Epoxy resins which are also known as polyepoxides belong to the category of reactive prepolymers and polymers that contain the epoxide group. Epoxy resins are one of the most versatile compounds that are widely used in the orthophthalic and polyester family. Epoxy resins usually react either with themselves or with other co-reactants which include phenols, acids, alcohols, polyfunctional amines and thiols among others. Epoxy resins are either low molecular weight pre-polymers or high molecular weight polymers which usually contain at least two epoxide groups. The epoxide group is also known as oxirane and glycidyl group. The raw material required to industrially manufacture epoxy resins are largely derived from petroleum.
However, some of the plant derived sources are becoming popular in manufacturing epoxy resins. Epoxy resins being polymeric or semi-polymeric materials and thus, are rarely exist in their pure state. Epoxy resins are known for their excellent electrical, mechanical and heat resistance properties. The epoxide content in the epoxy resins is the most crucial factor which determines the characteristics of epoxy resins. Different grades of epoxy resins are usually blended with various additives, plasticizers and fillers. Epoxy resins find wide range of applications in paints and coatings, electrical and electronic components and structural adhesives manufacturing industries. The paint and coatings industry is one of the major applications of the epoxy resins market.
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Growing population coupled with changing lifestyle is expected to boost the overall growth of the construction industry. The growing construction industry is expected to augment the growth of the paints and coatings industry. The paints and coating industry is expected to further grow owing to the rising demand from the automobile industry. The rising demand for high end luxury automobiles is further expected to enhance the overall growth of the paints and coatings industry. Thus, the growing paints and coatings industry is expected to drive the overall growth of the epoxy resins market. Epoxy resins are w9idely used by the paints and coating industry on the heavy duty metal substrates. In addition, paints and coatings containing epoxy resins use less energy than that compared to other heat-cured powder coatings. Moreover, paints and coatings containing epoxy resins are also considered environmental friendly than other chemicals.
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Asia Pacific is the largest manufacturer of epoxy resins owing to the presence of large manufacturers in China. The presence of many manufacturers coupled with their huge production capacities is expected to boost the overall growth of the epoxy resins market. Europe is one of the major consumers of the epoxy resins market. Epoxy resins being environmental friendly are further expected to augment the overall demand in the market. The demand for epoxy resins is gradually growing in North America. Thus, the growing consumer awareness towards environment friendly products coupled with the presence of stringent environmental regulations is expected to further boost the overall growth of the market.
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Momentive Performance Materials, Kukdo Chemical (South Korea), Huntsman Corporation (U.S.), The Dow Chemical Company (U.S.), Atul Ltd (India), Sika AG (Switzerland), Cytec Industries Incorporation (U.S.), DuPont (U.S.), 3M (U.S.), BASF SE (Germany), Aditya Birla Chemicals (Thailand) Ltd, NAMA Chemicals (Saudi Arabia), LEUNA-Harze GmbH (Germany), and Spolchemie A.S. (Czech Republic) among others are expected to some of the major participants of the global epoxy resins market. The companies are mainly focused towards developing bio based epoxy resins in order to comply with the stringent environmental regulations.