International. A recently published report by Transparency Market Research (TMR) forecasts that the global epoxy resins market will develop at a CAGR of 6.9% from 2014 to 2020.
TMR, a U.S.-based market analyst firm, says that in 2020, the global epoxy resin market will reach a market value of $10.55 million, up from $6.64 billion in 2013.
According to this market research report, the global epoxy resins market is driven by the increasing demand from industries such as wind power, aerospace, and paints and coatings. Epoxy resin compounds in the aerospace industry are used as raw material for aircraft construction. Epoxy resins refer to thermoset polymers that belong to the epoxide functional group. The curing process makes use of curing agents, ultraviolet light or heat.
The growing demand for paints and coatings for industrial applications acts as a key factor stimulating the global demand for epoxy resins. Increased attention towards bio-based epoxy resins is anticipated to create various growth opportunities for the global epoxy resins market.
