Global High-Performance Epoxy Market Overview
High-performance epoxy is formed through the use of various polymers, grade fillers, and hardeners for its application in floor coatings. High performance epoxies induce high gloss and protection to concrete and rigid surfaces. Market Research Future (MRFR), in their latest report on Global High-Performance Epoxy Market Analysis, have concluded that the global market is expected to witness a 5.83% CAGR over the forecast period. According to the report, the global high performance epoxy market is anticipated to reach a market valuation of USD 15.23 billion by the end of 2022.
High performance epoxy has proliferated applications in different end-use industries such as pharmaceutical plants, manufacturing plants, food processing areas, warehouses, hospitals, garage floors, as well as industrial facilities. Such a vast scope of application is fueling positive growth in the global high performance epoxy market. Further, various features of high performance epoxy including low odor, high film-build, chemical resistance, and protection against multiple materials such as oils, solvents, fluids, and cleaners are promoting growth in the global market over the assessment period.
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The growing consumer electronics industry is another factor accelerating the growth noted in the global high performance epoxy market. Further, the application of high performance epoxy in industrial and commercial flooring is observed to increase due to its features of enhancing the durability and aesthetics of the floors. This, in turn, is expected to propel the ascension n the global high performance epoxy market.
Market Segmentation
The report has studied the global high-performance epoxy market for different grades, its end-uses, and various regional segments. Different grades of high-performance epoxy include industrial and food, with 80% of demand accounting for industrial-grade high-performance epoxy. There are various end-use applications of high-performance epoxy, including packaging, electronics, construction, medical, and transportation. The application of high-performance epoxy is expected to rise significantly in the construction sector, owing to the acceleration noted in the building and infrastructure activities across the globe.
Detailed Regional Analysis
The global high-performance epoxy market is studied for the regional segments of North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa. Within these, North America is expected to hold the largest share in the high-performance epoxy market over the forecast period. This can be accounted to the ascension in the demand from the construction sector and the packaging sector in the region. Remarkable growth has been noted in the construction sector due to strong funding, pushing sizeable growth in the high-performance epoxy market within the region.
Europe’s high-performance epoxy market is expected to witness proliferated growth due to its rising demand from the packaging and medical industries residing in the region. The packaging industry in the region is expected to grow at a high rate, in turn, demanding more high-performance epoxy application. A shifting consumer focus towards packaged food products is pushing the ascension in the packaging industries.
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Asia Pacific is anticipated to showcase impressive growth due to increasing construction activities in the region. Additionally, the government of India and China have started focusing on the development of the manufacturing sector which is pushing the growth of the electronics and electrical industry, hence, fueling the growth in the high-performance epoxy market. Meanwhile, the Middle East & Africa is estimated to register considerable CAGR due to rising demand from the medical and construction industries in the region.
Key Players
Some of the noteworthy players in the global high-performance epoxy market include Atul Ltd (India), The Euclid Chemical Company (US), Stentor Enterprises Limited (Kenya), Aditya Birla Group (India), Huntsman Corporation (US), Endura Manufacturing Company Ltd (US), Gougeon Brothers, Inc (US), and Alchemie Ltd (UK).
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Industry Update
July 2019: ProMarine Supplies, a supplier of high-performance epoxy resins, recently acquired Polytek Development Corporation. Polytek recently added ProMarine’s high-performance epoxy resins to their line of specialty polymers.
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