Global "Epoxy Resin Market is projected to reach USD 8.77 Billion by 2021 from the estimated USD 6.31 Billion in 2015, registering a CAGR of 5.77% between 2016 and 2021. New product launches and investments & expansions were the key strategies adopted by the market players to achieve growth in the epoxy resin market. These strategies accounted for a share of 46% and 25%, respectively, of all the growth strategies adopted by the market players. The rising demand for energy efficient, ecofriendly, cost effective, and light weight products have given rise to the adoption of these strategies.

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Paints & coatings is the biggest application segment for the epoxy resin market

The paints & coatings segment is the largest application and is projected to remain the same in the overall epoxy resin market, in terms of volume, during the forecast period. Economic expansion in the developing countries of Asia-Pacific will increase the demand of epoxy resin for paints & coatings application in building & construction and automotive end-use industries.

Key players in the epoxy resin market

The key players in the global epoxy resin market are Olin Corporation (U.S.), Nan Ya Plastics Corporation (Taiwan), Huntsman Corporation (U.S.), Hexion Inc. (U.S.), and Kukdo Chemical Co. Ltd. (South Korea).

Companies also opted for agreements & partnerships and mergers & acquisitions to expand their market share and distribution network. These strategies accounted for 21% and 8% shares, respectively, of all the growth strategies adopted by the players in the epoxy resin market between 2011 and 2016.

Hexion Inc. has a very high potential for growth in the future. The company operates through more than 60 production facilities globally and serves customers in more than 100 countries. The company also focuses on increasing its operations in other developing countries other than China and India.

In 2016, Hexion Inc. invested in its research and development (R&D) facilities. A new analytical laboratory was added at its Technology & Business Center located in Stafford, Texas, near Houston to cater to the increasing needs of chromatography, spectroscopy, rheology, microscopy, and materials.

In the same year, Oilfield Technology Group (OTG) of Hexion Inc. expanded its resin coated proppant manufacturing facility in Canada to provide an efficient supply of proppants to the oil & gas industry. This strategy would enhance its capacity and improve logistics.

In 2015, the company expanded its waterborne epoxy resin production capacity in Tianjin, China. This facility meets the increasing demand of waterborne epoxy products used to formulate waterborne coatings, polymer flooring, and others used in wind power, automotive, and aerospace applications.

Hexion introduced two new resin systems at the JEC Europe 2015 Composites Show and Conferences March 10-12 in 2015. These were designed to make mass production of large structural components.

In 2015, BASF SE opened a new resin and electrocoat plant at the Shanghai Chemical Industry Park (SCIP) in Shanghai. The new plant will strengthen its local manufacturing base in Asia-Pacific.

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