Epoxy Market Driven by Increased Demand for Plastic in Construction Industry

The specialty epoxies business is an essential portion of several industries, and the market is quite consolidated within only a handful of players since there are entry high barriers and requirements of skilled and technical support. The raw materials for epoxy resin production are today largely petroleum derived, although some plant-derived sources are now becoming commercially available. Industrial and automotive applications often use epoxy resin coating since they are more heat resistant than latex-based and alkyd-based paints. IndustryARC has come up with a new report titled “Epoxy Resin Market: By Form, By Formulation, By Curing Agent, By Application, By End-Use Industry & By Geography – Forecast (2018-2024)”. The report has estimated that global epoxy resin market to be worth $2,460 million as of 2018, and its value is projected to increment at a CAGR of 3.5% over the forecast period of 2019 to 2025. The key industries such as construction, chemicals, aerospace, transportation, and marine are growing progressively and simultaneously increasing the demand for epoxy resins. Epoxy resins are a class of reactive pre-polymers and polymers which contain epoxide groups. A wide range of epoxy resins is produced industrially. Construction Flooring Applications Expanding Demand in Epoxy Resins Market According to Epoxy Resin Industry Association, the key applicant industry which is consummating the most is the construction industry. New technologies are enabling development of sustainable architectural surfaces and countertops composite blends of epoxies, recycled glass, and other commonly discarded post-consumer material. Epoxy resins are used for high performance and decorative flooring. In a long run, epoxy coated floor do not require replacement as often as other floorings. Therefore, epoxy flooring technologies offer significant cost savings even when considering a higher initial investment, and thereby greater demand for the same. According to Epoxy Resins Committee, epoxy coated floors offer repair and maintenance savings of approximately €125 million annually, and by reducing flooring waste Europeans could save up to €70 million in waste handling costs each year. United States Bolstering Epoxy Resins Market In the United States, the construction sector is one of the main consumer and end user of epoxy resins. Overall, Americas accounts for regional share for more than 35% of the global epoxy resins market share, with the construction segment growing at a CAGR of 3.5% during the aforementioned forecast period. Epoxy Resins Market: Current Scenario Epoxy resin is the one industrial chemical with multiple applications. Due to the increasing use of epoxy resin in powder coating application, the segment is finding widespread demand. In the current scenario, commercial aircraft, trains, cars, and ships and gondolas are being made by glued parts of carbon fibers and plastics as they enhance the durability and longevity. In the production of epoxy resins, Bisphenol A and Epichlorohydrin are the major raw materials, and currently, the demand and supply have a major impact on the epoxy resin market. The demand for epoxy resins market is rising in the United States followed by Asia Pacific countries such as China and India. Epoxy Resins Market: Competitive Landscape Nan Ya, DowDupont, Chang Chun Group, Hexion, Olin Corporation, BASF SE, Huntsman, Jiangsu Sanmu Group are a few players ahead of the curve in the global epoxy marketplace.

• DowDupont- Plastics and chemicals giant, based in Midland, Michigan, is a collaboration between Dow and DuPont after the merger in early 2017. In 2018, the company report sales of nearly $86 billion, out of which profits were about $4 billion. Out of the total sales, Packaging and Specialty Plastics unit including a major polyethylene epoxy resin business of the company generated sales of almost $24.1 billion. This prosperity of the company clearly reflects the profitability of the epoxy resin market.
• In the epoxy industry, BASF offers under the Baxxodur brand a broad range of curing agents for the professional epoxy resin processing. BASF also offers complete epoxy systems for composites consisting of Baxxorees resins blends and Baxxodur hardener blends.
• On March 30, 2018, Hexion scientists announced the development of the NextGen Epoxy Waterborne System- capable of less than 100 g/L volatile organic compounds (VOC) content in concrete and metal applications. The water-soluble amine curing agent called EPIKURE Curing Agent 8530-W-75 is a solvent-free curing agent that has a lower equivalent weight which means that formulators can use the less curing agent to cure the same amount of epoxy resins. This is expected to trigger some disruptions in the epoxy resins market as VOC have been identified as a significant health hazard.
• Huntsman Corporation- For over 20 years, with a revenue of more than $8 billion, has been a global leader in the development of waterborne epoxy resins, which is becoming the first choice for formulators. Huntsman has developed high functionality epoxy phenol novolac and epoxy cresol novolac resins that will improve the thermal and chemical resistance of bisphenol-A and bisphenol-F epoxy resins.
• Jiangsu Sanmu Group Corporation is in the research and production of resins in China. The company possesses the total assets of more than 300 million RMB. The manufactured series of resins include alkyd resins, epoxy resins, emulsion, butyl acetate ethyl acetate unsaturated polyester as well as the polyester resin used in the fields of coating, electronics, shipbuilding, and construction.

Conclusion The extensive adoption of epoxy resins in the building and construction applications are the key factors that would propel the epoxy resins market in the future. In the recent years, the Americas has taken a leap and has grown drastically as a demanding producer in the epoxy resin market, leaving behind Asia Pacific regions backed by the emerging economies of China and India. Epoxy resins market plays a vital role in progressing industrial sectors like building and construction, automotive, metal and marines, and has a lot of potential for the growth globally. Talk to one of our sales representative about the full report by providing your details in the link below: https://industryarc.com/support.php?id=16463 Related Reports: Corrosion Resistant Resin Market https://industryarc.com/Report/16418/corrosion-resistant-resin-market.html Nylon Resins Market https://industryarc.com/Report/1302/nylon-resins-market-analysis.html