The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Waterborne Epoxy Resin Market.
It was estimated prior to this unanticipated outbreak that the Waterborne Epoxy Resin Market was expected to grow at a CAGR of 3.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Cellular glass, also known as foam glass, is a material made up of porous glass. It is produced by heating the mixture of granulated glass and a blowing agent such as carbon or limestone.
Cellular glass possesses various properties, such as high strength, lightweight, and thermal and acoustic insulating properties. Further, they are used in various applications, such as construction and industrial.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as blocks & shells and foam glass gravels. The blocks & shells segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The blocks can be cut into the desired form and can be installed accordingly in various applications such as storage tank insulation, pipelines, and roof insulation. Further, the growing construction and industrial industries and the flexibility of blocks & shells’ usage are propelling the growth of this segment.
Based on the application type, the Waterborne Epoxy Resin Market is segmented as construction, industrial, and others. The construction application segment dominates the market, owing to the increasing usage of thermal insulation materials with high load-bearing capacity as used in residential, commercial, and civil construction and buildings. Further, the presence of stringent building codes and frost-free nature of cellular glass are driving the growth of this segment during the forecast period.
In terms of regions, Europe is estimated to be the largest Waterborne Epoxy Resin Market during the forecast period, with lucrative growth opportunities. The growth of the market is driven by the increasing construction projects in several European countries, which is generating huge demand for cellular glass. Besides, increasing usage of sustainable and ecological friendly insulation materials, imposition of stringent regulations, and the presence of a large number of cellular glass manufacturers in the European region are the other major factors bolstering the market. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Some of the major players in the Waterborne Epoxy Resin Market are