Growing industrialization, rising adoption of smart grid technology, increased automotive production, and need for efficient insulation processes are key factors driving market revenue growth
The global Epoxy Resins Market size was USD 1.49 Billion in 2021 and is expected to register a revenue CAGR of 6.5% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is primarily driven by increasing demand for Epoxy Resins in the electrical and electronics industry.
Epoxy Resins improve insulation resistance and enhance overall performance of the part or machine, in which impregnated processes are used. Impregnation extends component life as well, making it increasingly necessary in the electrical industry. Sales of Epoxy Resins is expected to increase in the future owing to high demand for electrical components in rapidly expanding automotive and power generation industries. Another important aspect that will support growth is rising demand for high-quality electrical components as a result of regulatory organizations’ implementation of tight legislation to limit emissions. In addition, it is expected that increased usage of Epoxy Resins in a variety of applications, such as insulation, filament winding, and enhanced heat transfer in electrical components, will drive revenue growth of the market. Moreover, increasing need for impregnation prior to electroplating, lacquering, and baked enamel finishing to eliminate bleed out from acid etches and electrolytes is another factor driving market revenue growth. Also, resin's role as a machining additive extends tool life on a part that needs to be machined to net form.
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Top Companies: Altana Divisions, Axalta Coating Systems, LLC., Kyocera Corporation, Showa Denko K.K., Von Roll, Henkel AG Co. KGaA, Huntsman International LLC., 3M, Polymer Composites, Inc., and Robnor ResinLab Ltd.
Further Key Finding from the Report Suggestion:
- The solventless segment is expected to register a rapid revenue growth rate during the forecast period owing to increasing demand in electrical and electronics industry due to benefits such as high resin film builds, high reactivity, low viscosity, room temperature impregnation, good stability, slot fill, and advanced technical properties, among others. Also, in order to reduce VOC emissions, market players have also created next-generation water-based Epoxy Resins.
- The phenol formaldehyde segment is expected to lead in terms of revenue contribution to the global market over the forecast period owing to rising demand for moldings fit for various uses. Phenolic resins are mainly used in circuit board production for making circuit boards, such as PCB, due to their improved strength, dimensional stability, and greater impact resistance. They are also utilized in construction of panels, gears, bearings, chemical equipment, airplane parts, clutch and brake linings, jigs, and dyes because of their great heat and chemical resistance.
- The motor segment is expected to register a steady revenue growth rate during the forecast period owing to increasing demand for Electric Vehicles (EVs). Appropriate insulation is becoming increasingly important for greater longevity and efficiency. In addition, electric winding impregnation raises temperature generated during usual operation and increases coil insulation and motor's overall performance. Thus, resins decrease risk of winding short circuits, which gradually improves motor's operational life.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Epoxy Resins Market is segmented into:
Form Outlook (Revenue, USD Billion; 2019–2030)
- Solvent based
Type Outlook (Revenue, USD Billion; 2019–2030)
- Phenol Formaldehyde
- Urea Formaldehyde
- Melamine Formaldehyde
Application Outlook (Revenue, USD Billion; 2019–2030)
- Automotive and Electronic Components
- Home Appliances
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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