The [FURL=https://www.industryarc.com/Report/18899/ced-resins-market?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]CED Resins Market[/FURL] globally is forecast to reach US$613.4 million by the end of 2027 after growing at a CAGR of 4.2% during 2022-2027. The growth in the automobile industry and development in the construction sector is forecasted to drive the growth of the CED resins market globally. Epoxy resin is anticipated to lead the CED resin type owing to its superior adhesion and corrosion resistance properties. Epoxy resin is widely used in cathodic electro-deposition coating and is regarded as the benchmark for rust and corrosion resistance. Epoxy resin based epoxy coatings is extensively used in the automotive sector.Key Takeaways
Epoxy resin is anticipated to expand the CED resin growth during the forecast period due to its high-quality corrosion and rust resistance properties.
The automotive sector is projected to drive the growth of the CED resins market, owing to the huge implementation of epoxy resin in the automotive sector as it offers superior corrosion resistance to auto components and accessories.
Asia Pacific is poised to drive the CED resin market due to the expansion of construction activities and the large production of the automobile sector, especially in countries like China, India, and Japan. According to the China Association of Automobile Manufacturers (CAAM), the automobile sector will stay on a progressive track in China and NEVs (New Energy Vehicles) will witness more demand in the coming years.
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CED Resins Market - By Geography
The Asia-Pacific region held a 30% CED resins market share in 2021. This region is projected to lead the CED resins market in the forecast period owing to massive growth in the automotive industry, mostly in countries like China, India, and South Korea. Epoxy resin is hugely used in the production of automotive parts owing to its rust and corrosion resistance properties. China is expected to drive the automotive sector due to the exponential growth in NEVs (New Energy Vehicles) and smart vehicles with highly autonomous driving functions. Going by the reports of the China Association of Automobile Manufacturers (CAAM), the automotive sector is poised to stay on track and the recent massive sales of NEVs in China further proves that. According to the 2021 statistics by CAAM, new-energy vehicles accounted for 10 percent of new car sales in China.
CED Resins Market Drivers
Increasing vehicle production
Expanding market in the construction sector
CED Resins Market Industry Outlook
Major players in the performance fabric market are PPG Industries Inc, Nippon Paint Holdings Co. Ltd, Durr AG, KCC Corporation, Axalta Coating Systems, B.L. Downey, BASF, Kansai Paint Co. Ltd, among others.
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