Market Overview and Market Insights: Epoxy resins are reinforced polymer composites made from petroleum sources using a reactive method utilizing epoxide units. These resins are utilized as binders in coating applications to improve coating durability on floors and metals. Epoxy resins contribute to a variety of coating qualities, including strength, durability, and chemical resistance. Its features and abilities, including quick-drying, toughness, excellent adhesion, curing, abrasion resistance, and excellent water resistance, making it ideal for protecting metals and other surfaces.
According to SPER market research, ‘Europe Epoxy Resin Market Size- By Raw Material, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Epoxy Resin Market is predicted to reach 4737.83 million by 2033 with a CAGR of 6.86%.
Drivers: The European automobile industry’s shift to electric and hybrid cars (EVs and HEVs) opens up new potential for epoxy resin materials. Epoxy resin materials are essential for making EV battery enclosures, structural components, and light weighting solutions in order to improve energy efficiency and extend the range of European vehicles. The growing preference for electric and hybrid vehicles in Europe is driving the adoption of epoxy resin-based materials, supporting the automotive sector in expanding its market reach. Epoxy resin composites provide better design freedom and flexibility than traditional materials, allowing European manufacturers to build complicated shapes, aerodynamic profiles, and revolutionary vehicle architectures. As a result, all of these variables will accelerate the regional market’s growth in the future years.
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Restraints:
Volatility in Raw Material Prices to Limit Market Growth – BPA and ECH are examples of petroleum-based basic ingredients used in the production of epoxy. Consequently, changes in the price of crude oil have a big impact on the cost of these basic ingredients as well as epoxy resins. Price fluctuations hurt small-scale enterprises and have an adverse effect on the profit margin. A certain degree of product quality was also maintained by producers as a result of the strict limits on volatile organic compounds. In turn, this costs the manufacturers more in terms of modern technologies and skilled labor.
Impact of COVID-19: The demand for epoxy resin in a variety of applications, such as paints and coatings, adhesives, wind turbines, and others, was adversely affected by the COVID-19 outbreak. This was because manufacturing activities were halted, supply and transportation were restricted, and the global economy slowed down in 2020. Furthermore, it is anticipated that in the upcoming years, the resuming industrial activities will have a favorable impact on market demand.
Market Key Players: Germany is predicted to have considerable market expansion over the forecast period due to rising construction, electrical and electronics, and other industries. Significant participants in the market include 3M, BASF SE, Covestro AG, Daicel Corporation, DuPont de Nemours, Inc, Westlake Corporation, and other well-known companies.
Europe Epoxy Resin Market Segmentation:
By Raw Material: Based on the Raw Material, Europe Epoxy Resin Market is segmented as; DGBEA, DGBEF, Novolac, Aliphatic, Glycidylamine, and Other Raw Materials.
By Application: Based on the Application, Europe Epoxy Resin Market is segmented as; Paints and Coatings, Adhesives and Sealants, Composites, Electrical and Electronics, Wind Turbines, and Other Applications.
By Region: This research also includes data for Germany, United Kingdom, Italy, Spain, France, Russia and Rest of Europe.
For More Information in Europe Epoxy Resin Market, refer to below link –
Europe Epoxy Resin Market Share
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