According to new report published by Allied Market Research, titled, Epoxy Resin Market by Type, by Physical Form, by Application, and by End User - Global Opportunity Analysis and Industry Forecast, 2014 - 2022, the global epoxy resin market was valued at $6,826 million in 2015, and is expected to reach $10,264 million by 2022, growing at a CAGR of 6.2% from 2016 to 2022. Composites is the fastest growing application segment, at a CAGR of 7.1% during the forecast period. Asia-Pacific dominated the global market in 2015, and is expected to maintain its lead throughout the forecast period.
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The epoxy resin market is in its development stage due to increase in number of end user industries, surge in need for lightweight components, and intensive R&D on the subject. However, high cost of epoxy resin and fluctuating raw material prices are expected to impede the market growth. Furthermore, production of epoxy resin from bio-based sources is anticipated to provide significant opportunities to the industry players in global market.
DGBEA epoxy resin with almost three-fifths market share in terms of revenue, was the leading segment, followed by glycidylamine and aliphatic epoxy resin in 2015. In the same year, liquid epoxy resin generated the maximum revenue, and held three-eighths of the total market share, followed by solution and solid epoxy resin.
Key findings of Epoxy Resin Market:
- In 2015, Asia-Pacific dominated the global epoxy resin market with around three-fifths share of the total revenue.
- Liquid epoxy resin occupied around three-eighths share of the total market volume in 2015.
- Composites segment is anticipated to grow at a high CAGR of 7.1%, in terms of revenue, from 2016 to 2022.
- Aerospace is the fastest growing end use industry segment growing at a CAGR of 7.9% in terms of revenue, from 2016 to 2022.
In 2015, Asia-Pacific accounted for more than half of the worldwide demand for epoxy resin and is expected to maintain its lead position throughout the forecast period. Further, LAMEA is projected to be the fastest growing region, with a CAGR of 6.7% followed by North America with 6.5%, owing to the rapid industrialization and increased demand from aerospace industries.
The major companies profiled in the report include BASF SE, E I DuPont de Nemours and Company, Dow Chemical Company, Huntsman Corporation, 3M Company, Kukdo Chemicals, Nan Ya Plastics Corporation, Hexion Inc., Olin Corporation, and Cytec Solvay Group.