Epoxy resin helps in construction by enhancing the structural integrity of buildings. Its use in bonding structural components, repairing concrete, and anchoring bolts contributes significantly to the strength and durability of structures. In composites, epoxy serves as a vital component in producing materials such as fiberglass and carbon fiber composites, which have widespread applications in aerospace, automotive, marine, and sports equipment manufacturing. The versatility of epoxy resin makes it indispensable in creating robust bonds and reinforcing materials, ensuring the reliability and longevity of various structures and composite products across diverse industries.
According to Data Bridge Market Research analyses, the Global Epoxy Resin Market is expected to reach USD 21.81 billion by 2030, which was USD 13.06 billion in 2022, registering a CAGR of 6.62% from 2023 to 2030.
"Expansion of aerospace sector boosts the market growth"
The rapid expansion of the aerospace sector serves as a significant driver for the global epoxy resin market. Epoxy resins are widely utilized in aerospace applications due to their exceptional strength-to-weight ratio, corrosion resistance, and high-performance characteristics. As the aerospace industry experiences unprecedented growth driven by increasing demand for commercial and military aircraft, epoxy resins play a pivotal role in manufacturing lightweight and durable components. This surge in aerospace activities directly fuels the demand for epoxy resins, positioning them as a crucial material in producing advanced composites and structural components for modern aircraft.
What restraints the growth of the global epoxy resin market?
“Health hazards associated with the epoxy curing agents hampers the market growth”
The global epoxy resin market faces a notable constraint attributed to health concerns associated with the curing agents employed in epoxy resin formulations. Despite the versatile attributes of epoxy resins, including durability and chemical resistance, the curing agents present potential health hazards. Skin irritation is a prominent issue, with the chemicals in curing agents causing dermatitis upon direct contact. Inhaling vapors released during the curing process can lead to respiratory irritation, manifesting as coughing and chest tightness. Sensitization is another concern, as some curing agents contain allergenic substances, leading to the development of allergies upon repeated exposure.
Segmentation: Global Epoxy Resin Market
The global epoxy resin market is segmented on the basis of physical forms, formulation type, application, and end-user.
- On the basis of physical forms, the global epoxy resin market is segmented into solid, liquid, solution, and solvent cut epoxy
- On the basis of formulation type, the global epoxy resin market is segmented into DGBEA, DGBEF, novolac, aliphatic, glycidylamine, and others
- On the basis of application, the global epoxy resin market is segmented into paints and coatings, construction, electrical and electronics, wind turbine and composites, civil engineering, adhesives and sealants, composites, electrical encapsulations and others
- On the basis of end-user, the global epoxy resin market is segmented into building and construction, transportation, general industrial, consumer goods, wind power, aerospace, marine, and others
Regional Insights: Asia-Pacific dominates the Global Epoxy Resin Market
The Asia-Pacific dominates the global epoxy resin market due to increased automotive development and substantial construction activities. China, a major contributor, sees around 50% of its GDP from the industrial and construction sectors, creating a robust market for epoxy resin applications. The symbiotic growth of the automotive and construction industries underscores the region's pivotal role in the global epoxy resin market.
North America is expected to experience significant growth during the forecast period of 2023-2030 due to the rapid development in the aerospace and chemical sectors, which are poised to contribute significantly to the epoxy resin market during the forecast period. The aerospace industry's demand for high-performance materials and the chemical sector's expansion drive the region's notable market share, highlighting its key role in the global epoxy resin market.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-epoxy-resin-market
Recent Developments in Global Epoxy Resin Market
- In 2022, Westlake Chemical Corporation confirmed a USD 1.2 billion deal to acquire Hexion Inc.'s global epoxy business, set to conclude in the first half of the year
- In 2021, Covestro successfully expanded by acquiring Royal DSM's Resins and Functional Materials business, enhancing its eco-friendly coating resins portfolio
- In 2020, Kukdo Chemical India achieved a milestone with the completion of its 40,000-ton-per-year epoxy production facility in Gujarat, catering to domestic demand
- In 2020, the U.S. Government allocated a significant US$2 trillion investment for coronavirus response, emphasizing infrastructure development, including hospitals and roads
- In 2020, Huntsman International LLC unveiled the ARALDITE 2000 Adhesive core range, featuring epoxy, acrylic, and polyurethane technologies, addressing up to 80% of bonding needs for enhanced productivity
The Prominent Key Players Operating in the Global Epoxy Resin Market Include:
- SPOLCHEMIE (Czech Republic)
- BASF SE (Germany)
- Huntsman International LLC (U.S.)
- 3M (U.S.)
- NAN YA PLASTICS CORPORATION (Taiwan)
- Hexion (U.S.)
- Olin Corporation (U.S.)
- Solvay (Belgium)
- Chang Chun Group (Taiwan)
- NAMA Chemicals (Saudi Arabia )
- Sika AG, ASTRAL ADHESIVES (India)
- Eagle Chemicals (Egypt)
- LEUNA-Harze GmbH (Germany)
- Elite Crete Systems (U.S.)
- RBC Industries Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global epoxy resin market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Epoxy Resin Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
