Global Epoxy Resin Market Insights Forecasts to 2030

• The Global Epoxy Resin Market Size was valued at USD 14.72 Billion in 2021
• The Worldwide Market is growing at a CAGR of 6.68% from 2022 to 2030
• The Worldwide Epoxy Resin Market is expected to reach USD 22.73 Billion by 2030
• North America is expected to grow the fastest during the forecast period

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The Global Epoxy Resin Market is expected to reach USD 22.73 Billion by 2030, at a CAGR of 6.68% during the forecast period 2022 to 2030.

 

Market Overview

Epoxide resins, also known as epoxy resins and ethoxyline resins, are distinguished by the presence of more than one 1,2-epoxy group (I) per molecule.Epoxy resins are widely known for their reactivity, which enables them to effectively fuse to fibers and other materials. Since thermoset resins are coupled with glass or carbon fibers to make composite materials with the best qualities of most thermosets, epoxy resins are strong and durable.

Epoxy resins are largely utilized in the production of paints and coatings. Epoxy is also employed in electronic applications and the construction industry, but epoxy resins are especially useful in electronic applications for printed circuit boards and encapsulation.

Epoxy resins have been employed in powder coatings, high solids coatings, and acrylic coating resins. UV coatings use epoxy resins as intermediates. Epoxy resins crosslinked with polyisocyanate are used to make electrodeposition automobile primers. In some coatings, epoxy resins are utilized as additive resins to increase qualities such as adherence and resistance.

 

Report Coverage

This research report categorizes the market for Global Epoxy Resin Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Epoxy Resin Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Global Epoxy Resin Market.

 

    

Driving Factors

With its strong oxidation and corrosion resistance, epoxy resin has grown in popularity in recent years.Epoxy resins are in high demand in the aerospace and aircraft building industries due to their lightweight and durability, as well as high heat resistance and pressure tolerance, which make them ideal for use in the aircraft sector.Epoxy resins are also used to insulate solar panels from temperature changes. Because of their affordability, ease of use, and low labor requirements, these materials are in high demand in the energy sector.

Additionally, epoxy resins assist in the development of a variety of coating characteristics like strength, endurance, and chemical stability.Epoxy resins are suitable for covering metals and other surfaces due to their quick cooling, durability, high adherence, rapid curing, resistance to abrasion, and excellent water resistance.Epoxy coatings, such as primers, are employed to prevent corrosion in the industrial, automotive, marine, and aerospace industries.The global epoxy resin market is likely to be driven further by the demand for epoxy coating in the electric vehicle (EV), marine, and aerospace sectors.

Increasing urbanization and shifting government policies in key emerging countries are promoting the growth of all epoxy end-use industries, hence increasing demand for polyepoxides.Technological advancements in epoxy chemistry are opening the path for additional market expansion in developed economies.

 

Restraining Factors

Epoxy resins are made from fossil fuel-based basic components such as BPA and ECH. As a result, fluctuations in crude oil prices have a significant impact on the cost of epoxy resins as well as the pricing of these raw materials. Increased raw material costs in 2021 are a result of the altered supply-demand scenario during COVID-19, which was followed by decreased production.

 

Market Segmentation

• In 2021, the DGBEA segment is witnessing significant CAGR growth over the forecast period

On the basis of type, the GlobalEpoxy Resin Market is segmented into DGBEA, DGBEF, novolac, aliphatic, glycidylamine, andother. Among these, the DGBEAsegment is expected to increase at a significantCAGR during the forecast period. The most popular epoxy resins are made by combining bisphenol A and epichlorohydrin (ECH), which produces bisphenol A diglycidyl ether (DGBEA), a distinct molecule. Given its toughness, high adhesion, chemical resistance, and other specialized qualities such as low shrinkage and moisture absorption, it is employed in a wide range of consumer and industrial applications.

 

• In 2021, the paint & coatings segment is dominating the market over the forecast period

On the basis of application, the Global Epoxy Resin Market is segmented into paint & coatings, construction, electrical & electronics, wind turbine, composites, civil Engineering, adhesive & sealants, and others. Among these, the paint & coating segment is witnessing significant CAGR growth over the forecast period. Epoxy resin-based paints and coatings are widely utilized in residential housing constructions, maritime industries, automobiles, and sewerage systems due to their outstanding resistance to stains, fractures, temperature extremes, scorching, and solvents, among others. They have great anti-corrosion performance and also a low amount of Volatile Organic Compounds (VOCs). Inner and exterior surfaces of commercial, housing, institutional, and industrial buildings are coated with epoxy resin-based paint and coating.

 

• In 2021, the consumer goods segment is dominating the market with the largest market share of 33% over the forecast period

Based on the end-use, the Global Epoxy Resin Market is segmented into automotive, transportation, building & construction, consumer goods, general industrial, wind energy, aerospace & defence, marine, and others. Among these, the consumer goods segment is dominating the market with the largest market share of 33% over the forecast period. Epoxy resins are utilized in hybrid circuits, insulators, transformers, printed circuit boards, over-molded transistors, and integrated circuits and are an essential component of the electronic industry. Its utilization in electrical applications is distinguished by physical and mechanical strength, chemical resistance, and shock and vibration resistance.

 

Regional Segment Analysis of the Epoxy Resin Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is dominating the market with the largest market share of 58%.

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Asia Pacific, with a 58% market share, is expected to remain the industry's leading region during the projection period. The region is expected to lead this market throughout the forecast period due to  favorable end-use industry expansion in China, India, and South East Asian countries. China is among the world's largest user of epoxy resins. Moreover, the demand for epoxy resin-based paints & coatings is anticipated to increase during the forecast period due to continuous industrialization, increased government infrastructure investment, and rising Foreign Direct Investments (FDI), particularly in Asia Pacific.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Global Epoxy Resin Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Market Players

• 3M
• Dow Inc.
• Atul Ltd.
• BASF SE
• Solvay
• Huntsman International LLC
• Kukdo Chemical Co., Ltd.
• Olin Corp.
• Sika AG
• Nan Ya Plastics Corp.
• DIC Corporation
• Jiangsu Sanmu Group Co., Ltd.
• Jubail Chemical Industries LLC
• Chang Chun Group
• China Petrochemical & Chemical Corp.
• Hexion Inc.
• Kolon Industries, Inc.
• Techstorm Advanced Materials
• NAGASE & Co., Ltd.
• Aditya Birla Management Corp. Pvt. Ltd.

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Development

• In December 2020, Kukdo Chemicals India has completed its epoxy production factory in Gujarat. This epoxy facility has a capacity of 40,000 tons per year. After China, the company has strategically launched its second overseas unit in India to capitalize on rising domestic demand and provide consumers with optimum epoxy solutions.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Global Epoxy Resin Market based on the below-mentioned segments:

 

Global Epoxy Resin Market, By Type

• DGBEA
• DGBEF
• Novolac
• Aliphatic
• Glycidylamine
• Other

 

Global Epoxy Resin Market, By Application Type

• Paint & Coatings
• Construction
• Electrical & Electronics
• Wind Turbine
• Composites
• Civil Engineering
• Adhesive & Sealants
• Others

 

Global Epoxy Resin Market, By End-Use

• Automotive
• Transportation
• Building & Construction
• Consumer Goods
• General Industrial
• Wind Energy
• Aerospace & Defence
• Marine
• Others

 

Global Epoxy Resin Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa