Global Epoxy Resins Market to Reach 3.03 Million Tons by 2017, According to a New Report by Global Industry Analysts, Inc.
San Jose, CA (PRWEB) April 28, 2011
Epoxy resins are one of the most widely used and versatile compounds in the polyester or orthophthalic resins family. Since the commencement of their commercial production in late 1940s, epoxy resins have evolved dramatically to now find adoption in diverse applications. The high-performance thermosetting agents are used in coatings, electrical-electronic laminates, adhesives, flooring and paving applications and composites. Epoxy resin prices are generally stimulated by factors such as demand and supply trend of epoxy variety grade, energy costs, and price trends in the raw material industry. The prices are also influenced by the availability and cost of raw materials such as epichlorohydrin and Bisphenol-A, which are also used in the manufacture of glycerin and polycarbonates respectively. Other reasons for price variations are technology costs, research and development activities, and environmental regulations
Given its high-strung sensitivity to overall health of global economy and the state of its key end-use industries such as construction, automotive, and electrical and electronics, the global epoxy resins market softened during 2008 and 2009. Faltering construction, automotive and electronics and electrical markets drove down consumption of epoxy resins for various applications in these sectors. While lethargy in residential and commercial construction forced a decline in consumption of epoxy resins for bonding & adhesives, surface coatings, flooring & paving, and composites in the construction segment, the depressed automotive industry squeezed the demand for epoxy resins used for automotive paints and coatings, particularly in the OEM segment. The electrical equipment market, especially in developed markets such as in the US and Europe too posted significant decline in production volume over the last two years, thereby limiting market opportunities for epoxy resins used in all electrical laminates that find application in production of printed circuit boards.
Steady inflow of orders from energy and aerospace industries, however provided some respite to the otherwise depressed epoxy resins market in 2008 and 2009. Wind energy sector especially presented substantial market opportunities for epoxy resins over the last 3 years. Known for improving stiffness, stability, and fatigue resistance of wind turbine blades, epoxy resins found steady demand in windmill turbine blade manufacturing, which remained robust even amidst recession, thanks to tremendous government support and global focus on generating sustainable energy including wind power. Backlog orders for special purpose coatings in the aerospace sector also proved to be a blessing in disguise for the epoxy resins market, as these orders prevented any significant decline in demand for coatings and subsequently for epoxy resins used to produce them. Demand for epoxy resins in automotive refinishing and industrial maintenance segments too remained encouraging, with growth slipping only by a small margin, thanks to massive economic stimulus packages doled out by governments across the globe, a major part of which, has been earmarked for infrastructure build and repair. Continued investments in R&D and product innovations by manufacturers bode well for the short to medium term market prospects. Epoxy composites and Epoxy adhesives especially will be the key market drivers for epoxy resins over the next few years.
As stated by the new market research report on Epoxy Resins, Asia-Pacific represents the fastest growing regional market for epoxy resins, with volume sales in the region waxing at a CAGR of more than 7.0% over the analysis period. Strong demand for epoxy resins in China, particularly from the countrys robust electronics and electrical appliances industry and consistent use of epoxy resins in the production of dope, composite materials and adhesives in the region make Asia-Pacific the most prominent market for epoxy resins. Paints and Coatings represents the largest end-use market of epoxy resins, while Electrical Laminates represents the fastest growing end-use market for epoxy resins with volume sales from this segment projected to grow at a CAGR of about 7.3% over the analysis period. Epoxies, particularly those used in reinforced plastics & composites will witness increased demand over the next few years, as the market for electrical laminates expand in line with resurgence in production of printed circuit boards (PCBs).
Major players in the marketplace include 3M, Aditya Birla Chemicals (Thailand) Ltd., Air Products and Chemicals Inc, Asahi Kasei Chemicals Corporation, Cognis Benelux BV, DuPont EI De Nemours & Co, Emerald Performance Materials, LLC, Momentive Specialty Chemicals Inc, Huntsman Corporation, Kukdo Chemical Co. Ltd., Mitsui Chemicals Inc., Nan Ya Plastics Corporation, RBC Industries Inc., Reichhold Inc., Spolchemie A.S., Sumitomo Bakelite Co. Ltd., The Dow Chemical Company, Dow Epoxy, UPPC GmbH, among others.
The research report titled Epoxy Resins: A Global Strategic Business Report announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, and key strategic industry activities. The report provides annual sales estimates and projections in volume terms for Epoxy Resins market across all major geographic markets including US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America, and Rest of World. Key end-use segments analyzed include Paints and Coatings (Solvent-Based, Water-Based, and Powder Coatings), Electrical Laminates, Bonding, Flooring & Paving, and Miscellaneous.
For more details about this comprehensive market research report, please visit http://www.strategyr.com/Epoxy_Resins_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the worlds largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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