International. The global epoxy resin market was valued at US$6.4 billion in 2014. The market is expected to grow at a CAGR of 7.5% during the forecast period, to reach US$9.9 billion in 2020.
The growth of this industry is coupled with the industrialization of developing economies. An important trend leading to the market is the growing demand from the paints and coatings industry.
The industry is experiencing high growth due to increased applications, technological advancements and increasing demand in the Asia-Pacific region. Currently, China dominates the global market in terms of volume, accounting for around 45% of the global share since 2014. In North America, the increased demand for epoxy resin-based composite materials is expected to be driven by the aerospace industry.
Some key factors in the rapid growth of the epoxy resin market are the momentum received by the growth of the end-user industries. In addition to that, the development in the global wind energy market is also seen as one of the major drivers of the epoxy resins market.
As for the main challenges facing the market is rising raw material costs and increasing awareness of the health risks associated with BPA-based products are the main challenges facing the market.
