What is the future of Flexible Epoxy Resin (FER) Market? Know Covid Impact on Size, Share & Forecasts
July 03, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Flexible Epoxy Resin (FER) Market.
It was estimated prior to this unanticipated outbreak that the Flexible Epoxy Resin (FER) Market was expected to grow at a CAGR of 6.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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This represents an attractive growth opportunity in the entire ecosystem of the market. Organic growth in the automobile production and construction industries, owing to rising urbanization and increasing disposable income; increasing demand for FER-based adhesives and paints & coatings in the automotive and construction industries; and excellent properties of FER, such as low viscosity with higher solids, wear resistance, prolonged flexibility, and toughness are some of the major factors that the proliferating the growth of flexible epoxy resins in various applications.
The flexible epoxy resin market is segmented based on the type as Thermoplastic Modified, Elastomer Modified, Dimer Acid Modified, and Others. The Thermoplastic-modified segment is expected to remain the growth engine of the flexible epoxy resin market during the forecast period of 2018 to 2023. Increasing penetration of composite materials in the aerospace, automotive, and construction industries and an increased preference of urethane-modified FERs in the automotive and construction industries, owing to their excellent properties including low viscosity, chemical resistance, wear resistance, and mechanical properties, are driving the demand for thermoplastic-modified FERs.
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Based on the application type, the flexible epoxy resin market is segmented as Paints & Coatings, Composites, Adhesives, and Others. The paints & coatings segment is expected to remain the most dominant application type in the flexible epoxy resin market during the forecast period. Rapid urbanization and growing population along with excellent properties of flexible epoxy resins, such as improved toughness and flexibility, will continue to drive the demand for FERs in the paints & coatings segment. The composites segment is likely to witness the highest growth during the forecast period, driven by an increased penetration of composite materials in the automotive, aerospace, and construction industries; and a greater acceptance FERs with composite parts.
Asia-Pacific is expected to remain the largest flexible epoxy resin market during the forecast period of 2018 to 2023. The region is also likely to experience a healthy growth during the same period. High annual automobile production along with growing infrastructure activities in the developing economies, especially China and India, is primarily driving the demand for flexible epoxy resin in the region. China is expected to maintain its dominance in the Asia-Pacific’s market over the next five years. Europe and North America are the other two major flexible epoxy resin markets and will likely to exhibit healthy growth rates over the next five years.
Key Players:
The supply chain of this market comprises raw material suppliers, flexible epoxy resin manufacturers, formulators, dealers & distributors, and end users. The key flexible epoxy resin manufacturers are Olin Corporation, Kukdo Chemicals, Hexion, Inc., Aditya Birla Chemicals, DIC Corporation, Huntsman Corporation, and Nan Ya Plastic Corporation. Capacity expansion and formation of strategic alliances are the key strategies adopted by the major players to gain a competitive edge in the market.