“The flexible epoxy resin (FER) market is projected to grow at a CAGR of 6.0% between 2017 and 2022, in terms of value.”
The FER market is estimated at USD 570.9 million in 2017 and is projected to reach USD 764.0 million by 2022, at a CAGR of 6.0% between 2017 and 2022. This high growth is fueled by the increasing demand for FERs from end-use industries, such as automotive and building & construction, due to the huge requirement for paints & coatings and adhesives from these industries. This growth is mainly due to the rising GDP, growing disposable income, increasing use of composites instead of conventional materials, and increasing number of expansions and other development activities, globally. Restraints for the FER market includes its complex processing and harmful effects on human health. Curing of epoxy resins is highly exothermic and improper operations might lead to unfavorable situations. In addition, direct contact with these chemicals results in adverse effects in humans such as irritation in lungs, asthma, skin irritation, headaches, eye damage, nausea, dizziness, slurred speech, confusion, and loss of consciousness.
“The urethane-modified type is projected to be the fastest-growing segment in the market during the forecast period, in both value and volume terms.”
The urethane-modified type is projected to be the fastest-growing segment in the FER market during the forecast period. This growth can be attributed to the widespread use of FER in the automotive and building & construction applications. Superior properties such as improved water resistance, UV resistance, and thermal stability are some of the major reasons for the use of FER in the above-mentioned industries.
“Asia-Pacific is projected to be the largest FER market between 2017 and 2022, in terms of both value and volume.”
Asia-Pacific is projected to be the largest and the fastest-growing market for FER during the forecast period. Large industrial base and increased infrastructural activities are the major drivers for the growth of the FER market in the region. Also, increased industrialization in emerging economies such as Brazil, Indonesia, India, China, and South Korea also drives the FER market growth in the region.
China dominates the FER market in the Asia-Pacific region. Its consumption of FER has grown significantly and is expected to witness further growth in the near future. The high growth of the FER market in China is a result of the growing population, infrastructural development, and rapid urbanization.
The market sizes estimated in this study have been validated through primary interviews conducted with various industry experts, globally. These primary sources have been divided into three categories:
• By Company Type: Tier 1 - 60%, Tier 2 - 33%, and Tier 3 - 07%
• By Designation: C Level - 56%, Director Level - 33%, and Others - 11%
• By Region: Europe - 33%, Asia-Pacific - 25%, North America - 17%, South America - 17%, and the Middle East & Africa - 8%
The report provides profiles of major market players, such as Olin Corporation (U.S.), Hexion (U.S.), Kukdo Chemical (South Korea), Aditya Birla Chemicals (Thailand), Huntsman Corporation (U.S.), and DIC Corporation (Japan). The report also includes competitive strategies adopted by them to strengthen their position in the market.
The objective of the study is to define, describe, and forecast the market based on various segmentations and strategically analyze the market segments with respect to individual growth trends, growth prospects, and contribution to the total market. In this report, the FER market has been segmented based on type, application, and region.
REASONS TO BUY THE REPORT
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the FER market comprehensively and provides the closest approximations for sizes of all market segments and subsegments across different verticals and regions.
2. This report will help stakeholders in obtaining an improved understanding of their competitors and gain insights about their businesses. The competitive landscape section includes detailed information about new product developments, expansions, and partnerships adopted by the key players in the FER market.