High performance epoxy can also be defined as performance coating or varnish that is used to enhance the quality of a surface making it adaptable for the different environments it is exposed to, such as extreme heat. High performance epoxies are extensively used in the production of aerospace & marine, automotive, and consumer goods among others.
High performance epoxy makes an excellent choice for a primer coat as well as a basecoat. Moreover, its additional properties such as quick-drying forming a durable layer make these resins highly desirable in the end-use industries. Therefore, these high-performance epoxy resins cover a vast area of application across automotive, aircraft and marine manufacturing industries which escalates the market on the ascending heights.
Acknowledging the kind of growth, the market witnesses currently, Market Research Future (MRFR) in its recently published a study report asserts that the global high performance epoxy market is forecasted to reach USD 14.9 BN by 2022, registering a phenomenal CAGR during the review period (2016-2022).
Additionally, the electronics sector which is considered as another key application area of these resins fosters the market growth of high performance epoxy. Simultaneously, vast consumption of these high-performance epoxy resins in the manufacturing of paints, coatings & adhesives contributes to the market growth, generating a huge demand.
On the other hand, factors such as fluctuating prices of the raw materials required for the production of these high-performance epoxy resins obstructs the market growth largely. Also, the gap in the demand and supply of the raw materials hinders the market growth, restricting the production volume.
Nevertheless, improving economic conditions, worldwide, are expected to support the market growth by increasing consumers’ purchasing power making luxury items such as automotive and electronics affordable for them.
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Global High Performance Epoxy Market – Competitive Landscape
The fiercely competitive high-performance epoxy market appears to be fragmented due to the presence of several large and small-scale companies. These companies are focused on improving their market performance and increasingly acquire promising companies to expand in the fast-growing regions. Growing innovations in production technologies are further intensifying the competition in the market. At the same time, the market also demonstrates strong investment opportunities for the market players.
Some of the eminent leaders of the market include Sherwin-Williams Company, Euclid Chemical Company, Rust-Oleum, Huntsman International LLC, V8 Floor Systems, Benjamin Moore & Co., Xtreme Engineered Floor Systems, FORREST Technical Coatings, Simpson Strong Tie, Smooth-On, Inc., and Zeraus Products Inc.
Global High Performance Epoxy Market – Segments
MRFR has segmented its analysis into three key dynamics for an easy grasp;
By Types : Resins, Adhesives, Pigments, and Solvents among others.
By End-Uses : Aerospace & Marine, Automotive, and Consumer Goods among others.
By Regions : Europe, North America, APAC, and the Rest-of-the-World.
High Performance Epoxy Market – Geographical Analysis
Globally, the Asia Pacific region accounts for the significant share in the Global High-Performance Epoxy Market. Owing to the augmented demand from the end-user industries such as electronics, coatings, and adhesives in India, Japan, China, and South Korea, the market is projected to retain its dominance in the global market during the review period.
Furthermore, the availability of cost-competitive, skilled labor force available alongside the favorable governmental policies, is fostering the growth of the regional market. This also further attracts foreign investors while encouraging manufacturers to shift their production units to the flourishing market in the APAC.
The MEA region (the Middle East & Africa) accounts for the second largest market for high performance epoxy, holding a considerable market share in the global market. Increasing demand for coatings, adhesives, composites in industries drives the growth in the regional market. End-use sectors including marine, automotive, and spurting Paints & Curing industry are fostering the increase in the MEA high-performance epoxy market.
Whereas, developed regions such as North America and Europe are expected to witness a sluggish growth over the forecast period – 2016-2022. Factors such as the stringent regulations against the VOC emittance during the production of these materials impedes the market growth in these regions.