Market Trends of Middle-East and Africa Epoxy Resins Industry
This section covers the major market trends shaping the MEA Epoxy Resin Market according to our research experts:
Increasing Demand from Composites
- Epoxy resins are the extensively used thermoset materials in polymer composites. They have good bonding strength to other materials, good chemical and environmental resistance, good chemical properties, and good insulating properties, and are generally manufactured by reacting epichlorohydrin with bisphenol.
- Epoxy resins can also be formulated with different materials or blended with other epoxy resins to achieve specific performance features.
- Epoxies are used primarily for fabricating high-performance composites, with superior mechanical properties, resistance to corrosive liquids and environments, superior electrical properties, good performance at elevated temperatures, good adhesion to a substrate, or a combination of these benefits. Epoxy resins do not, however, have particularly good UV resistance.
- Epoxy resins have a well-established record in a wide range of composites parts, structures, and concrete repair. The structure of the resin can be engineered to yield a number of different products with varying levels of performance.
- The composites manufacturing in the Middle East is rising, especially in Saudi Arabia and the United Arab Emirates, due to the development of aerospace manufacturing in these countries. The United Arab Emirates is focusing on composite part manufacturing and advanced aerospace structure, with the goal to become the original equipment manufacturer (OEM).
- Hence, due to such factors, the demand for epoxy resins is expected to increase from the paints and coatings application.
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Rising Demand in Saudi Arabia
- The market openness and investment opportunities were less, when compared to other emerging economies. However, the government, in its 10th development plan, is reforming the economic plans, with investments in diversified sectors, and is trying to attract private investments in the country to make it a diversified economy that is not dependent on oil.
- The Saudi Arabian government has announced its largest financial budget ever, to support the country’s expansion as part of its Vision 2030 program.
- Saudi Arabia is among the leading producers of paints and coatings in the Middle East & African region.
- There are a number of local paint manufacturers in the country. For instance, Al-Jazeera paints, Al-Haleef Paints, etc., are some of the leading paint manufacturers in the country.
- The Kingdom of Saudi Arabia (KSA) has identified the following five industrial clusters (IC) to focus on, namely, automotive cluster, minerals/metal cluster, chemical/polymer cluster, energy cluster, and pharmaceutical/biotech cluster.
- Under the chemical/polymer cluster, the government has stressed on the paints and coatings, and adhesive and sealants industry.
- The Saudi Vision 2030 seeks a 70% increase in manufacturing capacity in the region ,by 2030. Adhesives and sealants’ stakeholders in the OEM transportation sector are likely to benefit from these developments. These developments are expected to contribute to the increase in demand for epoxy resins in the country.
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