According to a report from Fact.MR, a market research and competitive intelligence provider, the global epoxy resins market is expected to rise at a CAGR of 6.9% from 2022 to 2031.
Rising need for lightweight, high-strength materials in the automotive and construction sectors, as well as growing demand for high-performance materials in wind power and aerospace industries, are set to drive demand for epoxy resins over the forecast period.
One of the major trends driving epoxy resin sales is the expansion of the coating additives sector. Epoxy coatings are employed in a variety of applications because of their appealing qualities. Epoxy resins are becoming more widely used in marine applications and are ideal for preparing wood boats.
Furthermore, the market is being propelled forward by steps implemented in the automotive industry to minimize carbon emissions. Epoxy resin adhesives are increasingly being utilized to reduce the weight of automobiles, while also improving their security, longevity, and performance.
Increased use of epoxy resins in the production of thermosets to generate light and durable materials, rising use of bio-based epoxy resins in the aviation industry, and growing demand for packaging in the food & beverage industry are other factors driving market expansion.
Key Takeaways from Market Study
- Global epoxy resins market to reach valuation of US$ 21.87 billion by 2031.
- Market in Asia Pacific projected to increase at CAGR of 7% over forecast period.
- Market in China accounts for 40% share of global market.
- Paints & coatings expected to rise at CAGR of 6.5% from 2022 to 2031.
“Manufacturing of epoxy resins from bio-sourced materials is predicted to provide a variety of growth prospects for major companies, as well as an increase in R&D operations to produce new, enhanced epoxy resin systems for various applications,” says a Fact.MR analyst.
Key manufacturers are focused on product quality, product development capabilities, and new technologies employed in product formulations. Established players are investing in the development of new and sophisticated resin formulations that will provide them with a competitive advantage. For instance, in 2021, the acquisition of Royal DSM's Resins & Functional Materials business (RFM) by Covestro was accomplished. Covestro will be able to increase its offering of biodegradable coating resins as a result of this acquisition.
These insights are based on a report on Epoxy Resins Market by Fact.MR. To read the report visit https://www.factmr.com/report/epoxy-resins-market.