ID: MRFR/CnM/1204-CRR | October, 2017 | Region: Global | 155 pages | Cooked Research Reports
Global Epoxy Resin Market Information: Type (Glycidyl Epoxy and Non-Glycidyl Epoxy), Technology (Liquid Epoxy, Waterborne Epoxy, Solvent Cut Epoxy, and Others), and Application (Building & Construction, Automotive & Transportation, Electrical & Electronics, Adhesives & Sealants, Marine, and Others), and Region- Forecast till 2023
Market Synopsis of Global Epoxy Resin Market:
Epoxy Resin, also known as polyepoxides, refers to a kind of reactive prepolymer and polymer containing epoxide groups. These resins react either with themselves in the presence of catalysts, or with many co-reactants like amines, phenols, thiols, etc. Epoxy Resin has numerous industrial applications in a wide range of end-use industries. It exhibits superior mechanical properties and more thermal and chemical resistance than other types of resin.
The Global Epoxy Resin Market is estimated to grow at CAGR of 5.24% to reach USD 10,620.5 million by the end of 2023. The factors positively influencing the market are the increasing epoxy based composites demand from automotive & transportation industry and steady growth of construction industry.
By Type, Epoxy Resin are characterized into glycidyl epoxy and non-glycidyl epoxy. Among these type, Glycidyl Epoxy held major share of the market, as of 2016, due to increasing use of this type in production of materials to be used in numerous industries such as automotive and building & construction. Non-glycidyl epoxy is another significant segment in the Global Epoxy Resin Market.
Based on Technology, the market is divided into liquid epoxy, waterborne epoxy, solvent cut epoxy, and others. The liquid epoxy resin segment accounted for the largest share of the overall market due to its wide range of applications. Yet, waterborne epoxy is set to emerge as the fastest growing segment in the overall Epoxy Resin Market due to its increasing use in powder coating applications.
Depending upon Application, the Global Epoxy Resin Market is segmented into building & construction, automotive & transportation, electrical & electronics, adhesives & sealants, marine, and others. Building & construction industry is the leading segment, growing at a considerable CAGR to reach USD 2,988.8 million till 2023, on account of rapid infrastructural development around the world. Automotive industry is another substantial segment in the Global Epoxy Resin Market, which is growing at the highest CAGR due to increasing use of epoxy resin based materials for manufacturing parts of an automobiles.
Global Epoxy Resin Market Share, by Application, 2016 (%):
The Global Epoxy Resin Market is spanned across five key regions: Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among them, Asia Pacific accounted for the largest share of the market in 2016 and is estimated to grow at considerable CAGR throughout the review period. The primary factor responsible for the dominance of Asia Pacific region is the increasing demand for the product in steadily expanding construction sector, along with manufacture of consumer goods and expanding production capacity in this region. Asia Pacific is followed by North America, which accounted for the second largest market share, as of 2016. U.S. held the major share of the regional market and is expected to retain its dominance during the forecast period owing to greater penetration of end user industries in the country.
Europe is another substantial region in the Global Epoxy Resin Market. It accounted for a 9.28% share of the market in 2016. Germany is the leading market in this region, in terms of value and volume due to increasing demand from the established automotive industry. Europe is followed by Latin America and Middle East & Africa. Latin America is the emerging market in the Global Epoxy Resin Market and is projected to grow at the highest CAGR owing to evolving industries and pacifying economic conditions in Brazil, Venezuela, and Colombia.
The Global Epoxy Resin Market is segmented on the basis of type, technology, application and region. On the basis of type, market is divided into glycidyl epoxy and non-glycidyl epoxy.
Based on Technology, the market is segmented into liquid epoxy, waterborne epoxy, solvent cut epoxy, and others.
Furthermore, By Application the market is categorized into building & construction, automotive & transportation, electrical & electronics, adhesives & sealants, marine, and others.
Geographically, The Global Epoxy Resin Market is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The prominent players in the Global Epoxy Resin Market are Olin Corporation (Olin) (U.S.), Aditya Birla Chemicals (India), Kolon Industries, Inc (South Korea), BASF SE (Germany), Ciech S.A (Poland), Huntsman International LLC (U.S.), and Spolchemie (Czech Republic), among others.
Global Epoxy Resin Market is projected to reach USD 10,620.5 million by 2023 with 5.24% CAGR during review period of 2017-2023. Asia Pacific accounted for the largest share due to the significant growth of automotive and construction industry. Liquid epoxy segment is estimated to dominate the global market owing to its usage in a wide range of applications. Automotive & transportation industry is growing at the highest CAGR, among other applications of the epoxy resins. Among the technology segment, waterborne epoxy is projected to emerge as the fastest growing segment.
The report covers a brief analysis of the major geographical region including