Epoxy Resin Market Size, Share, Trends, Growth 2030

Epoxy Resin Industry Prospective:

The global epoxy resin market size was worth around USD 13.2 billion in 2022 and is predicted to grow to around USD 24.6 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.1% between 2023 and 2030.       

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Epoxy Resin Market: Overview

Epoxy resin is an agent in paints and coatings that is derived from polymers. Moreover, it offers excellent performance and qualities like temperature stability, resistance to corrosion, durability, and stability. It can also maintain the cleanliness and absence of short circuits in the transformers and generators. Epoxy resins are biobased curing agents that are manufactured and utilized in the production of natural rubber, sugar, vegetable oil, and other materials.

Key Insights

• As per the analysis shared by our research analyst, the global Epoxy Resin market is estimated to grow annually at a CAGR of around 8.1% over the forecast period (2023-2030).
• In terms of revenue, the global Epoxy Resin market size was valued at around USD 13.2 billion in 2022 and is projected to reach USD 24.6 billion, by 2030.
• The growing demand from the paint & coating industry is expected to drive the epoxy resin market growth over the projected period.
• Based on the form, the liquid segment is expected to dominate the market over the forecast period.
• Based on the application, the paints & coatings segment is expected to capture the largest market share over the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market over the forecast period.

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Epoxy Resin Market: Growth Drivers

Growing paint and coatings demand in the automotive sector drives market growth

The automobile sector uses paints and coatings for a variety of purposes because of their affordability, ease of availability, excellent gloss, and great durability. Coatings made of epoxy resin offer excellent thermal stability, fire resistance, and temperature resistance. Waterborne coatings are typically preferred by automakers. The increasing purchasing power of customers in developing nations like China and India would push urban commuters to buy cars. Consequently, this will propel the expansion of the automobile sector in these nations. Throughout the forecast period, these factors are anticipated to fuel the expansion of the worldwide epoxy resin market by driving up demand for paints and coatings.

Epoxy Resin Market: Restraints

Stringent regulations and policies impede market growth

Paints and coatings protect substrate surfaces and constructions from harmful elements, extreme heat, and chemical reactions. Nevertheless, several paint and coating ingredients are extremely hazardous to the environment. Consequently, strict rules have been enacted by regulatory bodies in North America and Europe to mitigate the potentially harmful consequences of these products. Strict rules encourage suppliers to create products that employ raw materials that comply with requirements and produce minimal amounts of volatile organic compounds. Paint and coating producers are thus developing eco-friendly strategies to remain competitive in the market. As a result, over the projection period, the market for epoxy resin growth will encounter obstacles.

Epoxy Resin Market: Opportunities

The growing emphasis on environmentally friendly and biobased resins offers a lucrative opportunity for market growth

As renewable resources, biomass, and bio-based raw materials like starch and other crop derivatives become more prevalent, there is a growing need for bio-based resins. Bioplastics, which have several uses, including packaging, are made from bio-based polymers. This makes it possible for plastics producers to reduce their excessive reliance on polymers derived from petroleum. Furthermore, compared to raw materials derived from petroleum and fossil fuels, the resources needed to make bio-based resins are abundant and renewable. There is a growing need for novel bio-based resins that lower greenhouse gas (GHG) emissions; nevertheless, the products and processes need to be efficient in terms of time as well as funds. Consequently, it is anticipated that throughout the projected period, the worldwide epoxy resin industry will witness an increase in research and development endeavors. So, it is anticipated that a major trend in the market will be the growing emphasis on bio-based and environmentally friendly resins.

Epoxy Resin Market: Challenges

Fluctuation in the price of raw material poses a major challenge for the market growth

A sizable portion of epoxy resins are often sourced from oils for their chemical makeup or from the mining process to provide energy for coating applications. The price of oil fluctuates greatly, depending on several factors that might cause an increase or decrease in price. As a result, the cost of raw materials for coatings is significantly influenced by oil prices. Thus, the fluctuation in the price of raw materials poses a major challenge to the market growth.

Epoxy Resin Market: Segmentation

The global Epoxy Resin industry is segmented based on the form, type, application, and region.

Based on the form, the global epoxy resin market is bifurcated into solid and liquid. The liquid segment is expected to dominate the market over the forecast period. Liquid epoxy resins may be used for many different applications, such as coatings, adhesives, composites, and electronic encapsulants. Their remarkable resistance to chemicals, water, and heat makes them an excellent choice for use in challenging environments. Liquid epoxy resins are renowned for their exceptional mechanical and adhesive properties, and they stick very effectively to a wide range of surfaces. Automotive paints and adhesives, as well as electronic component encasing, are applications for liquid epoxy resins in the electronics and automotive sectors.

Based on the type, the epoxy resin industry is bifurcated into DGBEA (bisphenol A & ECH), DGBEF (bisphenol F &ECH), Novolac (formaldehyde & phenols), Aliphatic (aliphatic alcohols), Glycidylamine (aromatic amines & ECH) and Others.

Based on the application, the global Epoxy Resin industry is bifurcated into paints & coatings, wind turbines, composites, construction, electrical & electronics, adhesives, and others. The paints & coatings segment is expected to capture the largest market share over the forecast period. The remarkable resilience of epoxy resin-based paints and coatings against stains, cracks, severe temperatures, blistering, and chemicals makes them popular in a variety of sectors, including wastewater treatment facilities, automobiles, and residential and commercial structures. Low in volatile organic compounds (VOCs), they have good adhesion and strong anti-corrosion performance.

In commercial, residential, institutional, and industrial buildings, paints and coatings based on epoxy resin are applied to both the interior and external surfaces. When surfaces are painted or coated, they not only improve their visual attractiveness but also shield them from harsh weather and UV rays, preventing peeling, fading, or cracking. The demand for paints and coatings is rising as a result of the notable expansion of non-residential industries including IT, telecom, and retail in emerging countries like Asia Pacific and the Middle East and Africa. Furthermore, growing government infrastructure expenditure, fast industrialization, and rising foreign direct investments (FDIs), particularly in the Asia Pacific, would boost demand for the products and expand the market.

Epoxy Resin Market: Report Scope

Epoxy Resin Market: Regional Analysis

Asia Pacific is expected to dominate the market during the forecast period

Asia Pacific is expected to dominate the global epoxy resin market during the forecast period. The region is expected to continue to dominate over the projection period because of rising demand from several end-use industries, such as the electronics, construction, and automotive sectors. Fast development and urbanization in countries like China and India are driving up demand for epoxy resin for a variety of applications. China, the world's top manufacturer, is where epoxy resins are made. It's expected that China will continue to dominate the industry because of its accessible raw resources, affordable labor, and supportive government regulations. The region's demand for epoxy resin is expected to rise in the construction sector as a result of the growing need for high-performance coatings and adhesives.

On the other hand, the North American region also has a significant chunk of market share over the projected period. Demand for high-performance materials like epoxy resins is being driven by the presence of several end-use industries in the region, such as those in the automotive, aerospace, and electronics sectors. The epoxy resin market in the area is projected to grow as a result of the growing demand for high-performance, environmentally friendly products. Furthermore, it is projected that the region's adoption of many environmental regulations and policies will lead to a rise in demand for eco-friendly epoxy resins during the coming years. The United States is expected to lead the market in this sector because of the large number of major participants in the nation and the robust demand from end-use industries.

Epoxy Resin Market: Competitive Analysis

The global Epoxy Resin market is dominated by players like:

• BASF SE
• SPOLCHEMIE
• Huntsman International LLC
• NAN YA PLASTICS CORPORATION
• Hexion
• 3M
• Olin Corporation
• Solvay
• Chang Chun Group
• NAMA Chemicals
• Sika AG
• ASTRAL ADHESIVES
• Eagle Chemicals
• LEUNA-Harze GmbH
• Elite Crete Systems
• RBC Industries Inc.

The global Epoxy Resin market is segmented as follows:

By Form

• Solid
• Liquid

By Type

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

By Application

• Paints & Coatings
• Wind Turbines
• Composites
• Construction
• Electrical & Electronics
• Adhesives
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa