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San Francisco, November 15, 2021/PRNewswire/-According to a new report by Grand View Research, Inc., the global epoxy resin market is expected to reach 19.55 billion US dollars by 2028. It is expected to grow at a compound annual growth rate of 6.7% during the forecast period. It is expected that during the forecast period, the increasing demand for epoxy-based composites in various end-use industries will drive market development.
Read the 80-page market research report, "Epoxy resin market size, application sharing and trend analysis report (paints and coatings, construction), forecast by region (Asia Pacific, North America, Europe) and market segment, 2021-2028", Author: GrandView Research
Epoxy resin is used in the manufacture of composite materials. Because of its high mechanical properties, super adhesion and other characteristics, it is widely used in load-bearing applications such as automobiles, aerospace, construction, oil and gas, and ships. The demand for high-performance composite materials is expected to witness high demand in the commercial aircraft sector. In addition, emerging opportunities in various applications such as wind turbines and pressure vessels will drive market growth.
However, the relatively high cost and labor-intensive production of advanced composite materials are expected to prevent these composite materials from entering the high-volume and price-sensitive market. The growing demand for composite materials in the automotive and aerospace industries, especially in Europe and North America, is expected to remain a key driver of the market. Rising fuel prices and the rapid growth of the commercial aviation sector are expected to drive product demand during the forecast period.
The field of construction applications is expected to see significant growth during the forecast period. In construction applications, epoxy resins are used as sealants, hardeners, grouts and mortars, and laminates for walls, roofs, and decks. Low water permeability, excellent cleaning materials, chemical resistance, good mechanical properties, low curing shrinkage and excellent adhesion are expected to drive the demand for products in construction applications.
The increase in infrastructure construction expenditure, the increase in urban population, and the government's favorable measures to provide affordable housing to the public are expected to promote the growth of the global construction industry, thereby creating demand for products. For example, in March 2020, the US government announced an investment of US$2 trillion as part of its response to the coronavirus for the development of infrastructure including hospital buildings, roads and other infrastructure. In addition, the increasing public awareness of the benefits of green buildings is expected to drive the growth of the global construction industry. In turn, this is expected to lead to an increase in demand for products in construction applications during the forecast period.
Grand View Research has segmented the global epoxy resin market based on applications and regions:
List of major participants in the epoxy resin market
Check out more research related to epoxy resins and their applications conducted by Grand View Research:
View Grand View Research's coverage of the global plastics, polymer and resin industries
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Grand View Research is a US-based market research and consulting company that provides joint and customized research reports and consulting services. The company is registered in California, is headquartered in San Francisco, has more than 425 analysts and consultants, and adds more than 1,200 market research reports to its huge database every year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and well-known academic institutions understand the global and regional business environment and seize future opportunities.
Sherry James Enterprise Sales Specialist, Grand View Research, Inc., USA Tel: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [Email Protection] Website: https://www.grandviewresearch. com us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
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