The Epoxy Resin Market is estimated to be valued at US$ 44.76 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Epoxy resins are thermosetting polymers that are used in the production of various materials and products like composites, adhesives, coatings, and electrical insulating materials. They are highly durable, heat and chemical resistant in nature. The adhesives segment dominates the market and utilizes epoxy resins for bonding applications in industries like automotive, aerospace, and construction. Epoxy composites are also widely used to manufacture various parts in aircraft, wind turbines and other industrial equipment owing to their high strength to weight ratio.
Market Dynamics:
The rising demand from end use industries like aerospace, automotive, marine, and wind energy is a major growth driver for the epoxy resin market. For instance, epoxy composites have significantly replaced metals in aircraft manufacturing due to advantages such as lower weight and high corrosion resistance. This is positively impacting the market growth. Additionally, the market is also driven by the expansion of the wind energy sector. Epoxy resin adhesives and composites are widely used to manufacture rotor blades, nacelles and other components of wind turbines. The increasing renewable energy focus globally is thus fueling the demand for epoxy resins in this industry.
Segment Analysis
The Global Epoxy Resin Market Size is dominated by the building & construction segment, which accounts for over 35% of the total market share. Epoxy resins are extensively used in flooring, protective coatings, adhesives, and sealants in the construction industry due to their excellent adhesion, chemical & heat resistance. Within the building & construction segment, flooring sub-segment dominates due to high demand for epoxy flooring for commercial and industrial purposes like warehouses, factories, etc. owing to its ability to withstand heavy loads and vehicular traffic.
PEST Analysis
Political: Stringent environmental regulations regarding VOC emissions can hamper market growth. However, initiatives towards infrastructure development will drive the construction industry positively.
Economic: Developing economies are witnessing strong growth in construction activities, which will augment the market. Additionally, recovery of oil & gas industry post-COVID will propel coatings demand.
Social: Increasing consumer preference for strong and durable flooring will boost epoxy resin consumption in flooring applications. Also, growing awareness about benefits of protective coatings propels their demand.
Technological: Developments in epoxy formulations to provide enhanced performance, sustainability, and quicker cure times will open new avenues. Advances in powder coating technology using epoxy resins increase their scope in automotive and industrial applications.
Key Takeaways
The global epoxy resin market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, 2023 to 2030, due to increasing demand from the construction industry. The market size for epoxy resin is estimated to be US$ 44.76 Bn in 2023.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its lead over the forecast period. China accounts for over 30% of the global epoxy resin consumption due to enormous construction activities. Other fast-growing regions include South East Asia and Middle East & Africa.
Key players operating in the epoxy resin are BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, DuPont, Aditya Birla Chemicals Ltd , Momentive Specialty Chemicals Inc, Nan Ya Plastics Corporation, Kukdo Chemical Ltd., and NAMA Chemicals. Key players are focusing on strategic expansion to strengthen their product portfolio and geographical footprints especially in high growth regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
