Industry
As of 2006, the epoxy industry amounts to more than US$5 billion in North America and about US$15 billion worldwide. The Chinese market has been growing rapidly, and accounts for more than 30% of the total worldwide market. It is made up of approximately 50–100 manufacturers of basic or commodity epoxy resins and hardeners.
These commodity epoxy manufacturers mentioned above typically do not sell epoxy resins in a form usable to smaller end users, so there is another group of companies that purchase epoxy raw materials from the major producers and then compounds (blends, modifies, or otherwise customizes) epoxy systems from these raw materials. These companies are known as "formulators". The majority of the epoxy systems sold are produced by these formulators and they comprise over 60% of the dollar value of the epoxy market. There are hundreds of ways that these formulators can modify epoxies—by adding mineral fillers (talc, silica, alumina, etc.), by adding flexibilizers, viscosity reducers, colorants, thickeners, accelerators, adhesion promoters, etc.. These modifications are made to reduce costs, to improve performance, and to improve processing convenience. As a result a typical formulator sells dozens or even thousands of formulations—each tailored to the requirements of a particular application or market.
Impacted by the global economic slump, the epoxy market size declined to $15.8 billion in 2009, almost to the level of 2005. In some regional markets it even decreased nearly 20%. The current epoxy market is experiencing positive growth as the global economy revives. With an annual growth rate of 3.5 - 4% the epoxy market is expected to reach $17.7 billion by 2012 and $21.35 by 2015. Higher growth rate is foreseen thereafter due to stronger demands from epoxy composite market and epoxy adhesive market.
Read more about this topic: Epoxy
Famous quotes containing the word industry:
“... we’re not out to benefit society, to remold existence, to make industry safe for anyone except ourselves, to give any small peoples except ourselves their rights. We’re not out for submerged tenths, we’re not going to suffer over how the other half lives. We’re out for Mary’s job and Luella’s art, and Barbara’s independence and the rest of our individual careers and desires.”
—Anne O’Hagan (1869–?)
“That some should be rich, shows that others may become rich, and hence is just encouragement to industry and enterprise.”
—Abraham Lincoln (1809–1865)
“You must, to get through life well, practice industry with economy, never create a debt for anything that is not absolutely necessary, and if you make a promise to pay money at a day certain, be sure to comply with it. If you do not, you lay yourself liable to have your feelings injured and your reputation destroyed with the just imputation of violating your word.”
—Andrew Jackson (1767–1845)