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Key Players in the Epoxy Market
The scope of the report is limited to the epoxy market by type, end-use application, and region. The players in the market followed the strategy of investment and expansion to achieve growth in the market. This strategy accounted for a share of 50% of all the growth strategies. Increasing automotive & transportations, construction activities, combined with the increasing demand for epoxy, have encouraged companies to adopt this strategy. Olin Corporation (U.S.), Hexion Inc. (U.S.), 3M Company (U.S.), Huntsman Corporation (U.S.), Nan Ya Plastics Corporation (Taiwan), and BASF Se (Germany) Kukdo Chemical Co. Ltd. (Korea) are some of the leading market players that adopted this strategy to develop their business.
Besides new investment & expansion, new product launches, partnerships, contracts & agreements were the popular growth strategies adopted by the key market players. New product launched accounted for a share of 19% of the total number of growth strategies adopted by the players. Partnerships, contracts & agreements accounted for 19% and merger & acquisitions accounted for 12% share of the total developments adopted by the key market players. Companies are focusing on increasing their presence by entering into developed as well as developing markets to meet the increasing demand for epoxy.
Key companies, such as Olin Corporation (U.S.), Nan Ya Plastics Corporations (Taiwan), Kukdo Chemical Co. Ltd. (Korea), Hexion Inc. (U.S.), Chang Chun Plastics Ltd. (Taiwan), Huntsman Corporation (U.S.), BASF SE (Germany), 3M (U.S.), Mitsubishi Chemical Corp. (Japan), Atul Ltd. (India), Sinopec Corp. (China), and Aditya Birla Chemical (Thailand), are the leading players that are actively present in the industry.
In august 2015, BASF SE (Germany) opened a new resin and electro coat plant at the Shanghai Chemical Industry Park (SCIP) in Chinai. The new plant will strengthen BASF local manufacturing footprint in Asia-Pacific. In October 2015, BASF SE announced that they would launch a new epoxy product, which will improve the properties of the Polusol fire protection panels. The manufacture of the product is expected to begin from 2016.
Similarly in September 2014, Hexion Inc. (U.S.) completed the construction of its epoxy and curing agent manufacturing base/facility in Brazil. This new plant will produce EPIKOTE/EPIKURE epoxy systems for large diameter wind blades to serve the South American market. Through this, the company caters to the aerospace industry requirements. In June 2014, Hexion Inc. appointed Archway Sales (U.S.), a wholly owned subsidiary of Nexeo Solutions, as an authorized distributor of its epoxy. Through this, Archway will distribute epoxy products of Hexion Inc. to end users in the U.S. This will find applications majorly in the CASE (composites, adhesives, sealants, and electronics) markets. Another major development in April 2012 was that Hexion Inc. launched a new product which is a combination of Epikote Resin 05475 and Epikure Resin which would be used in the automotive and wind energy applications.
Epoxy Market by Type (Liquid, Solid & Solution), Application (Construction, Automotive & transportation, Electrical & electronics, General industrial, Wind, Marine, Aerospace, Consumer goods & Others), and Region - Global Forecasts to 2020
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