The global epoxy resins market is expected to reach USD 12.10 billion by 2022, according to a new report by Grand View Research, Inc. Increasing demand for paints & coatings on account of growing construction and automotive industries is expected to drive global epoxy resin market over the forecast period.
Extensive application base across various end-use industries has affected the market growth and this trend is expected to continue over the forecast period. Epoxy resin has been gaining demand across various industrial applications such as aerospace, electrical & electronic laminates, construction, transportation, powder coatings, composites and marine coatings.
Paints & coatings was the largest application segment accounting for over 40% of global market in 2014. High automotive coating demand, on account of increasing automobile production, is expected to drive this segment over the forecast period. Composites are expected to witness the highest growth of 7.3% from 2015 to 2022. Growing demand for light weight, high performance materials particularly in automotive industry is expected to drive this segment over the next seven years.
Further key findings from the report suggest:
Global epoxy resins market size was 2.49 million tons in 2014 and is expected to grow at a CAGR of 6.6% from 2015 to 2022.
Asia Pacific epoxy resins market accounted for over 60% of total consumption in 2014. The regional industry is characterized by rapid industrialization as result of favorable government policies such as financial incentives and tax benefits prompting private investment in the region. China is a major epoxy resin consumers and accounted for approximately 70% of the regional demand in 2014.
Asia Pacific is also expected to witness the highest growth of 7.2% from 2015 to 2022. Increasing construction spending in India, China and Indonesia has prompted the need for paints & coatings which has propelled the demand for epoxy resins in the region.
The industry is moderately concentrated with top five companies accounting for over 50% of global epoxy market share in 2014. Major companies operating globally include Nan Ya Plastic Corporation, The Dow Chemical Company, Sanmu Group, Hexion Speciality Chemicals Inc. and Kukdo Chemical.
