Vendors to focus on developing eco-friendly epoxy resins that have low VOC content
Procurement market intelligence analysts have announced the top five leading suppliers for the in epoxy resins their latest research report. The global epoxy resins market is anticipated to grow at a CAGR of more than 6% during 2016–2021. In terms of geography, APAC accounted for around 60% of the total market revenue during 2016, thanks to the surging requirement from industries such as construction and automobiles and the constant development of new epoxy products.
This category spend intelligence report is based on the synthesis, analysis, and interpretation of information about the global epoxy resins market collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
The market for epoxy resins is witnessing a change in its operating model. Vendors in the market are increasingly developing new product formulations, incorporating vertical integration measures, and forming strategic alliances with competitors to extend their geographical presence. With the rapid growth in industries such as construction, automobiles, and wind energy, the demand for epoxy resins will grow considerably, thereby is augmenting the overall growth of this market. At present, the vendors are focusing on innovations in epoxy formulations that offer high performance as well as the development of green epoxy resins. They are also increasingly investing in research activities to enhance resin formulations, which will aid in improving epoxy reactivity for specific requirements.
According to Angad Singh, a category specialist at Technavio, “Epoxy resins are versatile chemicals used in multiple industrial applications, such as powder coatings, binders in paints, electrical laminates, and flooring and paving. They are a preferred option among end-users due to their high mechanical strength, resistance to chemicals, and excellent adhesive capabilities. Bisphenol-A and Epichlorohydrin are the major raw materials that are used in the production of epoxy resins. At present, suppliers are increasingly using water-borne technologies that do not contain plasticizers.”
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Top five suppliers in the epoxy resins market space
Nan Ya Plastics
Nan Ya Plastics is a global market leader for epoxy resins and occupies around 10% of the overall market revenue. In 2015, its resin production capacity exceeded 461,000 metric tons with a capacity utilization of over 85%. The company has a global distributor network through which it sells its epoxy products and functions worldwide through its manufacturing plants and subsidiaries. Nan Ya Plastic had launched a US$1.06 billion investment project in 2015, to extend its operations in regions like Taiwan, China, Vietnam and United States.
Key products: Liquid epoxy resins, diluted epoxy resins, solid epoxy resins, casting resin, phenol resin, and halogen-free resin
Olin Corporation
Olin Corporation is one of the major leading manufacturers and distributors of chemicals across the globe. In 2015, Olin merged with Dow Epoxy to form Olin epoxy. Olin epoxy benefits from production economies worldwide as it derives its raw materials from chlor alkali and aromatics segment of Olin. Such vertical integration helps Olin in accomplishing operational flexibility and easy access to low cost materials. Olin epoxy operates nine manufacturing sites around the world that are strategically located across four continents. As per IHS, the epoxy segment of Olin Corporation is one of the largest integrated global manufacturers of epoxy resins, curing agents and intermediates.
Key products: Water-borne epoxy, high-performance powder coatings, liquid epoxy resins, epoxy toughening agents, brominated resins, and epoxy resin solutions.
Kukdo Chemicals
Kukdo Chemicals has an operative quality management system and environmental management system and has received the ISO-9000 and ISO-14001 certifications. Kukdo Chemicals’ epoxy segment specializes in the production of Bisphenol-A, novolac resin, a non-flame retardant epoxy resin that are extensively used in paints, electrical coatings, and aerospace. Kukdo Chemicals is a leading vendor in the APAC region, however, has a significant presence in North America and LATAM countries. At present, Kukdo operates three factories in Korea and one factory in China and produces about 480,000 million tons of epoxy resins and hardeners annually.
Key products: Bisphenol-A type epoxy resin, brominated epoxy resin, novolac epoxy resin, hydrogenated BPA type epoxy resin, flexible epoxy resin, and multi-functional epoxy resin
BASF
BASF functions in more than 80 countries and about 390 production sites across the globe and occupies leading market positions in 70% of its business areas. The company is one of the pioneers in product innovations. One of its product offerings for the wind industry, Baxxodur has benefited several wind energy producers with long pot life at low temperatures, low viscosity allowing fast infusion and enhanced fiber wetting.
Key products: Aliphatic amine, Cycloaliphatic amine, Polyether amine, Tertiary amines, and Imidazoles
Solvay
Solvay is a leading market player in manufacturing customized specialty formulations and focuses on product formulations to produce eco-friendly products. In 2015, Solvay acquired Cytec, a global player in the manufacturing of composite materials. The acquisition will benefit Solvay from the critical scale and customer acquisition in the aerospace market.
Key products: Epoxy solutions, liquid epoxy resins, epoxy systems, and multifunctional epoxy resins
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Epoxy Resins- Procurement Market Intelligence 2017’.
