Global Epoxy Resin Market – Industry Trends and Forecast to 2030

Global Epoxy Resin Market, By Physical Forms (Solid, Liquid, Solution, Solvent Cut Epoxy), Formulation Type (DGBEA, DGBEF, Novolac, Aliphatic, Glycidylamine, Others),  Application (Paints and Coatings, Construction, Electrical and Electronics, Wind Turbine and Composites, Civil Engineering, Adhesives and Sealants, Composites,  Electrical Encapsulations and Others),  End-User (Building and Construction,  Transportation, General Industrial, Consumer Goods, Wind Power, Aerospace, Marine and Others) – Industry Trends and Forecast to 2030.

Epoxy Resin Market Analysis and Size

Global automotive production increased quickly as a result of rising demand from middle-class families and rising disposable income in emerging markets. In 2021, the paints and coatings application segment dominated the market, accounting for more than 37.0% of total revenue. Epoxy resin-based paints and coatings are widely used in residential and commercial construction, shipbuilding, automotive, and wastewater treatment. The rising number of infrastructure development projects, as well as the rapidly expanding manufacturing industry, are expected to drive the market during the forecast period. Because of government initiatives and funding to maintain development, the country's construction market is expected to outperform other Southeast Asian countries.

Data Bridge Market Research analyses that the 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% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

 Epoxy Resin Market Scope and Segmentation

Market definition

Epoxy resin is a polymer based raw material which is used as a chemical in paints and coating. Furthermore, it provides high performance with great features such as temperature stability, corrosion resistance, endurance, stability and are also able to keep the generators and transformers clean and free of short circuits. Epoxy resin are synthesized bio based curing agents which are used for formation of natural rubber, sugar, vegetable oil and so on.

Global Epoxy Resin Market Dynamics

Drivers

• Increasing demand for paints and coatings from the construction

Growing demand for paints and coatings is a major factor driving the growth of the epoxy resin market. Epoxy resin-based products dry quickly and provide an excellent coating for the construction industry. Epoxy resin-based paints are commonly used in concrete floor paints and primers. They keep surfaces from corroding and rusting. These coatings are found in primers and are used to improve the adhesion of automotive and marine components. As a result, rising demand for paints and coatings is expected to drive market growth, thereby directly impacting the epoxy resin market.

• Rapid expansion of aerospace sector

Aircraft are subjected to extreme weather and climatic stress, which result in wear and tear of the outer parts of aircraft. Multiple properties such as heat resistance, corrosion resistance, and UV protection offered by these resins help in the reduction of carbon emissions. Manufacturers are emphasizing product diversification in order to capitalize on new value-added application such as metal protection, plastic tooling, and automotive lightweight composites. The growing popularity of lightweight aerospace coatings among major aircraft manufacturers will boost market demand.

Opportunities

• Increasing adoption of bio-based polyepoxides to boots industry growth.

Epoxy resins were created to reduce the environmental impact of petroleum-based resins. Biomaterials such as lignin, vegetable oils, rosins, and other biomaterials are used to replace up to 50% of petrochemicals. These materials eliminate the need for BPA, which is hazardous and must be handled with care. This type of resin has a wide range of application, including coating materials, adhesives, composites, and other cross-linked materials. The increased demand for sustainability in many end-use industries is expected to create a market opportunity for bio-based epoxy resin.

Restraints/ Challenges

• Fluctuation in the prices of raw materials is the most significant barrier to the growth of the epoxy resin market

Significant numbers of epoxy resins are usually derived from oils for their chemical composition or from their mining process to derive energy which is used in coatings. The prices of oil are highly volatile and several factors impact the prices to either drive up or down. As a result, oil prices have a significant impact on the price of raw materials for coatings.

• Health hazards due to epoxy curing agents

Health risks associated with epoxy resin flooring, such as the release of strong and toxic fumes that can cause irritation in the lungs and eyes, are factors limiting market growth. Furthermore, asthmatic people who are exposed to these fumes may experience breathing difficulties. This factor can have a negative impact on the growth of epoxy resin.

This epoxy resin market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on epoxy resin market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In 2021, Hexoin Inc. announced the signing of a contractual agreement with Westlake Chemical Corporation. Westlake Chemical Corporation had agreed to buy Hexion Inc.'s global epoxy business for about USD 1.2 billion. Subordinate to customary closing conditions, this transaction is scheduled to conclude during first half of 2022.
• In 2021, Covestro successfully acquired the business of Royal DSM's Resins and Functional Materials business. (RFM). Covestro will profit from the acquisition by increasing its range of environmentally friendly coating resins.
• In 2020, Kukdo Chemical India completed its epoxy production facility in Gujarat. This epoxy facilities has an industrial capacity of 40,000 tons per year. Following China, the company has successfully launched its second overseas plant in India to meet domestic demand and provide consumers with optimum epoxy solutions.
• In 2020, the U.S. Government announced an investment of US$ 2 trillion, as a part of the coronavirus response for the development of infrastructure including hospital buildings, roads, and other infrastructure.
• In 2020, Huntsman international LLC, launched the ARALDITE 2000 Adhesive core range consisting of three technologies, namely, epoxy, acrylic and polyurethane (PU), for helping businesses maximize their productivity by covering upto 80% of all bonding needs.

Global Epoxy Resin Market Scope

The global epoxy resin market is segmented on the basis of formulation type, physical forms, application, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market application.

Formulation Type

• DGBEA (bisphenol A and ECH)
• DGBEF (bisphenol F andECH)
• Novolac (formaldehyde and phenols)
• Aliphatic (aliphatic alcohols)
• Glycidylamine (aromatic amines and ECH)
• Others

Physical Forms

• Solid
• Liquid
• Solution
• Solvent Cut Epoxy

Application

• Paints and Coatings
• Adhesives and sealants
• Composites
• Electronic Encapsulation and Others
• Construction
• Electrical and Electronics
• Wind Turbine and Composites
• Civil Engineering 
• Others
• Vinyl Gloves
• Metal Protection
• Handbags
• Eyeglasses
• And Plastic Tooling

End User

• Building and Construction
• Transportation
• General Industrial
• Consumer Goods
• Wind Power
• Aerospace
• Marine
• Others

Global Epoxy Resin Market Regional Analysis/Insights

The global epoxy resin market is analysed and market size insights and trends are provided by country, formulation type, Physical Forms, application and end user as referenced above.

The countries covered in the global epoxy resin market  report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the epoxy resin market and will continue to flourish its dominance during the forecast period due to the different end user it has increased automotive development. China is one of the major countries in Asia-Pacific with ample construction activities, with the industrial and construction sectors accounting for approximately 50% of the GDP.

Rapid developments can be seen in North America and hence it is analysed that during the forecast period North America can contribute to a notable market share as great developments can be seen in aerospace sector and chemical sector.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Epoxy Resin Market Share Analysis

The global epoxy resin market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global epoxy resin market.

Some of the major players operating in the global epoxy resin market are:

• 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.)