As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global epoxy resins market is anticipated to rise at a CAGR of 6.9% from 2022 to 2031. Rising need for lightweight, high-strength materials in the automotive and construction sectors, as well as growing demand for high-performance materials in wind power and aerospace industries, is set to drive demand for epoxy resins over the forecast period.
One of the major trends driving epoxy resin sales is the expansion of the coating additives sector. Epoxy coatings are employed in a variety of applications because of their appealing qualities. Epoxy resins are becoming more widely used in marine applications, and are ideal for preparing wood boats. Furthermore, the market is being propelled forward by steps implemented in the automotive industry to minimize carbon emissions. Epoxy resin adhesives are increasingly being utilized to reduce the weight of automobiles, while also improving their security, longevity, and performance.
Increased use of epoxy resins in the production of thermosets to generate light and durable materials, rising use of bio-based epoxy resins in the aviation industry, and growing demand for packaging in the food and beverage industry are other factors driving market expansion.
Key Takeaways from Market Study
- Global epoxy resins market to reach a valuation of $ 21.87 billion by 2031
- Market in Asia-Pacific is projected to increase at CAGR of 7% over the forecast period
- Market in China accounts for 40% share of the global market
- Paints and coatings expected to rise at CAGR of 6.5% from 2022 to 2031
For more information, visit: https://www.factmr.com/report/epoxy-resins-market.