The acrylic resin segment is projected to register the largest share because of its usage in varied applications, such as architectural coatings, floor finishes, and automotive coatings. Polyurethane is the second most demanded resin type.
The acrylic resin segment accounted for the largest market share in 2019. Acrylics are available in two types of composition: pure acrylics and complex acrylics (contain additional monomers).
Pure acrylics contain only acrylic monomers. To obtain a resin with specific properties, or to reduce its cost, different monomers can be incorporated into the acrylic polymer.
In the case of complex acrylics, styrene is the most used, and the resulting resin is known as styrene-acrylic. Styrene monomers are significantly less expensive than acrylic ones. They are known to increase water resistance and offer alkali resistance and improved hardness.
The general industrial coatings segment is projected to be the fastest-growing application of coating resins. The drivers for the market in this segment are population growth, improved standard of living, infrastructural development, global GDP growth, and growth of the construction sector.
The demand for motors, generators, and transformers, agricultural equipment, and other industrial equipment is increasing globally, which is driving the demand for coating resins in the general industrial coatings application.
APAC is the leading market for coating resins. The growth in the region is fueled by the booming economies of China, India, Indonesia, and Vietnam. Acrylic resin is a preferred choice for architectural and decorative coatings in APAC.
It is in high demand, as it is a low-cost material that provides good chemical and photochemical resistance, stain protection, water resistance, and has better adhesion to surfaces than other resin types. APAC is a rapidly developing region with growth opportunities for companies willing to invest in high-growth markets. The green coatings (low VOC) segment is expected to be one of the leading technology trends in this region.
Epoxy Resin Market Worth $11.28 Billion By 2026: Polaris Market Research
The global Epoxy Resin Market is expected to reach $11.28 billion by 2026 according to a new study by Polaris Market Research.
The report “Epoxy Resin Market Share, Size, Trends, Industry Analysis Report By Raw Material (DGBEA, DGBEF, Novolac, Aliphatic, Glycidylamine, Hardener); By Application (Paints & Coatings, Wind Turbine, Composites, Construction, Electrical & Electronics, Adhesives, and Others); By Regions, Segment Forecast, 2020 – 2026” gives insight into current market dynamics and provides analysis on future market growth.
The major end-user industries for epoxy resins include electronics and paints and coatings followed by adhesives, composites, wind turbines and others. Epoxy resins find extensive use in powder coatings applied to automotive and appliances parts, in solvent-dipped coatings applied to substrates in corrosive environment and water-based coatings as electrodepositing primers in automobiles.
Epoxy resins possess favorable properties such as high thermal stability, mechanical strength, resistivity, adhesion, electrical, mechanical and heat resistance that makes it ideal choice for use in laminates, jewelry and insulators. Epoxy coatings are widely known for their use in manufacture of Printed Circuit Boards (PCB’s). The rapid conglomeration and urbanization of the world has led to development of the electronics industry with manufacture and design of such electronic products leading to growth of epoxy resins.
Epoxy resins are used in the production of composite fibers in the aerospace, race cars, marine, and other high-performance applications. Epoxy composites provide excellent strength along with weight reduction, increased strength, durability, and chemical resistance to the application products on account of which these composites are expected to gain interest from various end use industries.
High performance composite demand will be fueled by tremendous growth in the commercial airplane market as well as emerging opportunities in applications such as wind turbines and pressure vessels. However, the relatively high cost and labor-intensive production of advanced composites will prevent these materials from penetrating high volume and price-sensitive markets.
Increasing composites demand from the automotive and aerospace industries particularly in Europe and North America is expected to remain its key driving factor. Increasing fuel prices coupled with stringent environmental regulations regarding vehicular emission has increased the need of composite usage in the automotive industry. Rapidly growing commercial aviation sector is expected to drive epoxy composites demand over the forecast period.
Epichlorohydrin has been traditionally produced from propylene, which is a petroleum based feedstock. Fluctuations in crude oil prices are directly reflected in its derivatives. Propylene prices are directly affected by crude oil prices. Crude oil prices are determined by various factors including supply, demand, inventory, and natural causes.