Epoxy Resin Market, by Application (Paints & Coatings, Wind Energy, Composites, Construction, Electrical & Electronics, Adhesives, and Others) and by Region (North America, Europe, Asia Pacific, and Rest of the World) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Epoxy resin is a thermosetting polymer formed by copolymerization of an epoxide with another compound having two hydroxyl groups. It is majorly used for non-reinforced applications such as paints & coatings, adhesives, and composites. Currently, vehicle manufacturers adopt lightweight composite materials to meet the demand for increased design freedom, flexibility, high strength, and reduced vehicle weight. More companies in more industries and more individuals have been using epoxy resin in recent years. The reasons for this are that epoxy resin does not corrode when exposed to most chemicals. The same is true when it’s exposed to the elements. It doesn’t show the general wear and tear that most other materials on Earth do. Epoxy resin is also very pliable and flexible. These are some of the reasons why transportation and other industries want to use epoxy resin.
Market Dynamics
The global epoxy resins market has witnessed significant growth in recent past years, owing to the rise in growth in construction industry and industrial development in Asia Pacific region. Asia Pacific is expected to be the fastest-growing region in the epoxy resins market, owing to the rising infrastructural developed, along with high growth in the automobile industries in the region.
Major players in the global epoxy resins market are increasing their investments on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as transportation, construction, packaging, machinery, and others. This is expected to fuel the market growth during the forecast period.
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