The market for Europe epoxy resins is expected to grow at a CAGR of over 3% globally during the forecast period. Strong growth of the construction industry is likley to drive the growth of the market over the forecast period.
- Impact of COVID-19 pandemic is expected to hinder the growth of the market.
- Germany dominated the Europe epoxy resins market with most of the demand generating from paints and coatings segment.
Key Market Trends
Paints and Coatings Segment to Dominate the Market
- Epoxy resins are reinforced polymer composites, derived from petroleum sources; by themselves, they are the result of a reactive process involving epoxide units.
- These resins are used as binders for coating applications to enhance durability of coating for floor and metal applications.
- Epoxy resins help in the development several properties in coatings, such as strength, durability, and chemical resistance. Its properties and abilities of quick drying, toughness, excellent adhesion, good curing, abrasion resistance, and excellent water-resistivity, make it suitable for providing protection to metals and other surfaces.
- Epoxy powder coatings are used on washers, dryers, and other white goods, on steel pipes and fittings used in the oil and gas industry, water transmission pipelines, and concrete reinforcing rebar, due to their flexible applicability.
- The automotive, marine, and aerospace industries use epoxy coatings as primers for corrosion protection.
- Epoxy coatings can further act as protective coatings to industrial flooring.
- Thus, the rapid growth in the European paints and coatings industry (mainly automotive and industrial coatings) is expected to propel the growth of the epoxy resins market during the forecast period.
- Such factors are expected to drive the demand for epoxy resins in paints and coatings, thus increasing the growth of the market during the forecast period.
Germany Country to Dominate the Market
- The German electronic industry is the Europe's biggest, and the fifth largest worldwide. The electrical & electronics industry accounted for more than 10% of the total German industrial production and about 3% of the country's gross domestic product (GDP).
- The construction industry in the country has been growing slowly, mainly driven by the increasing new residential construction activities. Germany is expected to spend more on public infrastructure. Increase in investments through public-private partnerships, at the municipal level, is forecast to take place.
- Hence, with the growth of construction and building and other sectors in the country, the demand for epoxy resins in paints and coatings industry is expected to witness growth in the country in the upcoming years.
- Germany is the fourth largest automotive producer across the globe, with the current share of production of over 5%. The automotive production in Germany has hit almost 22-year low presently, with the country manufacturing only around 4.7 million vehicles. However, the production is likely to recover over the forecast period. Thus driving the market for epoxy resins in composites during the forecast period.
- Thus, growing demand for epoxy resins in Germany is expected to grow during the forecast period.
The Europe epoxy resins market is partially fragmented in nature with the presence of various players in the market. Some of the major companies in Europe epoxy resins market includes 3M, Covestro AG, Hexion, Huntsman International LLC, Olin Corporation, among others.
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