End-user demand for lightweight composites in aerospace and wind turbine applications is currently driving the global epoxy resin market. Lightweight composite materials are being used by automobile designers to provide design freedom, flexibility, strength, and weight savings. Epoxy resins are used to improve the tensile and flexural strength of wind turbine blades. That means that wind energy is anticipated to fuel market growth for this resin. Global demand for epoxy resins is expected to rise as a result of rising income, urbanisation, and technologically demanding activities. The global epoxy resin market is expected to grow as a result of steady economic growth and growing industrialization.
Epichlorohydrin (ECH) and bisphenol A are most commonly used to make epoxy resin (BPA). When burnt, both ECH and BPA produce harmful byproducts. More gases are emitted when the combustion temperature rises. It’s also not biodegradable with epoxy resins. Thermoset resins aren’t recyclable and they’re not biodegradable either. As a result, these concerns substantially obstruct global market growth. The cost of ECH is also influenced by the price of this resin. Variations in ECH and BPA demand and supply also impact the market. Bio-based epoxy resins are expected to have a positive impact on the global epoxy resin industry. Biopolymers may one day be manufactured from bio-based epoxy resins. It is important to note that sorbitol, isosorbide, and natural sugars are all bio-based pre-polymers. Oil plant glycerol can also be used to make ECH. Epoxy resin encapsulation in biodegradable material has the potential to expand the market. As a result, it is expected to exert a significant impact during the anticipated time period. Expanding R&D efforts to create new epoxy resin systems for specialised applications is an additional benefit to the market.
Because of their high reactivity, epoxy resins are particularly popular in the textile sector. Epoxy resins have a high reactivity, which makes them good candidates for bonding to fibres. Epoxy compounds are also used to restore rusted and deteriorated steel structures and pipes. It is also common practise to employ composite repair on offshore structures, where welding is too expensive. The epoxy resin business will be able to take use of all of the aforementioned variables to grow. Because of its minimal shrinkage and cheap production costs, epoxy resin has proven to be a superior material for tooling purposes. As a matter of fact, epoxy resins are commonly used in the creation of metal shaping moulds, patterns, vacuum forming moulds, and jigs, among other things.
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Methods of Research
The purpose of this study is to estimate the size of the epoxy resin market in 2016 and anticipate its growth through 2021. In-depth qualitative and quantitative analysis of the market is provided in this report. In order to find and gather information suitable for a detailed commercial research of the epoxy resin market, a variety of secondary sources, such as directories, industry magazines, and databases, were employed to locate and collect information. Primarily, primary sources such as specialists from relevant sectors and suppliers were consulted in order to acquire and verify essential information as well as to estimate the market’s future possibilities.
Chemical raw material producers such as Aditya Birla Chemicals (India), Olin Corporation (United States), GE Plastics (United States), Nan Ya Plastics Co. Ltd (Taiwan), and Chang Chung Plastics Co. Ltd (Chinese Taipei) are all part of the epoxy resin value chain (Taiwan). Manufacturing companies that produce epoxy-based products include Olin Corporation (the United States), Nan Ya Plastics Co. Ltd. (Taiwan), Hexion Inc. (the United States), Kukdo Chemicals, the United States, Huntsman Corporation, the Taiwan, and Chang Chung Plastics Co. Ltd. (Taiwan). Automotive, aerospace, construction, wind energy, and other sectors utilise the goods created by these firms. Companies such as BMW in Germany, Daimler in Germany, Boeing (United States), Siemens (Germany), and others use the products manufactured by these companies.