The epoxy resins market, which was valued at $10.5 billion in 2020, is anticipated to reach the market value of $21.87 billion by 2031.

China dominated the market in 2020, and accounted for more than 45% of the market, according to Transparency Market Research (TMR), which has published a new market study on the global epoxy resins market.

An increased demand from the aerospace industry, due to the reduced overall weight of the aircraft due to the use of epoxy resins, is one of the major drivers for the market.

Electrical items

Epoxy resins are applied in the production of electrical items such as motors, generators, switchgears, and electrical laminates that are utilised in insulators. They are also used in the wind industry for the manufacture of aerodynamically efficient blades, which offer better generation of electricity.

Moreover, applications of epoxy resins are not limited to the technical sector alone; epoxy resins are used by artists to obtain specific colours by mixing pigments. The high demand from aforementioned application areas has greatly boosted the market for epoxy resins.

Epoxy resins are adhesive plastics or any other material made from a class of thermosetting polymers containing the epoxide group. Epoxy resins are produced by making use of raw materials such as bisphenol A (BPA), phenols, aromatic amines, aliphatic alcohols, and epichlorohydrin.

Highly versatile

Based on application, the epoxy resins market has been categorised into electrical and electronics, adhesives, composites, wind energy, paints and coating, and construction. Other application areas include eye glasses, vinyl gloves, metal protection, handbags and plastic tooling.

Epoxy resins are a highly versatile and useful group of chemicals employed in various industrial applications. They are utilised in the paint industry, as epoxy resins help paints dry off quickly and provide a tough protective layer.

Epoxy resins are utilised in the construction of aircraft, watercraft, and automobiles. They are also an integral requirement in the electronics industry, used in ICs, PCBs, hybrid circuits, and transistors. Among these, printed circuit boards from the electrical and electronics segment accounts for a prominent share.

Key companies

In terms of region, the global epoxy resins market has been segmented into Europe, China, North America, Asia Pacific and Latin America and Middle East and Africa.

Key companies in the sector include Nama Chemicals, DuPont, 3M Company, Kukdo Chemical Ltd, The Dow Chemical Company, BASF SE, and Hunstman Corporation.-- TradeArabia News Service

 

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