According to IndustryARC’s business analysts, the global Epoxy resin market size had a value of around $2,460 million as of 2018, and they have projected that the market value will be growing at a global CAGR of 3.5% during the forecast period of 2019-2025. The major crunch of the market is dominated by the construction industry, so has found the analyst, attributing it to the applications of epoxy resin for painting, coating, sealing, and other repair works. The epoxy resin market in the construction segment is estimated to expand at a healthy CAGR of 3.5% during the aforementioned forecast period.
This data resonates with a detailed epoxy resin market research report by IndustryARC, which has a thorough market analysis of the product along with an evaluation of market trends and regional market outlook. The report is titled, “Epoxy Resin Market: By Form, By Formulation, By Curing Agent, By Application, By End Use Industry & By Geography – Forecast (2019-2025).”
The analysts of IndustryARC have also included a descriptive depiction of competitive landscape in the epoxy resin market outlook report that has insights about their market share, new product launches, and how their epoxy resin products are contributing to their overall annual revenues.
Browse through 159 slides and an in-depth TOC “Epoxy Resin Market(2018 - 2023)”
Epoxy Resins Market: Global Competitive Landscape – Key Takeaways
Some of the leading market players in the global epoxy resin market are DowDuPont, Nan Ya Plastics, BASF SE, Hexion, and Huntsman. Here are some of the important insights from the aforementioned market leaders –
- DowDuPont –
In the second quarter of 2018, the company’s net sales increased by 17% to $24.2 billion with double-digit growth in all the segments including performance chemicals that include epoxy resins. According to their 2017 annual report, the market revenues were increased from $6.4 billion in 2016 to $8.7 billion in 2017. Furthermore, Forbes forecasts it to grow to more than $10.5 billion by 2019. The IndustryARC analyst notes that the demand for adhesives and sealants, construction materials, cellulosic-based construction and raw materials for architectural paints and industrial coatings is a major driving factor that are catapulting the sales in the segment. DowDuPont has a patent epoxy resin system named VARAFORCE, which is a successful product used in carbon fiber or glass fiber composite parts for mass reduction purposes.
- Nan Ya Plastics –
Nan Ya has been a leading player in thermosetting polymers and epoxy resin market since long, with its continuously growing production that valued at 18000 MT in 1988 and raised to more than 461,000 MT in 2015. Their production has been on the rise to date. The Company has two production plants in Taiwan (Shulin and Mailao) and two in China (Kunshan) and offer a wide range of epoxy resin products such as BPF epoxy resin, liquid epoxy resin, solid epoxy resin, and some other polymers, prepolymers, and fiber-reinforced plastics. These products are used in industrial coatings and as structural adhesives.
- BASF SE –
On March 15, 2018, BASF SE announced to increase the price of epoxy-based Master Builders’ Solutions products sold under the brand name of Master Top in Europe by 10%. This was chiefly attributed to the global increases in raw materials for epoxy-based construction systems product. Their construction chemicals division that includes epoxy resin products observed sales of about $2.4 billion in 2017.
- Hexion Inc. –
Hexion Inc. is a chemical company that produces thermoset resins and other related technologies and specialty chemicals. It has two divisions – the epoxy, phenolic coating resins division and the forest products division. According to their annual report 2017, the organization observed the net sales for the quarter that ended on December 31, 2017, as $895 million which is an increase of 18% as compared to $785 million in the year prior to it. This increase in sales is predominantly because of the signification profit in epoxy resin and some other specialty chemicals. Even though the raw material cost of epoxy resin has raised, the volume-gain has shown an increment. Their fourth quarter reflects an enhanced demand resulting in year-over-year gains in the epoxy resin segment.
- Huntsman Corp. –
Huntsman has been an innovator in the epoxy resin sector for more than 60 years now, and they offer a diverse range of epoxy resin products. The company observed an impressive revenue of $8.36 billion, some of which is due to the recovery in the sales of epoxy resins due to the increase in demand. The company offers a gamut of products in epoxy resins. They manufacture Bisphenol-A based epoxy resins that are used in automotive coatings or other applications. Their products are also used in the manufacturing of industrial coatings that are used in construction which is a major driving force for epoxy resin market growth. Their epoxy resin products are also widely used in other applications like insulation in medium and high-voltage electrical systems, filament winding, and vacuum pressure impregnation which are industrial applications and have great profit margins.
Other companies generating remarkable revenues from the epoxy resin market are Jiangsu Sanmu Group, Changchun Chemicals, Aditya Birla Chemicals, Ciech S.A., and Dalian Qihua.
Major Factors Driving the Epoxy Resins Market Revenue in the Companies –
- The Demand for Protective Coatings –
Protective coatings are used in construction industries for corrosion-resistance and maintenance purpose of pipes, spools, and vessels. Now, with the construction industry growing at a rapid rate across the globe, the demand for protective coatings is increasing which is opening up opportunities in the epoxy resins market.
- Application of Diglycidyl Ether of Bisphenol-A (DGEBA) Epoxy Resin –
Diglycidyl Ether of Bisphenol-A is also used as a coating in the construction industry which is generating a lot of business opportunities of the manufacturers of epoxy resins. Hexion is a market leader in its manufacturing and acquires a notable revenue from the same.
- Marine Applications –
With an upsurge in the use of epoxy resin in the marine application as marine composites, the companies are observing a rise in revenues from the same.
America Topping the Epoxy Resin Market Share –
With the growth of commercial construction that includes malls, restaurants, and offices in America; the demand for coating material and paint is increasing. Now, epoxy resins are an integral part of many coatings materials and paints which makes America top the regional market share with 35%, according to the IndustryARC report. The sales of the product are also gaining momentum with the construction of skyscrapers in many parts of America. Owing to their physical and mechanical strength, they are also used in electrical and electronic applications like keeping switches and generators clean and dry. Now, the use of electrical and electronic equipment is undergoing a massive growth in America which is reflecting positively in the sales of epoxy resin products.
Protective coatings will always be a part of construction projects no matter commercial or industrial. Additionally, electrical and electronics usage is observing a rapid growth across the world and more so in America. Epoxy resins’ further application in the marine sector will open business opportunities for new market players, and the existing market leaders will leverage the growth in demand for the same.
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