TAGS: Epoxy Coatings Aerospace Coatings Industrial Coatings Automotive Coatings
Transparency Market Research (TMR) has published a new market study on the global epoxy resins market. According to the report, the epoxy resins market, which was valued at US$ 10.5 Bn in 2020, is anticipated to reach the market value of US$ 21.87 Bn by 2031.
Rise in Applications of Epoxy Resins
Epoxy resins are a highly versatile and useful group of chemicals employed in various industrial applications. They are utilized in the paint industry, as epoxy resins help paints dry off quickly and provide a tough protective layer.
Epoxy resins are utilized in the construction of aircraft, watercraft, and automobiles. They are also an integral requirement in the electronics industry, used in ICs, PCBs, hybrid circuits, and transistors. Among these, printed circuit boards from the electrical & electronics segment accounts for a prominent share.
Epoxy resins are applied in the production of electrical items such as motors, generators, switchgears, and electrical laminates that are utilized in insulators. Epoxy resins are also used in the wind industry for the manufacture of aerodynamically efficient blades, which offer better generation of electricity.
Moreover, applications of epoxy resins are not limited to the technical sector alone; epoxy resins are used by artists to obtain specific colors by mixing pigments. The high demand from aforementioned application areas has greatly boosted the market for epoxy resins. An increased demand from the aerospace industry, due to the reduced overall weight of the aircraft due to the use of epoxy resins, is one of the major drivers for the market.
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Source: TMR