The global epoxy resin market size was valued at $8.9 billion in 2020 and is projected to reach $16.6 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
Epoxy resin is a thermosetting polymer formed by copolymerization of an epoxide with another compound having two hydroxyl groups. It is majorly used for non-reinforced applications such as paints & coatings, adhesives, and composites. Currently, vehicle manufacturers adopt lightweight composite materials to meet the demand for increased design freedom, flexibility, high strength, and reduced vehicle weight.
In addition, the demand for epoxy resin in the aerospace industries has increased at a faster pace for assembly of aircraft panels and helicopter rotor blades. Lightweight & toughness, high heat and pressure tolerance of epoxy resin make it ideal for use in the aircraft industry, which, in turn, propels the growth of the global epoxy resin market. All these factors are expected to augment the growth of epoxy resin market during the forecast period in aerospace industry.
Epoxy resins are used to protect the solar panels from a variations of temperatures. Epoxies are cheap, easy to apply, and less labor-intensive. Epoxy thermosets are utilized for making the blades more durable due to its high creep resistance and high tensile strength. Mixing of epoxy resins with various toughening agents and using them on the blades have shown positive results toward making the blades corrosion resistant and fatigue-proof due to which demand for epoxy resins has increased from wind energy industry. However, the fluctuations in the cost of raw materials affect the production cost of epoxy resin, which can impact the growth of the market during the forecast period.
The epoxy resin market is segmented on the basis of form, type, end use, application, and region. On the basis of form, it is classified into solid and liquid. By type, it is classified into DGBEA, DGBEF, novolac, aliphatic, glycidylamine, and others. By end use, it is classified into building & construction, transportation, general industrial, consumer goods, wind energy, aerospace, and marine. By application it is classified into paints & coatings, adhesives & sealants, composites, electronic encapsulation, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The epoxy resin market share is analyzed across all significant regions and countries.
The key players that operate in the global epoxy resin market include Atul Ltd, BASF SE, Dow, Inc, Hexion, Huntsman Corporation, LLC, Kukdo Chemicals Co., Ltd, Nan Ya Plastics Corporation, Olin Corporation, Solvay SA, and Techstorm Advanced Materials.
Global Epoxy Resin Market, by Form
By form, the liquid segment dominated the epoxy resin market in terms of volume and value in 2020 and is expected to continue its dominance during the forecast period. Liquid epoxy resins are stable for a long period of time at room temperature and possess superior properties such as dimensional stability during cure, chemical resistance, chemical inertness, durability, and superior adhesion.
By Form
Liquid is projected as the most lucrative segment.
Global Epoxy Resin Market, by Type
By type, the DGBEA segment dominated the epoxy resin market in terms of volume and value in 2020 and is expected to continue its dominance during the forecast period. Epoxy resin made from bisphenol A (BPA) is essential to modern life, public health, efficient manufacturing, and food safety. It is used in a wide array of consumer and industrial applications, due to its toughness, strong adhesion, chemical resistance, and other specialized properties such as low shrinkage and absorption of moisture.
By Type
DGBEA is projected as the most lucrative segment.
Global Epoxy Resin Market, by Application
By application, the paint & coating segment dominated the epoxy resin market in terms of volume and value in 2020 and is expected to continue its dominance during the forecast period. Epoxy paints are used to impart enhanced finish to the concrete floor. In addition, they are increasingly employed in electrical, automotive, flooring, and marine applications, owing to their quick drying and tough nature. Furthermore, they are utilized in composite materials such as carbon fiber and fiberglass, where their durability makes them an ideal option for swimming pools, metal, and bathtubs in surface coatings.
By Application
Paints & Coating is projected as the most lucrative segment.
Global Epoxy Resin Market, by End Use
By end use, the consumer goods segment dominated the epoxy resin market in terms of volume and value in 2020 and is expected to continue its dominance during the forecast period. Epoxy resins serve as an integral part of the electronic industry and are used for hybrid circuits, insulators, transformers, printed circuit boards, over molding transistors, and integrated circuits. This usage in electrical application is characterized by physical & mechanical strength, chemical resistance, and resistance to shock & vibration.
By End Use
Building & Construction is projected as the most lucrative segment.
Global Epoxy Resin Market, by Region
By region, the Asia-Pacific segment dominated the epoxy resin market in terms of volume and value in 2020 and is expected to continue its dominance during the forecast period. The market growth in Asia-Pacific is driven by rapid industrialization and rise in demand from end-use industries, such as automotive, building & construction, consumer goods, marine, and aerospace. Asia-Pacific is the leading producer of epoxy resin, which is attributed to increase in alliances among leading players that help to discover the new commercial products in this market.
By Region
Asia Pacific is projected as the most lucrative segment.
Key Benefits For Stakeholders
- The report includes an in-depth analysis of different segments and provides epoxy resin market estimations between 2021 and 2030.
- The epoxy resin market size is provided in terms of revenue and volume.
- A comprehensive analysis of the factors that drive and restrict the growth of the epoxy resin market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current epoxy resin market trends and future estimations from 2021 to 2030, which helps to identify the prevailing market opportunities.
COVID-19 Impact on Market
- COVID-19 pandemic caused a ban on imports and export, thereby disrupting the supply chain and hampering the epoxy resin market growth.
- There was a supply and demand gap generated due to the COVID-19 pandemic.
- Fluctuation in prices of epoxy resin during COVID-19 was a major hindrance to the market growth.
- During COVID-19, demand for epoxy resin decreased in the aerospace, transportation, consumer goods, and marine industries. All the industries were shut, due to which demand for epoxy resin was impacted negatively in 2020, owing to the lockdown.
Epoxy Resin Market Report Highlights
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Analyst Review
According to the insights of CXOs of leading companies, high performance of epoxy resin as compared to other resins, increase in R&D activities, and rise in penetration of epoxy resin across various end-use industries drive their demand, globally. Epoxy resins are resistant to degradation and possess superior adhesive & mechanical properties, which make them versatile and suitable for a wide range of applications.
However, fluctuation in raw material cost and high prices of epoxy resins impede the market growth. Currently, by application, the paints and coatings segment leads the market, whereas the consumer goods and building & construction are the major end use of epoxy resin. The CXOs further added that the demand for epoxy resin is likely to increase significantly across all regions, owing to its favorable properties and wide applicability, which are anticipated to create potential growth opportunities for players operating in the industry.
High performance of epoxy resin as compared to other resins, increase in R&D activities, and rise in penetration of epoxy resin across various end-use industries are the major key factors for epoxy resin market growth.
The market value of eppoxy resin is expected to be $ 16.6 billion in 2031.
The key players that operate in the global epoxy resin market include Atul Ltd, BASF SE, Dow, Inc, Hexion, Huntsman Corporation, LLC, Kukdo Chemicals Co., Ltd, Nan Ya Plastics Corporation, Olin Corporation, Solvay SA, and Techstorm Advanced Materials
Lightweight & toughness, high heat and pressure tolerance of epoxy resin make it ideal for use in the aircraft industry, which, in turn, propels the growth of the global epoxy resin market.
Type, form, application, end use, and region are the segments covered in the report.
Epoxy resins are known for their enhanced performance in numerous industrial applications, owing to properties such as corrosion resistance, high thermal stability, superior mechanical strength, notable toughness, and prolonged durability, resistance to chemical & moisture, and superior adhesion which is the main driver of epoxy resin market.
Epoxy resins are increasingly employed in electrical, automotive, flooring, and marine applications, owing to their quick drying and tough nature due to which paint & coating application is expected to drive the epoxy resin market.
Epoxy resin are primarily used in the aerospace, transportation, consumer goods, and marine industries which were severely affected by the COVID-19 pandemic, owing to the lockdown imposed by various governments.
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