The Global Epoxy Resin Market size is projected to reach USD 8.77 Billion by 2021 from the estimated USD 6.31 Billion in 2015, registering a CAGR of 5.77% between 2016 and 2021. The key drivers of the market are increasing penetration of composites, emerging demand from developing countries, and revolutionary advancements in weight reduction and safety.
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Paints & coatings is the biggest application segment for the epoxy resin market
The paints & coatings segment is the largest application and is projected to remain the same in the overall epoxy resin market, in terms of volume, during the forecast period. Economic expansion in the developing countries of Asia-Pacific will increase the demand of epoxy resin for paints & coatings application in building & construction and automotive end-use industries.
Building & construction sector expected to be the dominant end-use industry for epoxy resin
Increase in employment, increase in public & private non-residential spending, and rise of green building construction are driving the epoxy resin market in the building & construction end-use industry. Though the growth of this sector has slowed down, it would still provide opportunities for the growth of the epoxy resin market.
Asia-Pacific estimated to be the largest market during forecast period
Asia-Pacific is the largest market for epoxy resin, both in terms of volume and value, followed by North America and Western Europe. China, the U.S., and Germany are the largest producers of epoxy resins the respective regions. Building & construction is the largest consumer of epoxy resins materials in Asia-Pacific. China and Japan have the largest shares of the Asia-Pacific epoxy resin market. The market in India is witnessing the highest growth rate.
Major manufacturers operational in Epoxy Resin Market are Olin Corporation (U.S.), Nan Ya Plastics Corporation (Taiwan), Huntsman Corporation (U.S.), Hexion Inc. (U.S.), Kukdo Chemical Co. Ltd. (South Korea), Chang Chung Plastics Co. Ltd. (Taiwan), Aditya Birla Chemicals (Thailand), the 3M Company (U.S.), BASF SE (Germany), and Sinopec Corporation (China Olin Corporation (U.S.).
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