DUBLIN--(BUSINESS WIRE )--The "Global Epoxy Resin Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Raw Material, Physical Form, Technology, Application, End-User, and Region" report has been added to ResearchAndMarkets.com's offering.

The Global Epoxy Resin Market is expected to record a positive CAGR of ~7% during the forecast period (2022-2028), due to the rapid industrialization and rise in demand from the building and construction industries.

Due to the adaptive nature of epoxy compounds, resins have gained recognition in several industries such as construction, automobile, aviation, electromechanical, telecommunications, energy, and others.

The growing construction industry is expected to augment the growth of the paints and coatings industry. In 2021, the government of Europe planned to construct around 1.5 million housing units. Similarly, the growth in construction activities in countries like Russia, France, the United Kingdom, etc., is expected to drive the growth of the epoxy resin market.

For instance, according to the National Development and Reform Commission (NDRC), in 2019, the government of China approved 26 infrastructure projects with a total expected investment of USD 142 billion. Similarly, in 2020, the Communist Party of China announced that the government is planning around USD 1,400 Bn for a digital infrastructure public spending program.

Epoxies are made with petroleum-based basic ingredients like BPA (Bisphenol A) and ECH (Epichlorohydrin). Thus, changes in the crude oil price have a considerable impact on the pricing of these many raw materials, as well as the basic costs of epoxy resin. Price fluctuations have a detrimental influence on profit margins, particularly for small-scale producers, which hampers the growth of the market.

The market was negatively impacted by the COVID-19 pandemic in 2021, owing to the strict regulations in several countries. This affected various industries such as paints and coatings, adhesives and sealants, electrical and electronics, and others due to supply chain disruptions, work stoppages, and labor shortages. The global pandemic caused a ban on imports-exports thereby disrupting the supply chain and hampering the market.

The demand for epoxy resin decreased in the aerospace, transportation, and marine industries, as all the industries were shut and due to this, demand for resin had been impacted negatively.

Recent Developments Related to Major Players and Organizations

On April 1, 2021, Covestro AG successfully completed the acquisition of the Resins & Functional Materials business (RFM) from the Dutch company Royal DSM. The acquisition helped Covestro in the expansion of its portfolio of sustainable coating resin products.

Key Topics Covered in the Report

For more information about this report visit https://www.researchandmarkets.com/r/cqpvpe

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900