the epoxy resin's mechanical strength, impact resistance, and bonding strength. Epoxy Resins Modified by Urethane used in vinyl flooring, vinyl sports surfaces, toughening additives for other epoxy formulations, and additives to improve thermal shock and peel. When attaching substrates like metals, plastics, composites, ceramics, and rubbers, as well as substrates that are not identical to each other, two component urethane modified adhesives maintain their strong peel and shear strengths. In fact, they are renowned for having strong adhesion to a variety of flexible surfaces. They are used in several light weighing applications because of their outstanding cohesive strength characteristics. This has made it possible for producers of vehicles, machinery, boats, locomotives, mining equipment, and aircraft to increase energy efficiency and cut costs.


• RUBBER MODIFIED: The rubber modified segment held the market share of 31.55% by volume in 2021 and is expected to register the CAGR of 6.13% by value during the forecast period. The use of rubber-modified epoxy resins has increased during the past few years in several applications related to corrosion resistance, electrical laminates and encapsulants, composites, civil engineering and construction, and structural adhesives. Over the years, there has been a lot of research interest in toughening epoxy resins to improve crack resistance. Epoxy resins can be successfully toughened by either mixing with a suitable liquid rubber that, at first, remains miscible with epoxy and, during curing, goes through a phase separation that results in the formation of a two-phase microstructure, or by mixing preformed rubbery particles directly into the epoxy. Epoxies that have been modified with liquid rubber are frequently employed in structural adhesives for uses in the automobile, railroad, truck, aerospace, and electrical industries.


• DIMER ACID: The Dimer Acid segment held the market share of 23.62% by volume in 2021 and is expected to register the CAGR of 5.73% by value during the forecast period. An epoxy resin modified with dimer acids that offers flexibility, toughness, and adhesion. For applications including coatings, adhesives, composite materials, and laminating, the product is advised. Dimer acid-based reactive polyamides are used as epoxy curing agents in two-component epoxy systems for flooring grouts industrial and poxy-based adhesives marine maintenance coatings, epoxy-based adhesives, and trowel coatings.

By Application

• PRIMER: The primer segment held the market share of 49.13% by volume in 2021 and is expected to register the CAGR of 7.93% by value during the forecast period. A structural steel primer is a two-part epoxy primer. It requires two parts that must be chemically cured through cross-linking. This two-part epoxy primer creates an abrasion, chemical, and moisture resistant coating. Additionally advised uses for this primer are water treatment facilities, tank exteriors, power plants, and maritime applications. Over epoxy primer, filler can be placed directly. Key characteristics of epoxy primers include their extremely low viscosity, great adherence to a variety of surfaces, including those that have not been properly prepped, good humidity and corrosion resistance, and improved chemical resistance. Epoxy primers are applied to damp surfaces to prevent epoxy materials from adhering normally to bondable substrates and serve as a primer for laminates and carbon wrap systems. It is employed to patch up insect holes and spalls. Epoxy resin with a BPA base is frequently used as a primer in maritime coatings. Epoxy primers can be used to waterproof materials, preventing oxidation of the bare metal.


• COMPOSITES: The composites segment held the market share of 6.20% by volume in 2021 and is expected to register the CAGR of 8.88% by value during the forecast period. epoxy composites have desirable physical and chemical characteristics such dimensional stability, temperature and chemical resistance, strength along the direction of the reinforcing fibre, light weight combined with high stiffness, and flex performance. To function effectively in their applications, fiber-reinforced epoxies need different temperatures and curing rates when employed with a variety of composites production processes. Epoxies are typically used to create high-performance composites that have better mechanical capabilities, resistance to corrosive liquids and conditions, superior electrical properties, good performance at high temperatures, and good adhesion to a substrate, or a combination of these advantages. Due to the high specific strength of epoxy composites, many metallic structures have been replaced with composites in most engineering constructions, particularly in the aerospace, automotive, shipping, sporting goods, and building construction industries.


• ADHESIVES: The adhesives segment held the market share of 7.63% by volume in 2021 and is expected to register the CAGR of 6.87% by value during the forecast period. Epoxy adhesives are available in one- and two-component glue systems, both of which generate incredibly strong bindings, but they are distinct from one another in terms of the curing process, final qualities, and applications. In general, two-component systems are more durable than single component systems. Epoxy adhesives are suitable for bonding metals, glass, concrete, ceramics, wood, and many plastics and exhibit strong adhesion on a variety of substrates. Shrinkage during curing is incredibly minimal. Epoxy adhesives often withstand temperatures up to 200°C (390°F). Epoxy resin adhesive's superior electrical insulation, which makes it suited for uses like printed circuit boards, is one of its most desirable qualities. The most chemical and high temperature resistant epoxies are epoxy Novolac adhesives, which are well known for their properties. Epoxy adhesives like one component films and 2K epoxy adhesive systems are used in the aerospace sector for a variety of purposes. Epoxy adhesives, for instance, are used to bind the rotor blades of helicopters because of their extraordinary strength and mechanical stability.


• SEMICONDUCTOR: The semiconductors segment held the market share of 13.03% by volume in 2021 and is expected to register the CAGR of 6.10% by value during the forecast period. Durable epoxy compounds used in semiconductor packaging assemblies primarily consist of epoxy resins. The performance and features of the final semiconductor packaging assembly are thus directly influenced by the qualities of the epoxy resins. Due to their strong heat resistance, water resistance, ductility, and bonding in demanding applications like semiconductor packaging, moulding materials, electrical laminates, and aerospace applications, these epoxy resins are regarded as high-performance chemistries. High flame retardancy is provided by naphthalene-based epoxy resins, and two novel naphthalene-based epoxy resins will demonstrate unusually high glass transition temperatures. Self-Extinguishing Biphenyl Epoxy Resin is utilized in industries requiring great reliability, such as eco-friendly semiconductor packaging. It is a high-end epoxy of the biphenyl type that has excellent compatibility with other packaging chemicals and self-extinguishing characteristics.


• ELECTRICAL LAMINATE: The electric laminate segment held the market share of 16.93% by volume in 2021 and is expected to register the CAGR of 5.82% by value during the forecast period. Transformers, electric motors, cabinets, control boxes, electric switches, home appliances, automobiles, trains, computers, and medical equipment are just a few examples of the many electrical engineering applications for flexible epoxy laminated products. They are also used as structural insulating components for electrical machines and devices. In power equipment, laminated epoxy dielectric graded material is a frequently used insulating material with a wide range of potential applications. Interlaminar interfaces, which are essential characteristic structures controlling the mechanical and dielectric properties of laminated materials, are formed when layers of laminated epoxy dielectric material are bonded together.


• OTHERS: The others segment held the market share of 7.08% by volume in 2021 and is expected to register the CAGR of 5.53% by value during the forecast period. The other include interlayer insulate and encapsulates. They are made to shield and safeguard electronic components like printed circuit boards (PCBs) from the dangers of hostile environments like dampness, vibration, thermal or physical shock, and general contamination.

By End-Use Industry

• PAINTS & COATINGS: The paint and coating segment held the market share of 43.22% by volume in 2021 and is expected to register the CAGR of 8.08% by vale during the forecast period. For high-performance and aesthetically pleasing flooring, such as terrazzo flooring, chip flooring, and colored aggregate flooring, epoxy resins are employed. Epoxy paints that are water-based dry quickly and offer a robust, durable layer. Most materials used in marine coatings nowadays are epoxy coatings. They are employed during shipbuilding, upkeep, and repairs on a variety of ship parts, including underwater hulls and ballast. The most important aspect that affects how epoxy paints behave is the epoxide content of the epoxy resins. To achieve the desired paint quality, various additives, plasticizers, and fillers are typically combined with different grades of epoxy resins. Since owners select epoxy paint made from epoxy resin as the best floor paint medium, it has taken up a sizable portion of the market in the building and construction industry. It is mostly utilized in epoxy pool paint and garage floor paint. Epoxy resin-based paints and coatings require less energy than other powder coatings that are heat-cured. Additionally, paints and varnishes made using epoxy resins are thought to be more environmentally benign than those made with other compounds.


• Construction: The construction segment held the market share of 8.85% by volume in 2021 and is expected to register the CAGR of 6.84% by value during the forecast period. Epoxy resin is utilized in the production of laminated wood for roofs, walls, and decks. Developing high-gloss, long-lasting coatings for indoor and outdoor use Quartz, tile, and other materials are combined to create high-performance and beautiful flooring. creating composites for architectural surfaces like countertops and using water-based epoxy paint to provide a protective coating that dries quickly. Epoxy resin, which is exceptionally strong and sticky, is a great material for a variety of construction and maintenance tasks. The composite's abilities to withstand heat, water, and chemicals further expand its range of uses as an ideal coating and adhesive in a variety of contexts, including boat construction, building, and furniture repair. It can also be used as an additive in paint and coatings to produce long-lasting flooring, counter, and tabletop surfaces, as well as to coat industrial iron, steel, and aluminium parts.


• Automotive: The automotive segment held the market share of 9.48% by volume in 2021 and is expected to register the CAGR of 5.06% by value during the forecast period. Epoxy resins are utilized in production at a total yearly rate of 27,600 t in Europe, of which 22,500 t are used in passenger cars. Epoxy resin's chemical characteristics include heat resistance, metal adhesion, and mechanical strength. These characteristics make it easier to shield the bodywork of cars from corrosion and other harm, sometimes increasing the lifetime of a vehicle. The highly chemically resistant high temperature stable epoxy can withstand a wide range of substances that are present in the under-the-hood environment of an automobile. This resin's low viscosity makes it simple to pot even the smallest or most closely packed components, and it exhibits good adhesion to a wide range of surfaces.


• Electrical & Electronics: The electrical and electronics segment held the market share of 26.56% by volume in 2021 and is expected to register the CAGR of 7.65% by value during the forecast period. Excellent dielectric qualities or strong electrical and thermal conductivity, chemical, mechanical, and water resistance are characteristics of epoxy resins for electronic, electric, and electrical encapsulation (electrical insulator, electrical insulation). Encapsulating and electrically insulating. Epoxies play a crucial role in internal circuits, transistors, printed circuit boards, LEDs, solar panels, and many other gadgets. Epoxy resins are used in energy and electrical coatings, which accounts for a vital chunk of annual epoxy resin production by ERC members.


• MILITARY & DEFENCE: The military and defence segment held the market share of 4.38% by volume in 2021 and is expected to register the CAGR of 5.58% by value during the forecast period. Laminates are used in the ballistic and defence markets. It offers superior ballistic defence at a far lower weight than metallic armour materials. In the construction of military vehicles, land-based shelters, ships, and airplanes, composite armor is used. It is utilized as a structural component or for protection alone as supplemental plate armor. A composite laminate is constructed from several layers of resin and reinforcing fibres. These layers are designed to separate upon projectile impact, this effect significantly improves the projectile's slowing and stopping.


• Others: The others segment held the market share of 7.50% by volume in 2021 and is expected to register the CAGR of 3.56% by value during the forecast period. It includes musical instruments, golf clubs, snowboards and marine. It’s used to prevent corrosion from occurring repeatedly and persistently and the underwater elements. It is used to give shape to musical instrument and make bookmarks, and the interior is smoothing, shiny and elastic.

By Region

• North America: The flexible epoxy resin market in North America was the third largest geographic segment in 2021. The market is expected to rise rapidly during the anticipated time frame due to industrialization and the expansion of the packaging industry. It is anticipated that this region will see an increase in flexible epoxy resin product suppliers and manufacturers. The largest market for thermoformed packaging is the US, followed by Canada.


• Europe: The second-largest market for flexible epoxy resin is anticipated to be Europe. The intense consumer and manufacturing environment in Eastern Europe is likely to be the main driver of the demand for flexible epoxy resin. Furthermore, regulatory bodies like the European Chemicals Agency (ECHA), the European Commission, and other federal agencies have established several stringent environmental standards defining the European market


• Asia Pacific: The Asia-Pacific segment held largest the market share of 17.0% in 2021 and is expected to register the CAGR of 6.88% during the forecast period. Asia-Pacific is the region with the fastest anticipated growth. India and China are two emerging economies now experiencing rapid economic expansion. Demand for construction materials, automobile parts, and medical device packaging has been boosted by rising population and disposable income. China is the region's major manufacturer and supplier of equipment using various types of technologies that use flexible epoxy resin. Strong economic growth in China helps to support the country's rapid urbanization. This region's rising per capita disposable income is anticipated throughout the forecast period to drive the market.


• Latin America: The Latin American market is divided into Brazil, Peru, and Argentina are the major contributors in the region. The growth in the region is attributed to the growth in the automotive industry due technological advancements in the market.


• Middle East & Africa: Middle East & Africa UAE is the leading country in the region followed by Turkey and Egypt. The growth in the region is attributed to the increasing demand in the construction and automotive industries.