Paints and Coatings Drive
the Global Epoxy Resins
Market
A recently released report from
Transparency Market Research (TMR)
forecasts that the global epoxy resins
market will develop at a CAGR of 6. 9
percent from 2014 to 2020. TMR, a market intelligence firm based in the U.S.,
states that by 2020, the global epoxy
resins market will reach a market value
of $10.55 billion from $6.64 billion in
2013. The report is titled ‘Epoxy Resins
Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast,
2014 - 2020.’ According to this market
research report, the global epoxy resins
market is propelled by increasing demand from industries such as wind energy, aerospace, and paints and coatings.
Epoxy resins composites in the aerospace
industry are used as raw materials for
building aircrafts. Epoxy resins refer to
thermosetting polymers that belong to
the epoxide functional group. The curing
process makes use of curing agents, ultraviolet light or heat.
Growing demand for paints and coatings for industrial applications acts as a
key factor that stimulates the overall demand for epoxy resins. Increasing focus
towards bio-based epoxy resins is anticipated to create several growth opportunities for the global epoxy resins market.
This TMR report segments the global
epoxy resins market on the basis of application and geography. On the basis of application, this market is categorized into
adhesives, electrical and electronics, construction, composites, wind energy, paints
and coating, and others. Plastic tooling,
eye glasses, handbags, metal protection,
and vinyl gloves are the other areas of application in the global epoxy resins market. Epoxy resins are applied extensively
in the production of switchgears, generators, motors, and electrical laminates that
are used in insulators.
Printed circuit boards hold the highest
share in the electrical and electronics ap-
plication segment. The rising demand for
epoxy resins from the global aerospace
industry can be attributed to the greater
focus of the latter on enhancing fuel ef-
ficiency of aircrafts. The use of epoxy
resins in manufacturing aircrafts reduces
the overall weight of the aircrafts, which
in turn ensures fuel economy. The wind
energy industry uses epoxy resins for
manufacturing aerodynamically efficient
blades for better electricity generation.
Geographically, this research report segments the global epoxy resins market into
China, North America, Europe, Rest of
Asia Pacific, and Rest of the World. With
a share exceeding 45%, the global epoxy
resins market in 2013 was dominated
by China, both in terms of revenue and
volume. Substantial demand for epoxy
resins in China comes from the growing
electrical and electronics industry and the
paints and coatings industry.
With several electronics companies
shifting their production facilities from
Japan to China, the demand for epoxy
resins in China is projected to increase
significantly during the forecast period.
The global epoxy resins market is a highly concentrated one, with a handful of
leading companies dominating the overall market.
TMR Forecasts Marine
Coatings Market to Reach
$11.88 Billion in 2020
In the latest market study released by
Transparency Market Research (TMR),
titled “Marine Coatings Market - Global
Industry Analysis, Size, Share, Growth,
Trends and Forecast, 2014 - 2020”, the
global marine coatings market will reach
$11.88 billion in 2020, increasing from
$7.65 billion in 2013. If the figures hold
true, the market will display a 6. 5 percent
CAGR from 2014 to 2020. According to
the report, the marine coatings market
is primarily driven by the emergence of
China as a key participant in the shipbuilding industry and rising need for
low emissions and fuel-saving solutions
across the globe. Marine coatings provide
protection from corrosion, abrasion, and
impact to vessels, ships and containers,
containers, carriers, among others.
Increasing ship repair and maintenance
activities worldwide will open opportunities for the marine coatings market, said
TMR analysts. However, volatile raw
material prices, which are based on crude
oil, will negatively impact this market.
The report states that anti-fouling coatings led the product
segmentation of the market
in 2013. Anti-fouling coatings
protect vessels and ships against fouling
organisms and slime. The anti-corrosion
product segment held the second largest
share in the market in 2013. Amongst the
products, foul-release coatings are popular due to their biocide-free property and
environmental compatibility.
However, other marine coatings such
as self-cleaning and self-polishing coatings will exhibit the fastest growth in the
marine coatings market in the years to
come. By application, coastal is the largest application segment of marine coatings in the last few years. This is mainly
due to the application of marine coatings
for new shipbuilding as well as drydock-ing. In 2013, deep sea applications held
more than 24 percent of the global marine coatings market. Rising inland and
overseas trade and logistics activities
have contributed substantially to the demand for marine coatings for containers
and offshore vessels. Leisure boats are
expected to exhibit the highest demand
for marine coatings in the next few years,
adds the report.
The report says that Asia Pacific has
led the marine coatings market in the
last few years. The region will continue
to contribute significant revenue to the
global marine coatings market due to the
massive shipbuilding industries in China,
Japan, and South Korea. Europe, being a
major market for ship repair and maintenance, follows Asia Pacific in the global
marine coatings market. North America
will exhibit slow growth in the marine
coatings market in the next few years.
The Rest of the World segment is
likely to have an increased share in the
overall market by the end of the forecast period. Growth of the maritime
industry in Saudi Arabia, South Africa,
and Brazil accounts as the major factor responsible for the rising demand
for marine coatings in the region. The
report profiles the key players in the
global marine coatings market, namely
Akzo Nobel N.V., Jotun A/S, Chugoku
Marine Paints Ltd., PPG Industries Inc.
and Sherwin-Williams Company. CW
