Epoxy Resin Market Share, Size, Trends, Industry Analysis Report, By Type (DGBEA, DGBEF, Novolac, Aliphatic, Glycidylamine, Hardener); By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM1503
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global epoxy resin market was valued at USD 13 billion in 2023 and is expected to grow at a CAGR of 5.2% during the forecast period.
The demand for epoxy resin is driven by the increasing demand for epoxy resin in the paints and coatings industry. Additionally, the electronics and electrical industry uses epoxy resin as an insulator to protect components from dust, moisture, and short circuits. This usage is expected to contribute to the growing demand for epoxy resin.
The market research report offers an in-depth analysis of the industry to support informed decision-making. It offers a meticulous breakdown of various market niches and keeps readers updated on the latest industry developments. Along with tracking the Epoxy Resins Market on the basis of SWOT and Porter’s Five Forces models, the research report includes graphs, tables, charts, and other pictorial representations to help readers understand the key insights and important data easily.
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Epoxy resin is widely employed as an adhesive for laminating wood, which finds extensive use in the construction industry for various applications such as floors, windows, roofs, walls, and decks. The rising use of timber in construction is expected to drive the demand for epoxy resin in this sector.
The aerospace industry is also witnessing an increase in the use of epoxy resin due to the growing demand for composite components that help reduce wind resistance and overall aircraft weight. The exceptional adhesive properties of epoxy resin with composites further contribute to its market demand in the aerospace industry.
Moreover, the wind energy sector is experiencing a surge in the utilization of composites and fiber-reinforced plastics for wind turbine manufacturing and associated components. This industry extensively uses epoxy resin as a reinforcing agent, further bolstering its demand. Furthermore, epoxy resin is finding applications in various areas, such as arts, decorative items, and kitchen countertops, adding to its market growth.
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The COVID-19 pandemic had mixed effects on the market. Disruptions in the global supply chain due to lockdown measures and reduced production capacities led to temporary decreases in production and supply. Several end-use industries, including automotive, aerospace, and construction, experienced a decline in demand. However, there was a shift in demand towards epoxy-based coatings and adhesives used in medical equipment and packaging applications. As economies gradually reopened and vaccination efforts progressed, industries started recovering, driving the demand for epoxy resin. The market is expected to rebound in the long term due to the increasing use of epoxy resin in various industries and its superior properties.
Industry Dynamics
Growth Drivers
Several factors contributing to its growth have driven the epoxy resin market. The construction industry's demand for epoxy resins in applications such as adhesives, coatings, flooring, and composites has surged due to infrastructure development and renovation projects, especially in emerging economies. Also, with their excellent electrical insulation properties, the electrical and electronics sector has witnessed increased adoption of epoxy resins for electronic components, circuit boards, and electrical laminates. The expanding wind energy sector has relied on epoxy resins for their lightweight, high strength, and corrosion resistance properties in wind turbine blades.
Moreover, the automotive and transportation industry has played a role in the growth of the epoxy resin market, as these resins are used in coatings, adhesives, and composites to meet the demand for lightweight materials and enhance performance. Advancements in epoxy resin formulations have also contributed to market growth, as developing high-performance and eco-friendly resins expands their application possibilities. Additionally, the market has been propelled by the growing awareness of sustainable and green materials, with epoxy resins being formulated with renewable and bio-based sources to reduce environmental impact.
Furthermore, the Asia-Pacific region, particularly China and India, has emerged as a significant market for epoxy resins due to rapid industrialization, urbanization, infrastructure development, and increased manufacturing activities. Additionally, epoxy resins' versatility and performance characteristics, such as high strength, adhesion, chemical resistance, and durability, have made them suitable for various industries, further driving the market's growth.
Report Segmentation
The market is primarily segmented based on type, application, and region.
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By Type |
By Application |
By Region |
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By Type Analysis
DGBEA segment accounted to hold the largest revenue share in the market
The DGBEA (Diglycidyl Ether of Bisphenol-A) segment held the largest revenue share in the market. The segment's growth is primarily driven by the increasing demand for DGBEA resin in the construction and manufacturing industries.
However, the novolac category is also anticipated to experience significant growth during the forecast period. This is attributed to the widespread utilization of novolac in surface applications, adhesives, and plastics, which has fueled its demand in various industries.
By Application Analysis
Paints and coatings segment anticipated to exhibit highest CAGR over forecast period
The paints and coatings segment is projected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. The epoxy resins offer excellent adhesion, durability, and chemical resistance, making them ideal for paints and coatings. These properties enhance the performance and longevity of coatings, leading to their widespread adoption in industries such as construction, automotive, aerospace, and marine.
Additionally, increasing investments in infrastructure development projects across the globe have contributed to the demand for paints and coatings, driving the segment's growth. The rising construction activities and the need for protective and decorative coatings have fueled the demand for epoxy resin-based paints and coatings.
On the other hand, the adhesives and sealants segment is expected to witness rapid growth in the epoxy resin industry. Epoxy-based adhesives and sealants offer excellent bonding strength, high chemical resistance, and temperature stability, making them suitable for various building, automotive, energy, and electronic applications.
Regional Insight
Asia Pacific anticipated to grow significantly over the forecast period
Asia Pacific is poised to experience substantial growth during the forecast period, primarily driven by the continuous expansion of the construction industry in India and China. The region's robust growth in car manufacturing operations also contributes to increased consumption of epoxy resins. Moreover, the rise of the consumer electronics sector in countries like India, South Korea, China, and Japan further propels the market growth in Asia Pacific.
Additionally, North America is witnessing significant expansion, supported by increased investments in the chemical sector in the United States, positively impacting market growth. The region's growing demand for consumer products, driven by high per-capita wealth, also drives the epoxy resin market's expansion. Furthermore, as the emphasis on clean and renewable energy sources intensifies, epoxy resins are being utilized as adhesives in solar cells to protect them from adverse weather conditions. This application contributes to the growth of the epoxy resin market in the region.
Market Key Player & Competitive Insight
In the fiercely competitive epoxy resin market, industry players such as Hexion Inc., Olin Corporation, Huntsman Corporation, and BASF SE are engaged in an intense race to consolidate their market presence. They leverage extensive research and development capabilities, global production and distribution networks, and diverse product portfolios to maintain a competitive edge. Sustainability and environmentally friendly formulations are increasingly becoming a focus, aligning with both regulatory requirements and consumer preferences.
Some of the major players operating in the global market include:
- 3M
- Aditya Birla Chemicals
- Atul Ltd (India)
- Ciech S.A.
- Chang Chun Group
- China Petrochemical Corporation
- Covestro AG
- Dow
- Hexion
- Huntsman International LLC
- Kolon Industries
- Kukdo Chemical Co., Ltd
- Macro Polymers
- Nan Ya Plastics Corporation
- Olin Corporation
- Spolchemie
Recent Developments
- In May 2023, Mitsui Chemicals, Inc. has acquired certification for their epoxy resins, specifically those derived from the biomass phenol chain. This certification was granted under the International Sustainability and Carbon Certification (ISCC) PLUS system, which verifies and certifies sustainable products.
- In February 2022, Westlake Chemical Corporation has acquired the global epoxy business of Hexion Inc. for approximately $1.2 billion in an all-cash deal. This transaction marks a significant expansion for Westlake as it integrates Hexion's leading downstream portfolio of coatings and composite products into its business operations.
Epoxy Resin Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 13.65 billion |
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Revenue forecast in 2032 |
USD 20.48 billion |
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CAGR |
5.2% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Type, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
We provide our clients the option to personalize the Epoxy Resins Market report to suit their needs. By customizing the report, you can get data as per your format and definition. Also, the customization option allows you to gain a deeper dive into a specific segment, region, customer, or market competitor.
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FAQ's
The global epoxy resin market size is expected to reach USD 20.48 billion by 2032.
Key players in the epoxy resin market are 3M, Aditya Birla Chemicals, Atul Ltd (India), Ciech S.A., Chang Chun Group, China Petrochemical Corporation.
Asia Pacific contribute notably towards the global epoxy resin market.
The global epoxy resin market is expected to grow at a CAGR of 5.2% during the forecast period.
The epoxy resin market report covering key segments are type, application, and region.
