The new report by Expert Market Research titled, ‘Global Flexible Epoxy Resin Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Flexible Epoxy Resin market, assessing the market based on its segments like type, applications and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 591.8 billion
• Forecast CAGR (2023-2028): 6.6%
• Forecast Market Size (2027): USD 878.20 billion
According to type, the rubber modified segment holds a substantial proportion of the market and is expected to rise significantly over the forecast period. Rubber modified epoxy resins are durable and widely used in industrial applications, which is fueling market expansion. The increasing usage of rubber modified epoxy resins as an adhesive in the building and construction industry, owing to its favourable mechanical qualities, is expected to drive this segment’s expansion. The booming automotive industries in India, China, Japan, and South Korea, among others, are driving the market for flexible epoxy resin in Asia Pacific. The market is developing due to automobile manufacturers’ increasing desire for using lightweight composite materials to improve vehicle design and flexibility. The increased incidents of vehicular accidents as a result of traffic congestion are expected to drive up demand for the goods. Because flexible epoxy resin decreases vehicle weight while increasing vehicle strength, demand for it to protect passengers in the event of an accident is increasing. The market in the region is expected to be assisted even more by the growing expansion of the region’s leading epoxy resin manufacturers, which is expected to contribute significantly to market growth over the forecast period.
Industry Definition and Major Segments
A flexible epoxy resin is defined as a flexible resin obtained by copolymerizing an epoxide with a compound with two hydroxyl groups. It’s a reactive prepolymer that’s commonly used in the coatings and adhesives industries.
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Based on type, the market can be broadly divided into:
• Urethane Modified
• Rubber Modified
• Dimmer Acid Modified
Market segmentation based on significant applications:
• Electrical and Electronics
• Paints and Coatings
On the Basis of region, the market can be divided into:
• North America
• Asia Pacific
• Latin America
• The Middle East and Africa
The growing use of flexible epoxy resin in the paints and coatings industry is driving the global market for the product. The increased demand for paints and coatings in the building and construction, automotive, power generation, and electrical and electronics sectors can be linked to this. The building and construction sector accounts for a significant portion of these industries. Epoxy resins are widely used in the construction and building sector to maintain structures intact, which is fueling market expansion. Growing urbanisation and infrastructural development are expected to boost market expansion during the forecast period.
Flexible epoxy resin, owing to its properties such as toughness, high strength and elongation rate, high bonding properties, fast curing, high-temperature durability, and moisture-resistant reliability among others, are used in the production of paints & coatings, which are employed in the building and construction industry.
The consumption of paints & coatings is increasing, with the increase in investments in the construction sector all over the world.
According to a study by the Institution of Civil Engineers (ICE), the global construction industry is expected to reach a value of USD 8 trillion by 2030, primarily driven by countries such as China, India, and the United States.
Apart from these, governments of many countries are taking initiatives to increase construction investments in recent times. According to the United Nations, by 2050, two-thirds of the world’s population is expected to live in urban areas, and Asia is likely to be the fastest-growing region. In 2050, Asia is expected to witness urban growth by around 64%.
Many countries in the Asia-Pacific region, such as Singapore, Myanmar, Thailand, South Korea, Hong Kong, and India, are emerging as the fastest countries, where the largest number of smart cities are present.
Hence, the construction sector is witnessing strong growth, the demand for paints & coatings in expected to increase, which is further driving the demand for flexible epoxy resins in coming years.
Key Market Players
The major players in the market are Conren Limited, DIC Corporation, The Dow Chemical Company, EPOXONIC GmbH, Hexion Inc. and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players
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