The global epoxy resins market is expected to grow at a compound annual growth rate of 7.36% over 2012-2016, according to a new report from Research and Markets. A key factor contributing to this market growth is the increasing demand for epoxy resins in the emerging economies of Asia, Latin America, and Eastern Europe. The market has also been witnessing an increase in product innovation and R&D activities. However, the rise in raw material prices could pose a challenge to the growth of this market.
The global epoxy resin market is currently witnessing an increase in R&D activities and, consequently, product innovation, according to an analyst. Many manufacturers are increasingly dedicating considerable resources for the design and development of new epoxy resins and related products. For instance, new epoxy resin formulations offering improved thermal and mechanical characteristics are soon expected to be introduced in the market. Moreover, growing environmental and health concerns have led manufacturers to focus on the development of low VOC-emitting epoxy resins such as powder coatings and water-based epoxy coatings.
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