The Global Epoxy Resins Market is undergoing many changes. According to Transparency Market Research, favorable trends such as growing innovation will drive the global epoxy resins market significantly. By 2020, the global epoxy resins market is projected to be worth more than US$10.5 bn, up from its estimated value of US$6.6 bn in 2013. One of the strongest trends the global epoxy resins market will witness in the coming few years is that of innovation.
Prominent Innovation-related Trends and Projects and Events
On the basis of application, the global epoxy resins market is segmented into adhesives, electrical and electronics, construction, composites, wind energy, paints and coatings, and others. At present, the market is experiencing rising demand for epoxy resins from the aerospace and wind energy industry. This, in turn, is pushing players in the global epoxy resins market to innovate products suitable for aerospace and wind energy applications.
Innovation in the global epoxy resins market can be seen in several ways. Let us take a look at the top innovation-related trends projected to shape the dynamics of the global epoxy resins market.
Trend #1 – Companies Coming Together to Innovate
Many major corporations are collaborating in the global epoxy resins market to drive product innovation, in order to benefit from shared know-how and to minimize expenditure of various resources.
In Sep 2015, a letter was signed between the firms Haydale Composites Solutions (HCS, U.K.) and Huntsman Advanced Materials (Switzerland) to initiate a joint development and commercialization project. According to this agreement, Haydale will be involved in functionalizing graphene nano platelets by deploying a proprietary process and add these platelets to Huntsman’s ARALDITE epoxy resins in order to create a highly loaded masterbatch.
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Trend #2 – Rising Funding from Governments to Innovation
Many government organizations are funding private organizations to develop innovative products for applications in sectors such as aerospace.
Recently, the National Aerospace Technology Exploitation Programme (NATEP), U.K. entered into a collaborative project lasting 18 months with a private firm. The aim of this project is to develop a highly conductive epoxy resin via the addition of functionalized graphene. This project includes two end users – BAE Systems and Airbus UK.
Trend #3 – Making more Sustainable Products by Deploying Innovation
Keeping in mind the rising demand for more sustainable products, companies are increasingly launching products composed from recycled materials.
SGL Group has innovated an epoxy resin that is made using recycled carbon fibers. By deploying a new manufacturing process, the firm has used recycled carbon fibers that have almost isotropic mechanical properties. This innovation in the global epoxy resins market is expected to open up new applications.
Although the global epoxy resins market is worth billions, there are some factors that are proving to be a challenge for the market. For instance, the fluctuations in prices of raw materials used to manufacture epoxy resins will suppress the market.
The way major companies in the epoxy resins market react to the challenge posed by raw material prices will determine the direction the global market will take in the coming years
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