The Epoxy Resins Market was estimated at over 3,500 kilotons in 2020 and the market is projected to register a CAGR of over 6% during the forecast period (2021-2026). The market was negatively impacted due to COVID-19 in 2020. Owing to the pandemic scenario, several countries went into lockdown. 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 labour shortages. However, the condition is expected to recover in 2021, thereby restoring the growth trajectory of market over the forecast period.

- Over the medium term, the strong growth of the construction industry and the rising demand for electrical and electronic devices are driving the market growth.
- On the flip side, health impacts of epoxy on health and negative impact of COVID-19 pandemic are expected to hinder the growth of the market.
- By Application, paints and coatings segment is expected to account for the largest share during the forecast period.
- Asia-Pacific domianted the market across the globe with majority of demand coming from China and India.

Key Market Trends

Paints and Coatings Segment to Dominate the Market

- Epoxy resins are used as binders for coating applications to enhance durability of coating for floor and metal applications.
- Epoxy resins help in the development several properties in coatings, such as strength, durability, and chemical resistance. Its properties and abilities of quick drying, toughness, excellent adhesion, good curing, abrasion resistance, and excellent water-resistivity, make it suitable for providing protection to metals and other surfaces.
- Epoxy powder coatings are used on washers, dryers, and other white goods, on steel pipes and fittings used in the oil and gas industry, water transmission pipelines, and concrete reinforcing rebar, due to their flexible applicability.
- The automotive, marine, and aerospace industries use epoxy coatings as primers for corrosion protection.
- Epoxy coatings can further act as protective coatings to industrial flooring.
- Germany has the largest automobile industry in the Europe. Germany leads the European automotive market, with 41 assembly and engine production plants that contribute to one-third of the total automobile production in Europe. Germany, which is one of the leading manufacturing bases of the automotive industry, is home to manufacturers from different segments, such as equipment manufacturers, material and component suppliers, engine producers, and whole system integrators.
- However, in the first nine months of 2020, Germany produced 2.55 million cars and light commercial vehicles which declined by 32.6% compared to 3.79 million vehicles during the same period in 2019. The outbreak of virus has affected the production, but the growing sales in the country is expected to drive the market studied during the forecast period.
- Such factors are expected to have a significant impact on the demand for epoxy resins in paints and coatings, thus effecting the growth of the epoxy resins market during the forecast period.

Asia-Pacific Region to Dominate the Market

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- China has the worldâlargest electronics production base and offers a tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, have the highest growth in the consumer electronics segment of the market, in terms of demand. With increase in the disposable incomes of the middle-class population, the demand for electronic products is projected to increase steadily in the future, thereby, driving the market studied.

- Additionally, China is one of the major countries in Asia-Pacific with ample construction activities, with the industrial and construction sectors accounting for approximately 50% of the GDP.
- In India, in the residential segment, the government is pushing huge projects in the next few years. The government’s ‘Housing for All’ initiative aims to build more than 20 million affordable homes for the urban poor by 2022. This will provide a significant boost to residential construction.
- Infrastructure sector plays a vital role in the growth and development of the Indian economy. The country’s government has been taking initiatives to attract FDIs in the manufacturing sector, to make India a manufacturing hub. The government is targeting an increase in the share of the manufacturing sector in GDP to 25%, by 2022.

- The Japanese electrical and electronics industry is one of the world’s leading industries. The country is a world leader in the production of video cameras, compact discs, computers, photocopiers, fax machines, cell phones, and various other key computer components.

- Japanâ construction sector is expected to expand at a moderate pace, over the next 5 years, owing to increasing investments in public and private infrastructure, renewable energy, and commercial projects. This, in turn, is improving both consumer and investor confidence.
- Such factors are expected to increase the demand for epoxy resins in the forecast period.

Competitive Landscape

The epoxy resins market is partially fragmented in nature with the presence of various players in the market. Some of the major companies in epoxy resins market includes 3M, Covestro AG, Hexion, Huntsman International LLC, Olin Corporation, among others.

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The White Cement Market size was estimated at over 18 million tons in 2020 and the market is expected to grow at a CAGR of more than 3% during the forecast period. The outbreak of COVID-19 is likely to bring several short-term and long-term consequences in the construction industry, which is likely to affect the demand for white cement.

According to the Associated General Contractors of America (AGC), about 16% of the projects in the United States will experience a shortage of raw materials or equipment, 11% of the projects will see a shortage of craftworkers, including subcontractors, 18% of the projects will witness shortage of government workers, and 8% of the projects will be disrupted by an infected worker, which may have a potential to infect a worksite. Additionally, most of the countries, like India, Italy, France, Poland, the United Kingdom, South Africa, and New Zealand, went into lockdown. Moreover, owing to restrictive mass quarantines due to coronavirus, the construction industry has been impacted, as the workers kept themselves away from the project sites. In India, the construction workers are kept away from work sites, which has halted almost 20,000 ongoing projects in the country.

- Over the long-term, due to the growing construction industry in Asia-pacific and substitution of grey cement due to white cements superior characteristics will drive the market. For instance, there has been an increase in investments in the Chinese infrastructure sector in the recent past.
China transport ministry and National Development and Reform Commission (NDRC) invested ~USD 688.5 billion between 2016 and 2018, for constructing 303 key infrastructure projects, which include railways, highways, waterways, airports, and urban rail. A USD 4.5 billion worth of investments are being made to develop Nanhui New City, a planned city. Construction began in 2003 and is scheduled to be completed in 2020, and it aims to attract 450,000 residents and 10 million tourists annually.
- Increasing focus on innovation, and artistic and aesthetic senses in architecture is likely to act as an opportunity.

- High production cost is likely to restrain the market over the forecast period.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.

Key Market Trends

Increasing Demand for Infrastructure Segment

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- White cement is often used in combination with pigments, to impart attractive colors and shades to mortars and concretes, something which is not possible with ordinary grey cement, as it results in dull colors.
- White cement-based plasters are used for swimming pools and for covering facades, as they are highly durable and require lesser maintenance than painted surfaces. This aids the growth of the infrastructure segment of the market studied. Additionally, the development of smart cities is expected to provide a major boost to the market studied.

- The ability of white concrete to be cast in any shape makes it ideal for monuments, sculptures, and for the restoration of various archeological sites, across the world.
- Its high compressive strength reduces the costs, by eliminating steam curing, and increases the production speed in prefabricated applications.
- The chemical purity and uniformity of white cement are quite useful for application in many complex formulations of construction materials, such as insulation, water-tight coatings, anchorage, joint filers, mortars, and others.
- China is currently the world biggest producer and consumer of white cement. Cementir Holding SpA is currently the world biggest white cement manufacturer.
- With a total investment of CNY 47.14 billion, the expansion of Xianyang International Airport, with the aim of being able to handle 83 million passengers by 2030, is one of the major infrastructure projects in China.
- As a part of the ‘Investing in Canada Plan the government is in plans to make an investment of nearly USD 140 billion for major infrastructure developments in the country by 2028. Some of the major upcoming projects in Canada are Réseau électrique métropolitain (USD 6.3 billion), Toronto Eglinton Crosstown LRT (USD 5.3 billion), Gordie Howe International Bridge (USD 5.7 billion), etc.

- In March 2019, Bordeaux Airport launched its first major construction project of its new investment plan in France, which includes the expansion of Bordeaux-Merignac airport. The company planned an investment of EUR 140 million in the project, which may help increase the passenger handling capacity to 10 million in 2023, from 6.8 million in 2018.
- Various construction investments and projects have been halted during the first half of 2020, owing to the COVID-19 impact across various parts of the world. This has negatively affected the construction sector in 2020. However, with the easing of lockdown regulations and continuation of projects, investors have been focusing on investing in the sector.
- All the aforementioned factors are augmenting the growth of construction activities, thus, driving the demand for white cement.

China to Dominate the Asia-Pacific Region

- In Asia-Pacific, China is the largest economy, in terms of GDP. In 2019, the country witnessed about 6.1% growth in its GDP, despite having trade disturbance caused, due to its trade war with the United States. Currently, the growth rate of Chinese economy has been severely hit with the COVID-19 outbreak. According to IMF, the country economy is expected to slow down to 1.9% in 2020 while recovering to 8.2% growth in 2021.
- The country is one of the worst affected nation with the virus outbreak beginning in the country itself. All the major industries have taken a major hit, as the entire nation has gone into self-quarantine situation for around 72 days to contain the virus outbreak.
- The construction industry grew at a strong pace in 2019 (construction output value as shown in the graph), even though the growth slowed down during the year, compared to 2018. The construction sector has supported the economic growth in the country whenever major slowdown occurred.

- China13th Five Year Plan started in 2016 (2016-2021), and it was an important year for the country’s engineering, procurement, and construction (EPC) industries. In addition, the country ventured into new business models domestically and internationally, during the year. Although, the construction sector slowed down after 2013, it has still a major contributor to the GDP of the country witnessing steady growth in recent past.
- The infrastructure sector is an important pillar for the growth of any economy. The governments are taking various initiatives to ensure time-bound development of infrastructure.

- Even non-residential infrastructure sector is also expected to grow considerably. The aging population in the country is creating demand for the construction of healthcare facilities and new hospitals. The structural changes happening in the Chinese economy in the past few years as the service sector is taking larger and larger share in the total GDP has given rise to construction of huge commercial and office spaces.

- According to the National Bureau of Statistics of China, the country's industrial output went up 4.8 percent, faster than 4.4 percent expansion in May after slump in the first quarter. Overall in the first half of 2020, the industrial output fell by 1.3% mainly dragged down by 8.4% slump in the first quarter. This is expected to negatively affect the industrial expansion in turn effecting the industrial construction growth in the country in the current year.

- The local governments in the country are permitted to issue special bonds worth around CNY 3 trillion (USD 426.20 billion) in 2020, for funding infrastructure projects, including CNY 1 trillion, which is front-loaded to this year. Furthermore, the central bank is likely to ease its policy to lower the corporate funding costs and encourage lending. Besides, there are numerous airport projects in line for construction within the forecast period.

- As of May 2019 statistics, China holds around 235 airports, which the government plans to increase airports to 260 by 2020. In this regards, some of the airport construction projects, which are either in development or in the planning stage, include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Chongqing Jiangbei International Airport, Guangzhou Baiyun International Airport, and Xianyang International Airport expansion. Besides, the government’s long-term targets remain around 450 airports for the country by 2035.

- Hence, all such construction investments and projects planned in the country are projected to drive the domestic consumption of the white cement market over the forecast period.

Competitive Landscape

The white cement market is consolidated. Some of the major players include Cementir Holding N.V, Çimsa Çimento Sanayi ve Ticaret A.Ş, Aditya Birla (Grasim Industries Limited), Royal White Cement, and LafargeHolcim, among others.

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The Global Adhesives and Sealants Market was valued at over USD 59 billion in 2020 and the market is projected to register a CAGR of over 4.5% during the forecast period (2021-2026). Owing to the COVID-19 impact across the world, various construction activities have been halted and industrial activities have been put on hold for quite a long period. For instance, according to OICA, automobile production has declined by around 23% in the first nine months of 2020 compared to the same period in 2019. This has negatively affected the demand for adhesives and sealants in 2020.

- Over the medium term, major factors driving the growth of the market studied are the shifting focus toward the usage of composites and the increasing demand from the packaging industry.

- The packaging segment dominated the market and is likely to grow during the forecast period, owing to the robust growth in demand for packaging materials from the food and beverage and e-retail companies.

- The rising demand for bio-based adhesives is likely to provide huge opportunities for the market studied over the forecast period.

- Asia-Pacific dominated the market across the world, with robust demand from the end-user industries, such as packaging, transportation, electronics, construction, and furniture industry.

Key Market Trends

The Paper, Board, and Packaging Segment to Dominate the Market Demand

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- The paper, board, and packaging segment is the largest consumer of the adhesives and sealants market. The packaging industry has been witnessing strong demand from end-user industries, such as food and beverages, cosmetics, consumer goods, stationery, and other end-user industries.

- Online retail shopping is increasing at a higher rate with the rising internet technologies and web applications, which has largely supported the growth of the packaging industry.

- Moreover, the demand for cosmetics and food and beverage products is expected to grow due to the growing population and demand for quality products, urbanization, and consumers inclining toward technology, hence fueling the demand for the packaging industry.

- Asia-Pacific is expected to witness the strongest growth in the demand for packaging materials, due to the robust economic performance of the developing countries, promising robust market demand, and the growing population, which is adding new demand to the market.

- The flexible packaging market in Asia-Pacific region is expected to reach USD 131 billion by 2023 at an estimated CAGR of over 4.5% during the period 2018-2023.

- Matured markets like Europe and North America are also expected to witness noticeable growth in their packaging industry due to the influence of the online retail business trends.

- Hence, with such robust growth of packaging industry across the world, the demand in the adhesives and sealants market is also expected to increase during the forecast period.

Asia-Pacific Region to Dominate the Market

- Asia-Pacific region dominated the global market share of more than 40%. The increasing demand from industries, such as packaging, construction, and electronics in the countries such as China, India, and Japan.

- Industries such as food and beverage, cosmetics, and consumer goods are continuously seen innovating new products, increasing production, and resorting to attractive packaging materials in order to attract customers.

- Manufacturing companies have been shifting to flexible packaging, as it is lightweight and helps to facilitate selling products in different quantities without making much difference in packaging cost, as in the case of metal or glass packaging.

- This has been leading to robust growth in the demand for flexible packaging, which is further creating a noticeable demand for adhesives in packaging applications.

- The Chinese automotive manufacturing industry is the largest in the world. The industry witnessed a huge slowdown in 2018, wherein the production and sales declined. The similar trend continued in 2019, with the production witnessing a 7.5% decline in 2019. According to the China Association of Automobile Manufacturers (CAAM), the automotive production has witnessed a decline of around 6.7% in the first nine months of 2020.

- Hence, such market trends are expected have significant impact on the growth of the adhesives and sealants market in the region during the forecast period.

Competitive Landscape

The market for adhesives and sealants is fragmented with the top five players accounting for almost 36% of the market. Some of the major players in the market include Henkel AG & Co. KGaA, 3M, H.B. Fuller Company, Arkema Group (Bostik SA), and Sika AG, amongst others.

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The market for silicon metal was  valued at over 2.9 million tons in 2020 and the market is projected to register a CAGR of  4% during the forecast period (2021-2026). COVID-19 has affected both the demand and supply of Silicon all around the globe. Due to restrictions, there couldn’t be a regular material supply, while most of the silicon metal plants stopped production temporarily. The price reversal due to COVID-19 and the recent commerce imposition of preliminary duties on all silicon metal Imports will further affect the market negatively.

- Over the mid-term, One of the major factors driving the market studied is the increasing demand for aluminum-silicon alloys.
- High cost of production is expected to hinder the growth of the market studied.