Epoxy resin is a class of polymer made from a monomer that has at least two epoxide groups. These resins can be cross-linked or homopolymerized to form a three -dimensional network using a curative. It finds application in sectors that uses adhesives. The epoxy resins are considered to be one of the strongest adhesives and is used in the automotive, construction and flooring, paintings and coatings, and aerospace sector, etc. The solvent-free epoxy exhibits properties like durability, thermal resistance, water resistance, and chemical resistance.
The growing demand for epoxy resins in the manufacturing of aircraft and automobiles is foreseen to escalate the growth of the epoxy resin market. The aeronautic sector requires premium quality multifunctional composite materials that showcase outstanding mechanical properties provided by epoxy resin.
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Epoxy resins, on the other hand, are used as marine coatings and account for an enormous share in the marine industry. It is used as a tie coat and primer to avoid UV corrosion. In Europe, close to 51,000 tons of BPA-based epoxy resins are used in manufacturing ships. Every ship uses approximately 24 tons of BPA epoxy resin. In flooring, an epoxy resin act as a coating, which helps in maintaining good hygienic standards, as it can be used as a cleaning agent. It is also utilized to enhance the aesthetical appearance of marble floors. It is extensively applied on the floors of hospitals, shopping malls, industrial buildings, etc.
The U.K. coatings industry is expected to drive the epoxy resins market; according to the British Coatings Federation, every three out of four cans of paint sold in the U.K. are produced by the U.K. is a net exporter of paints with almost 30% of worldwide paints exporting share. The U.K. paints and coatings industry accounted for USD 3575.68 million in 2019. Some of the primary industrial participants of the epoxy resins market are Sika AG, DuPont de Nemours, Inc., BASF SE, Hexion Inc., Huntsman International LLC., EIS Inc., etc.
Epoxy Market Segmentation
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