Scienza e Tecnologia
High Demand for Lightweight Automotive Components Positions Epoxy Resins Market to Grow by 6.9% CAGR
NEW YORK , May 19, 2022 /PRNewswire/ -- The global epoxy resins market size stood at US$ 11.22 Bn in 2021. Sales of epoxy resins are anticipated to reach US$ 21.87 Bn in 2031 and exhibit a CAGR of 6.9% in the forthcoming years from 2022 to 2031.
High demand for paints and coatings across the globe owing to their usage in durable goods and motor vehicles is expected to drive growth. Rapid expansion of manufacturing activities is also set to push the usage of paints and coatings for industrial maintenance applications.
Increasing number of residential construction activities worldwide backed by rising population is likely to propel the need for paints and coatings. Excellent resistance to chemicals, stains, and blistering of epoxy resin-based paints and coatings is expected to drive their usage in the residential construction sector.
These are also used in wastewater treatment plants, automotive, and shipbuilding industries because of their ability to resist extreme temperatures and prevent cracks. At the same time, these provide high anti-corrosion performance and good adhesion.
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Moreover, demand for innovative paints and coatings is set to surge in developing regions, such as Asia Pacific due to the expansion of non-residential sectors. Rising government spending on infrastructure development in India and China is projected to boost growth.
In Middle East and Africa , increasing foreign direct investments (FDI) and rising construction of commercial buildings in Turkey and the U.A.E. are anticipated to propel growth. Increasing production of automotive owing to high disposable income of the middle-class population is another major factor that would aid growth.
Besides, high demand for lightweight components in wind turbine and aerospace applications is likely to bolster the need for epoxy resins. Key automotive manufacturers are also expected to use lightweight composite materials such as epoxy resins to cater to the surging demand for flexibility.
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The global epoxy resins market is highly competitive with the presence of various large- and small-scale enterprises. The majority of these companies are competing with each other on the basis of the quality of products offered.
They are increasingly focusing on developing new technologies and products to cater to the high demand from various end-use industries. Meanwhile, a few other key players are striving to develop sustainable solutions to keep up with emission standards implemented by regulatory bodies.
For instance,
In the latest study, Fact.MR offers a 360-degree view of the global epoxy resins market for the forecast period of 2022 to 2031. This report also provides key factors such as recent developments and growth drivers influencing the sales in epoxy resins market through detailed segmentation as follows:
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