Asia-Pacific Epoxy Resins Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market for Asia-Pacific epoxy resins is expected to grow at a CAGR of over 5% globally during the forecast period. Strong growth of the construction industry and riding demand for electrical and electronic devices are driving the market growth.

• Health impacts of epoxy on health and impact of COVID-19 pandemic are expected to hinder the growth of the market.
• China dominated the Asia-Pacific epoxy resins market followed by India and Japan.

Key Market Trends

Paints and Coatings Segment to Dominate the Market

• Epoxy resins are reinforced polymer composites, derived from petroleum sources; by themselves, they are the result of a reactive process involving epoxide units.
• These resins are used as binders for coating applications to enhance durability of coating for floor and metal applications.
• Epoxy resins help in the development several properties in coatings, such as strength, durability, and chemical resistance. Its properties and abilities of quick drying, toughness, excellent adhesion, good curing, abrasion resistance, and excellent water-resistivity, make it suitable for providing protection to metals and other surfaces.
• Epoxy powder coatings are used on washers, dryers, and other white goods, on steel pipes and fittings used in the oil and gas industry, water transmission pipelines, and concrete reinforcing rebar, due to their flexible applicability.
• The automotive, marine, and aerospace industries use epoxy coatings as primers for corrosion protection.
• Epoxy coatings can further act as protective coatings to industrial flooring.
• Thus, the rapid growth in the Asia-Pacific paints and coatings industry (mainly automotive and industrial coatings) is expected to propel the growth of the epoxy resins market during the forecast period.
• Such factors are expected to drive the demand for epoxy resins in paints and coatings, thus increasing the growth of the market during the forecast period.

China Country to Dominate the Market

• China has the world’s largest electronics production base and offers a tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, have the highest growth in the consumer electronics segment of the market, in terms of demand. With increase in the disposable incomes of the middle-class population, the demand for electronic products is projected to increase steadily in the future, thereby, driving the market studied.
• The electronics manufacturing industry is constantly expanding in China, as a result of low cost and increasing demand of electronics products. With the increase in the disposable income of middle-class population, the demand for electronic products is projected to grow in the near future, thereby, driving the epoxy resins market.
• Additionally, China is one of the major countries in Asia-Pacific with ample construction activities, with the industrial and construction sectors accounting for approximately 50% of the GDP. This growth in construction industry is expected to drive the market for paints and coatings in its applications through the upcoming years.
• China’s 13th Five Year Plan started in 2016, and it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country.
• Thus, growing demand for paints and coatings industry in constructional activities in Asia-Pacific region, are driving the market for epoxy resins.

Competitive Landscape

The Asia-Pacific epoxy resins market is partially fragmented in nature with the presence of various players in the market. Some of the major companies in Asia-Pacific epoxy resins market includes 3M, Covestro AG, Hexion, Huntsman International LLC, Olin Corporation, among others.

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