The global Epoxy Resin market size was valued at USD 7,592.35 million in 2019 and is anticipated to grow at a CAGR of 5.85% during the forecast period. Epoxy resins have a property of containing one more than one epoxy group per molecule and are thermosetting resins that make use of suitable cross-linking agents for higher reactivity. Among resins, Epoxy resins are respected by being the largest raw material used for different chemical formulations. Highly conducive properties belonging to epoxy resins including high thermal stability, mechanical strength, moisture resistivity, adhesion, heat resistance make epoxy resins the resin of choice for several end-user applications such as laminates, jewelry and insulators.
Drivers to growth of epoxy resin market include increasing paints & coatings demand on account of positive outlook on construction and automotive industries has developed the global epoxy resins industry. This trend is expected to continue over the forecast period. Growing end-use industries including transportation, marine coatings, aerospace, electrical & electronic laminates, composites, and decorative powder coatings particularly in the Asia Pacific is also expected to impact the global market positively. Increasing R&D initiatives by key participants coupled with technology innovation in the field of modified resins is expected to create new avenues for industrial applications. The global demand is fueled by rapidly expanding wind energy capacity installation on account of a shift towards the development of renewable energy.
The availability of polyurethane and phenolic resins as alternatives in various applications coupled with volatility in raw material (bisphenol-A & epichlorohydrin) prices are expected to restrict market growth over the forecast period.
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Epoxy resins are mostly used in the production of paints & coatings. Over 40% of the total epoxy resins is consumed by this end-use application segment. Being a major epoxy resin consumer, paints & coatings industry directly affects the global epoxy resin market.
Paints & coatings market is dependent on automotive and construction industries that are directly affected by economic conditions in the world. Stable economic conditions are expected to have a positive impact on the growth of construction and automotive industries. This is further expected to result in increased paints & coatings demand.
Increasing demand can be associated to a strong acceleration in construction spending, particularly in residential construction, which is expected to rebound in North America and Western Europe. Healthy growth in the global manufacturing activity will also fuel demand for paints & coatings used in the production of motor vehicles and other durable goods, as well as industrial maintenance applications.
The market is primarily segmented on the basis of Types, application, and geographic region.
By Application Type
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Based on Type, the market has been segmented into DGBEA, DGBEF, Novolac, Aliphatic, Glycidylamine, and Hardeners. The epoxy prepolymer (olygomer) is the principle part of the responsive framework. These epoxys can be di (DGEBA), tri (TGAP), or tetra (TGDDM) useful particles. Between various epoxy particles, the mixes dependent on diglycidyl ether of bisphenol A (DGEBA) are broadly utilized. Contingent upon the level of polymerization (n), it might be fluid (n < 1) or strong (n > 1.5). The epoxy polymers can respond with various kinds of compound gathering, for example, amines, anhydrides, isocyanates, phenol, and others. DGBEA has the highest market share followed by DGBEF and are expected to grow at a considerable rate during the forecast period.
On the basis of application, the market has been segmented into paints & coatings, wind turbine, composites, construction, electrical & electronics, adhesives and others. Paints and coatings accounted for 39.8% of market share by revenue in 2019 and is likely to increase by 2026. Electrical & electronics is also expected to have remarkable penetration on account of increasing use of epoxy-based electronic adhesives. Growing electrical & electronics industry is expected to have a positive influence on the epoxy resin demand in this application segment.
Epoxy resin-based adhesives are most extensively used on account of their superior adhesion properties. They are mainly used in automotive, construction and aerospace industries to join different parts together. Increasing acceptance of epoxy-based adhesives is expected to augment epoxy resin demand from this application segment. Epoxy resins also find application in various other end-use industries such as powder coating, industrial tooling, flooring and consumer applications. These segments are expected to exhibit moderate growth over the forecast period
All in all, the U.S. paint and coatings industry utilizes nearly 278,000 workers. The production of paints and coatings is a little industry in the United States as contrasted and different enterprises, with around 39,000 laborers. Industry offices are situated in urban zones like Chicago, Cleveland and Louisville, just as in Northern New Jersey, all through California, Florida, and Washington State. Notwithstanding, note that the production of essential paints and coatings sustains not just the soundness of occupations identified with the clearance of paints and coatings — paint and divider covering contractual workers, just as retail foundations — yet in addition those in assembling end-use advertises that utilization those paints and coatings: the automobile business, aviation, paper, apparatus, home machines, hardware, wood furniture, and metal compartments, among the universe of different applications. And, increasingly more regularly, a slim film of covering is being utilized to supplant another material, for example, a plastic overlay or elite compositional material. The North American market for epoxy resins is expected to grow at a CAGR of 4.82% from 2020 to 2026. Asia Pacific on the other hand registered the highest growth rate during the forecast period.
Some of the key market players such as Formosa Plastics, AkzoNobel, 3M, and Toray have integrated along the value chain including epoxy resin production, distribution, and end-use product manufacturing. Forward integration is used for value addition in the overall production process at minimum cost as the end-use product and epoxy resins are manufactured under one umbrella. Companies are continuously investing in R&D activities and are coming up with next generation Epoxy Resins with advanced technology. The key leading players in the market include 3M, Aditya Birla Chemicals, Atul Ltd., BASF SE, DuPont, Huntsman, Cytec Solvay Industries, Kikdo Chemicals, MPM Holdings, Olin Corporation, Sika AG, Nan Ya Plastics Corporation, Jiangsu Sanmu Group, Jubail Chemical Industries, Sinopec, Covestro AG, Arkema, Evonik Industries and SIR INDUSTRIALE S.p.A, among others.