Epoxy resins are widely used in aerospace, automotive, transportation, electrical, food and beverages, and chemical industries in India. It is the most common thermosetting polymer used in the aircraft marketplace. It is used as a structural adhesive in aircraft joints and repairs. The growing usage of these in wide array of consumer and industrial applications is because of its key attributes of toughness, strong adhesion, and chemical resistance. Epoxy resin market players also offer products that are used in different sporting equipment including surfboards, skis, tennis racquets, and golf clubs. Brominated epoxy resins are extensively used as flame retardant sealing material, matrix for composites and flame retardant adhesive for laminated plates in the fields of electronics, electric appliance, marine, and construction.
Epoxy is the family of basic components or cured end products of epoxy resins. Epoxy resins, also known as polyepoxides, are a class of reactive prepolymers and polymers which contain epoxide groups. The epoxide functional group is also collectively called epoxy. Epoxy resins may be reacted either with themselves through catalytic homopolymerisation, or with a wide range of co-reactants including polyfunctional amines, acids, phenols, alcohols and thiols. These co-reactants are often referred to as hardeners or curatives, and the cross-linking reaction is commonly referred to as curing. The health risks associated with exposure to epoxy resin compounds include contact dermatitis and allergic reactions, as well as respiratory problems from breathing vapor and sanding dust, especially when not fully cured.
The epoxy resin market was valued INR 4400 Crores in 2019, and is projected to reach INR 7800 Crores by 2027, at a CAGR of 7.0% from 2020 to 2027. Epoxy resin is a thermosetting polymer formed by copolymerization of an epoxide with another compound having two hydroxyl groups. These resins are known for their enhanced performance in numerous industrial applications, owing to properties such as corrosion resistance, high thermal stability, superior mechanical strength, notable toughness, prolonged durability, resistance to chemical & moisture, and superior adhesion. Thus, epoxy resins majorly find their application across paints & coatings, adhesives, composites, and electronic encapsulation industries.
Solid epoxy resin is the fastest-growing segment in the overall epoxy resin market due to its increasing use in powder coating applications. The liquid epoxy resin segment accounts for the largest share of the overall market due to its wide range of applications. Paints & coatings, adhesives & sealants, and composites are the major application segments of epoxy resins. Epoxy resins are widely used in paints & coatings application for its mechanical and protective properties. The epoxy resin market in the composite application segment is witnessing the highest growth. Building & construction, automotive, large & heavy vehicles & railroads, general industrial, consumer goods, wind power, aerospace/aircraft, and marine are the end-use industries considered in this report. The building & construction industry is the largest consumer of epoxy resins. The dominance of the market by this end-use industry is attributed to the increasing investment in this sector. The aerospace sector is the fastest-growing end-use industry for epoxy resin. Infrastructural investment is growing in this industry, offering high growth prospects for the epoxy resin market.
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