As per the industry analysis report titled,’ GLOBAL EPOXY RESINS MARKET 2021-2028’ available with MarketStudyReport, the global epoxy resins market is slated to witness a CAGR of 5.01% throughout the forecast period end.

According to the findings of experts, global epoxy resins market is mainly driven by burgeoning product demand from the aerospace sector, technological advancements, and increased demand for paints and coatings.

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Growth in the adoption of modified resins and expansion of wind energy market are anticipated to uncover new avenues for businesses in the forthcoming years. On the contrary, emergence of alternatives, fluctuating prices of raw materials, and risks associated with over-utilization of BPA-based products are likely to hamper the industry’s progress.

Speaking of component segmentation, the business sphere is bifurcated into epoxies and hardeners. Moving on, based on raw material, the industry is classified into novolac (formaldehyde, phenols), glycidyl amine (aromatic amines, ECH), aliphatic (aliphatic alcohols), DGBEF (bisphenol F & ECH), DCBEA (bisphenol A & ECH) and others.

Considering the application spectrum, epoxy resins can be utilized in composites, wind turbines, paints & coatings, adhesives, electricals & electronics, construction and other applications.

From a geographical perspective, Asia Pacific is anticipated to generate strong returns during the evaluation period, attributable to rapid infrastructural development, prevalence of key players, and availability of skilled labor at low cost in the region.

The competitive framework of this marketplace is defined by major players like The Dow Chemical Company, The 3M Company, BASF SE, Nan Ya Plastics Corporation, Du Pont de Nemours Inc., Cytec Industries Inc., Clariant AG, Aditya Birla Chemicals Ltd., Kukdo Chemical Co. Ltd, Huntsman Corporation, Sinopec Baling Petrochemical Co. Ltd, Momentive Performance Materials Inc., and Chang Chun Plastics Co Ltd.

These companies are constantly directing their efforts towards R&D activities, and other strategies to improve their product offerings and meet growing consumer demands, so as to maintain a strong foothold in the marketplace.