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Epoxy Resin Market to See Huge Growth by 2022-2028 : Esterline CMC Electronics, Honeywell, Ramco Systems UTC Aerospace Systems,M Teledyne Controls LLC

Electronic Flight Bag Market Size, Share & Segment by type (Portable, Installed), by Platform (Commercial Aviation, Business and General Aviation, Military Aviation), by component (Hardware, Software), by End-user (OEM, Aftermarket), and by Regions |Global Market Forecast 2022-2028

Posted: Wednesday, October 12, 2022 at 11:15 AM CDT

Pune, Maharashtra -- (SBWire) -- 10/12/2022 --Market Overview, Definition, and Statistics
Epoxy resin is a polymer made when an epoxide and a substance containing two hydroxyl groups copolymerize. High-performance epoxy resins have exceptional qualities such great temperature stability, corrosion resistance, high mechanical strength, durability, and superior adhesion. This qualifies them for usage in a wide range of applications, including electrical components, adhesives, and metal coatings, among others.
According to the latest market research report published by the SNS Insider, the epoxy resin market is anticipated to cross USD 36.93 billion by 2028, with a CAGR of 7% during the forecast period of 2022–2028.

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Drivers, Restraints, Opportunities, and Challenges
Both developed and developing nations are experiencing an increase in the need for packaging due to the growing popularity of convenience and processed foods and beverages. To extend the shelf life of canned food and beverages, epoxy resin is utilized in the inside coatings of cans. Additionally, they are employed to stop corrosion and safeguard the flavor, texture, and appearance of food and beverage products. The adoption of more severe food safety regulations by numerous nations is increasing the use of epoxy resin and supporting the epoxy resin market 's expansion. Additionally, the industry is growing rapidly as a result of the growing usage of glass packaging, which requires epoxy resin to stop corrosion in jars and bottles.
Growing research into bio-based epoxy resins is anticipated to support epoxy resin market expansion. Additionally, it is projected that the development of bio-based epoxy resins generated from natural polyphenols and natural oils with strong mechanical qualities will stimulate the industry's growth. The health risks linked with epoxy resin floors, which emit toxic fumes that can irritate the lungs and eyes, are limiting market expansion. Additionally, asthmatics who are exposed to these vapors may experience breathing difficulties. This aspect is anticipated to limit the market expansion of epoxy resins.

Impact of the COVID-19 Pandemic
Amid COVID-19 Pandemic, the mining industry, which supplies vital raw materials to numerous end-use industries worldwide, is suffering grave economic effects. Because epoxy resins are used extensively in the automotive industry, the paint and coating industry, and other industries, all of these markets have been adversely affected by the ongoing pandemic, the demand for epoxy resins has also been hampered.

Market Segmentation
BY TYPE
1.Portable
2.Installed

BY PLATFORM
1.Commercial Aviation
2.Business and General Aviation
3.Military Aviation

BY COMPONENT
1.Hardware
2.Software

BY END USER
1.OEM
2.Aftermarket

Solid epoxy resin is the fastest-growing category of the entire epoxy resin market based on physical form owing to its increased use in powder coating applications. Due to its numerous applications, the liquid epoxy resin sector commands the biggest market share.
With the largest revenue share contribution to the worldwide epoxy resins market, the paints and coatings category led the market, followed by electronics & electrical and adhesives, in that order.
The building and construction segment is the major shareholder in the epoxy resins market and is expected to continue the same growth in the coming years. The dominance of this end-use business on the market is related to the rising investment in this industry.

Regional Analysis
The Asia Pacific region accounts for a sizeable portion of the epoxy resin market on account of the construction industry's rapid expansion. Epoxy resin consumption is rising in tandem with the region's expanding car manufacturing operations. In addition, North America is expanding quickly as a result of rising investments in the chemical industry in the US, which is promoting market expansion. The expansion of the epoxy resin sector is also being aided by the increased demand for consumer goods in the area brought on by the high per capita income.

Competitive Landscape Outlook
Some of the prominent companies present in the epoxy resin market include China Petrochemical Corporation, Atul Ltd, Kukdo Chemical Co., Ltd, Inc, Dow, Olin Corporation, Ciech S.A., Macro Polymers, Huntsman International Llc, and Kolon Industries.

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