NEW YORK, April 25, 2016 /PRNewswire/ -- The adhesive, composite, and coating epoxy market is estimated to grow from USD 7.52 billion in 2015 to USD 9.96 billion by 2020, at a CAGR of 5.8% between 2015 and 2020. The epoxy resin industry is witnessing high growth because of growing demand from end-use industries. Epoxy resin is largely used in the automotive & transportation, construction, electricals & electronics, aerospace, marine, and aerospace applications.
The demand of epoxy resin is projected to register the highest CAGR in the Asia-Pacific region because of its increased usage derived from the increased population, easy access to resources and increasing income levels.
Composites' demand for epoxy resins to lead the market
Composites are expected to lead the epoxy resin market with the highest CAGR during the forecast period. Major driver will be demand for lightweight automobiles and transportation vehicles. There has been increased usage of composites in the building of body and interiors of cars, buses, trucks, air crafts. These are majorly carbon composites formed with epoxy resins. Eventually, the demand for epoxy resins is getting a great push from composites used in various industries.
Asia-Pacific, the largest and the most attractive market
Asia-Pacific is the leading market for epoxy resins. The growth in demand for this market is driven by several government proposals to improve public infrastructure and rising cash-intensive nonresidential construction, coupled with the increase in the manufacture of resins.
This study has been validated through primaries conducted with various industry experts globally. These primary sources have been divided in three categories: by company type; by designation; and by region.
- By Company Type: Tier 1 - 36%, Tier 2 - 45% and Tier 3 - 19%
- By Designation: C Level - 28%, Director Level – 36% and Others -36%
- By Region: North America - 27%, Europe - 27%,Asia-Pacific - 36%, and RoW - 10%
Companies profiled in the report
- Olin Corporation (U.S.)
- Nan Ya Plastics Corporation (Taiwan)
- Chang Chun Plastics Ltd. (Taiwan)
- Kukdo Chemical Co. Ltd. (Korea)
- Hexion Inc. (U.S.)
- Huntsman Corporation (U.S.)
- BASF SE (Germany)
- 3M (U.S.)
- Mitsubishi Chemical Corp.(Japan)
- Atul Ltd. (India)
- Sinopec Corp. (China)
- Aditya Birla Chemical (Thailand)
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