The global epoxy resins market was estimated to be valued at more than $3.5 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 6.6% from 2020 to 2027, according to a report published by Coherent Market Insights. On the basis of application, paints and coatings led the global epoxy resins market in 2019 with around 42% of the market share in terms of revenue, followed by electronics/electrical and adhesives, respectively.
Strong demand from the aviation industry is propelling market growth of epoxy resins, which are widely used as corrosion inhibitors. The increasing use of epoxies in the automotive, paint, and marine and shipping industries is also providing opportunities for market growth.
The volatile price of raw materials used in the manufacturing of epoxy resins is expected to hinder market growth. In addition, health hazards associated with epoxy resin flooring represent another factor that can hinder growth.
The global spread of COVID-19 has resulted in lockdown measures and reduced economic activities, which have severely impacted the manufacturing sector. In addition, inadequate supplies of raw materials will lead to rapid price fluctuations.
Learn more about the report by visiting www.coherentmarketinsights.com.