With their variety of uses, including metal coatings, non-skid coatings, adhesives, fiber reinforced plastics and in electronic components, the market for epoxy resins has evolved a great deal in recent years. Epoxy resin is regarded as a versatile chemical, given its high mechanical strength, resistance, and excellent adhesive capabilities. Technology has played a major role when it comes to the manufacturing of epoxy resins. With better streamlining of the production process and innovations in product formulations, the performance of epoxies has improved significantly.
There has also been a trend towards developing proprietary manufacturing technologies for epoxy production. As the laws surrounding patents are improving, manufacturers are investing heavily in research and development so as to create better product offerings and bring healthy competition into the global epoxy resins market. Analysts at Technavio expect the global market to grow at a CAGR of over 6% by 2020.
Recent innovations in the epoxy resins market
Three major innovations that have led to the evolution of the global epoxy resins market include the following;
Varnish composition for laminates
Nan Ya Plastics owns the patent for epoxy resin varnish for laminates. This composition has a high glass transition temperature due to increase in cross-linking density of the resin, leading to improved mechanical strength and heat resistance. This innovation is especially groundbreaking, as it offers low water absorption and excellent heat resistance to electrical laminates; even fire retardant requirements are fulfilled at low costs.
Epoxy resin composition using solvated solids
Taking the curing process to the next level, this epoxy resin composition enhances thermal, mechanical and chemical properties. Therefore, it is highly useful in the manufacturing of composite parts by vendors. Air Products and Chemicals Inc. owns the patent for this composition.
Preparation of stable aqueous epoxy resin dispersion
Owned by Dow Global Technologies, this process is solvent-free and involves the preparation of stable aqueous epoxy resin dispersions using polyvinyl alcohol as a primary dispersant. Properties like low VOC content and low viscosity, which are highly desirable in the coatings industry, are also inherent in this epoxy resin composition.
Global Category Spend by Region 2016 (US$7.7 billion)
Source: Technavio
According to analysts at Technavio, it is the wind energy market that has contributed to the expansion of the global epoxy resins market in 2015. As epoxies are stable, lightweight and flexible in nature, they are used in manufacturing wind turbine blades. Likewise, due to these properties, the chemical has applications in ship building and the maintenance industries as well.
One major impediment that suppliers of epoxy resins have to face is adherence to regulations. Some of the major regulatory frameworks for this industry include OSHA Hazard Communication Standard, REACH, and VOC emissions standards, as well as several transportation regulations.
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