Market Trends of North America America Epoxy Resins Industry
This section covers the major market trends shaping the North America Epoxy Resin Market according to our research experts:
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 North American 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.
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United States Country to Dominate the Market
- The US electronics market is the largest in the world, in terms of size. Furthermore, it is expected to remain as the leading market over the forecast period, due to the usage of advanced technology, backed by an increase in the number of R&D centers and increasing demand from the consumers. The consumer electronics segment has been witnessing a steady growth rate over the past five years.
- There is a significant demand for newer and faster electronic products, due to the rapid pace of innovation, advancement of technology, and R&D activities in the electronics industry in the country. A significant increase is being recorded in the number of manufacturing plants and development centers in the United States, primarily due to the focus on developing high-end products.
- The country holds the world's largest construction industry, which recorded an annual expenditure of over USD 1,306 million in 2019 (a decline of 0.1%, when compared to 2018). The construction industry value has been on a constantly rising path between 2014 and 2018, despite witnessing a slight contraction in 2019.
- However, the total transportation construction value has been witnessing a steady growth in the country, experiencing a growth of over 6% in 2018-2019.
- The drastic outbreak of COVID-19 in the country has led to a downfall in the economic growth, owing to a fall in the consumer spending and business shutdowns.
- Thus, the demand for epoxy resins in United States is expected to be low for the year 2020, but is likely to recover over the forecast period.
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