SEATTLE, Sept. 15, 2022 /PRNewswire/ — The global epoxy resin market estimated to be valued at US$ 3,942.5 million million in 2021, and is expected to exhibit a CAGR of 6.9% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Epoxy Resin Market:
Epoxy resin is a thermosetting polymer formed by the copolymerization of an epoxide with another compound having two hydroxyl groups. Epoxy resin is majorly used for non-reinforced applications such as adhesives, composites, and paints & coatings. Currently, vehicle manufacturers adopt lightweight composite materials to meet the demand for increased design freedom, high strength, flexibility, and reduced weight of the vehicle. In addition, the demand for epoxy resin in the aerospace industry has increased at a faster pace for the assembly of helicopter rotor blades and aircraft panels. High heat and pressure along with lightweight & toughness tolerance of epoxy resin make it ideal for use in the aircraft industry, which in turn propels the growth of the global epoxy resin market. All these factors are expected to augment the growth of the epoxy resin market during the forecast period in the aerospace industry.
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Key Market Takeaways:
The global epoxy resin market is expected to exhibit a CAGR of 6.94% over the forecast period (2022-2030). The paints & coatings application segment dominated the market. Epoxy resin-based paints & coatings are widely used in shipbuilding industries, wastewater treatment plants, residential & commercial buildings and in automotive among others. Epoxy resin-based paints & coatings are used to coat the interior and exterior surfaces of commercial, residential, institutional, and industrial buildings. The application of these paints & coatings not only increases . ..