Epoxy resins are petroleum-based reinforced polymer composites that are produced by a reactive reaction with epoxide units. These resins serve as binders in coating applications, increasing the coating's endurance for metal and floor applications. Epoxy resins aid in the development of a number of coating qualities, including chemical resistance, strength, and durability. It is appropriate for preserving metals and other surfaces due to its qualities and capabilities, which include excellent adhesion, rapid curing, abrasion resistance, quick drying, toughness, and excellent water resistivity.
Europe Epoxy Resin Market Driving Factors and Challenges
Driving Factors:
- Expanding Construction and Infrastructure Sector: The need for epoxy resins is being driven by the expanding European construction industry, which is being fueled by urbanization, infrastructure expansion, and renovation projects. These resins give buildings and infrastructure longevity and visual attractiveness through their use in floors, varnishes, adhesives, and structural reinforcements.
- Growing Use in the Automobile Sector: The European automobile sector is always changing, with an emphasis on emission reduction, fuel economy, and lightweighting. Epoxy resins are used in automotive adhesives, coatings, and composites to reduce weight, increase safety, and improve fuel efficiency.
Challenges:
Hazards to Human Health and Changing Raw Material Prices
The release of strong and lethal fumes that can irritate the eyes and lungs is one of the many health risks associated with epoxy resin flooring. Further market expansion is being hindered by these emissions. People who have asthma may also experience respiratory difficulties if exposed to these gasses. It is projected that rigorous environmental regulations governing bisphenol A will impede demand growth during the forecast period. Petroleum-derived raw materials are frequently used in the production of epoxy. Because of this, changes in the price of crude oil have a significant impact on both the cost of epoxy hardeners and the cost of these raw ingredients. Price fluctuations have a significant impact on small businesses and the profit margin.
Impact of COVID-19 on Europe Epoxy Resin Market
The COVID-19 outbreak had a negative impact on the demand for epoxy resin in a variety of applications, including paints and coatings, adhesives, wind turbines, and others, due to stalled manufacturing activities, supply and transportation restrictions, and a global economic slowdown in 2020. Furthermore, the resumption of industrial operations is expected to have a favorable impact on future market demand.
Europe Epoxy Resin Market Key Players:
The competitive landscape, market segments, revenue analysis, and detailed examination of several prominent market players are provided in this market study, including 3M, BASF SE, Covestro AG, Daicel Corporation, DuPont de Nemours, Inc, Westlake Corporation, Huntsman International LLC, Olin Corporation.
Europe Epoxy Resin Market Segmentation:
By Raw Material: Based on the Raw Material, Europe Epoxy Resin Market is segmented as; DGBEA, DGBEF, Novolac, Aliphatic, Glycidylamine, and Other Raw Materials.
By Application: Based on the Application, Europe Epoxy Resin Market is segmented as; Paints and Coatings, Adhesives and Sealants, Composites, Electrical and Electronics, Wind Turbines, and Other Applications.
By Region: This research also includes data for Germany, United Kingdom, Italy, Spain, France, Russia, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.