According to the new research report "Epoxy Resin market by Application (Coatings, Electronics, Construction, Wind Turbine, Composites, and Adhesives) and Geography - Trends & Forecast to 2019" by MarketsandMarkets, the market of epoxy resin is projected to grow from an estimated $5,995.8 million in 2013 to $9,219.1 million by 2019, with a CAGR of 7.4 percent between 2014 and 2019.
Epoxy resins are thermosetting polymers and known for their high-quality performance in different industrial applications for corrosion protection, thermal stability, mechanical strength, moisture resistivity, adhesion, and so on. The epoxy resins market is very well correlated to its end-user application industry's growth and its widening reach in industrial applications.
Bisphenol A and Epichlorohydrin are major raw materials in the production of epoxy resins, and any change in the demand and supply of these raw materials could have a major impact on the epoxy resin industry. However, due to rising health concerns related to BPA, it is being substituted by other chemical compounds such as bisphenol F in some applications. Although, paints & coatings is the largest application of the resin, the growing demand of the resin in the wind turbine application is expected to become the fastest-growing market.
According to the estimates, the Asia-Pacific region led the market for phthalic anhydride with 57.0% share by volume at the global level in 2013, followed by Europe (20.6 percent), North America (17.0 percent), and Rest of the World (5.3 percent). Around 36.0 percent of the resin was estimated to be consumed for paints & coatings in 2013. For electrical and electronics and construction applications, the estimated share were 22.5 percent and 9.2 percent respectively.
The growth of the epoxy resin market has been studied through in-depth analysis of important factors that drive the market such as growth in the end-user industry, growing wind energy capacity installation with opportunities in green and sustainable epoxies, and growing demand for it in the aerospace industry. However, slow growth in the European and mature markets of the U.S. and Japan are proving to be the important restraining factors for the market.
