Epoxy Resin Market - Global Industry Analysis

Epoxy Resin Market- By Application (Paints & Coatings, Wind Energy, Composites, Construction, and Electrical & Electronics): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2022–2028

Published Date: 30-Mar-2022 Category: Chemical & Materials Report Format : PDF Pages: 160 Report Code: ZMR-322 Status : Published

The global Epoxy Resin Market accrued earnings worth approximately 9.1 (USD Billion) in 2021 and is predicted to gain revenue of about 14.7 (USD Billion) by 2028, is set to record a CAGR of nearly 6.8% over the period from 2022 to 2028.

Description

The global Epoxy Resin Market accrued earnings worth approximately 9.1 (USD Billion) in 2021 and is predicted to gain revenue of about 14.7 (USD Billion) by 2028, is set to record a CAGR of nearly 6.8% over the period from 2022 to 2028. The study provides assessment and analysis of the Epoxy Resin Market on a global & regional level. It offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2021 along with a forecast from 2022 to 2028 based on revenue (USD Billion).

Epoxy Resin Market: Overview

Epoxy resins are used as adhesives and are used in production of vehicles, aircrafts, and snowboards. Moreover, epoxy resin finds lucrative applications in painting, coatings & sealants, and repairs. Apart from this, it is also a durable composite that is used with wood, glass, china metal, and fabric. However, moist and wet conditions can impact durability of product. Reportedly, owing to its beneficial features, epoxy resin finds slew of applications in insulator, generator, motor, and transformer production. Moreover, epoxy resins comprise of cross-linkable material groups and reacts with electrophilic & nucleophile species and is receptive to reagents.

Global Epoxy Resin Market

Epoxy Resin Market: Growth Factors

Owing to their reactivity, epoxy resins find massive use in fibers as they can easily bond to fibers due to their reactive nature. Additionally, epoxy compounds are utilized for repairing steel structures & pipelines that are prone to rust and damage. Furthermore, composite repair is usually done for offshore structures where welding is not the best option. All these aforementioned aspects will open new vistas of growth for epoxy resin market. Additionally, low shrinkage property & fabrication simplicity has made epoxy resin best fit for tooling applications. For the record, metal shaping molds, patterns, vacuum forming molds, and jigs are usually manufactured from epoxy resins.

Moreover, epoxy resins are also utilized in heavy duty coatings for oil rigs, storage tanks, ships, and water pipes. This will enlarge scope of epoxy resin market across globe. Furthermore, epoxy resins are utilized along with acrylic coating resins as powdered coatings and as high solid coatings. Apart from this, these compounds are used as intermediates in ultra-violet coatings. Reportedly, epoxy resins find lucrative applications as additive resins in few of coatings for enhancing coating features that includes rust resistance & adhesion. Apparently, epoxy resins such as cycloaliphatic epoxy resins are utilized in inks as well as cationic ultraviolet curable coatings.  Additionally, the product reacts with fatty acids of oils for producing epoxy esters which is utilized for air drying as well as non-air-drying. Additionally, epoxy esters produced in this way finds spectrum of applications in equipment coatings and is cross-linked with aminoplast.       

Global Epoxy Resin Market Share By Application

Epoxy Resin Market: Restraints

Epoxy resins as well as its curing agents are considered as key skin irritants. Hence contact with compound shall only be made through use of gloves as well as face shields while working in well-ventilated regions. Furthermore, persons having prolonged contact with compound can develop a skin sensitization with dermatitis conditions.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Epoxy Resin Market: Regional Landscape

Asia Pacific To Dominate Epoxy Resin Market Growth In 2022-2028

Growth of epoxy resin market in Asia Pacific in next six years can be credited to rise in construction activities coupled with escalating product penetration across automotive industry in South Korea, Malaysia, China, Japan, and India. Apart from this, easy access to raw materials in these countries has further proliferated size of regional market. Increasing number of chemical firm establishments in Asia and rise in number of manufacturing units set up in sub-continent will pave a way to expansion of epoxy resin industry in Asia Pacific. Thriving construction sector in countries such as China and liberal government policies in view of epoxy resin use in various sectors will spur regional market trends.

Epoxy Resin Market: Competitive Insights

Key participants impacting epoxy resin market surge and profiled in study are The Dow Chemical Company, BASF SE, Huntsman Corporation, Nan Ya Plastic Corporation, Sika AG, Baling Petrochemical Company Limited, Kukdo Chemical Co., Ltd., Ashland Global Specialty Chemicals Inc., Nama Chemicals, Cytec Industries Incorporated, Du Pont, The 3M Company, and Spol Chemie.   

Global Epoxy Resin Market By Region

The global Epoxy Resin Market is segmented as follows:

By Application

  • Paints & Coatings
  • Wind Energy
  • Composites
  • Construction
  • Electrical & Electronics

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

Table Of Content

Chapter 1 Preface

  • 1.1 Report description and scope
  • 1.2 Research scope
  • 1.3 Research methodology
    • 1.3.1 Market research process
    • 1.3.2 Market research methodology

Chapter 2 Executive Summary

  • 2.1 Global epoxy resin market, 2015 – 2021, (Kilo tons) (USD Billion)
  • 2.2 Global epoxy resin market: Snapshot

Chapter 3 Epoxy Resin Market – Global Industry Analysis

  • 3.1 Introduction
  • 3.2 Key Findings
  • 3.3 Value Chain Analysis
  • 3.4 Market Drivers
    • 3.4.1 Drivers for global epoxy resin market: Impact analysis
    • 3.4.2 Increasing use of composites
      • 3.4.2.1 Global Epoxy Resin Market, 2015 – 2021 (USD Billion)
    • 3.4.3 High growth in end use industry
      • 3.4.3.1 Global Epoxy Resin Market, 2015 – 2021 (USD Billion)
  • 3.5 Market Restraints
    • 3.5.1 High fluctuation in raw material prices
  • 3.6 Opportunities
    • 3.6.1 Shift towards bio-based epoxy resins in the upcoming years
  • 3.7 Porter’s Five Forces Analysis
    • 3.7.1 Bargaining Power of Suppliers
    • 3.7.2 Bargaining Power of Buyers
    • 3.7.3 Threat of Substitutes
    • 3.7.4 Threat of New Entrants
    • 3.7.5 Degree of competition
  • 3.8 Market Attractiveness Analysis
    • 3.8.1 Market Attractiveness Analysis by Application Segment
    • 3.8.2 Market Attractiveness Analysis by Regional Segment

Chapter 4 Global Epoxy Resin Market – Competitive Landscape

  • 4.1 Company Market Share Analysis, 2015
  • 4.2 Price Trend Analysis

Chapter 5 Global Epoxy Resin Market – Application Segment Analysis

  • 5.1 Global Epoxy Resin Market: Application Segment Overview
    • 5.1.1 Global epoxy resin market volume share, by application, 2015 and 2021
  • 5.2 Paints & Coatings
    • 5.2.1 Global epoxy resin market for paints & coatings, 2015-2021, (Kilo tons) (USD Billion)
  • 5.3 Wind Energy
    • 5.3.1 Global epoxy resin market for wind energy, 2015-2021, (Kilo tons) (USD Billion)
  • 5.4 Composites
    • 5.4.1 Global epoxy resin market for composites, 2015-2021, (Kilo tons) (USD Billion)
  • 5.5 Construction
    • 5.5.1 Global epoxy resin market for construction, 2015-2021, (Kilo tons) (USD Billion)
  • 5.6 Electrical & Electronics
    • 5.6.1 Global epoxy resin market for electrical & electronics, 2015 – 2021, (Kilo tons) (USD Billion)
  • 5.7 Others
    • 5.7.1 Global epoxy resin market for other applications, 2015 – 2021, (Kilo tons) (USD Billion)

Chapter 6 Global Epoxy Resin Market – Regional Segment Analysis

  • 6.1 Global Epoxy Resin Market: Regional Overview
    • 6.1.1 Global epoxy resin market volume share by region, 2015 and 2021
  • 6.2 North America
    • 6.2.1 North America epoxy resin market volume by application, 2015-2021 (Kilo tons)
    • 6.2.2 North America epoxy resin market revenue by application, 2015-2021 (USD Billion)
  • 6.3 Europe
    • 6.3.1 Europe epoxy resin market volume by application, 2015-2021 (Kilo tons)
    • 6.3.2 Europe epoxy resin market revenue by application, 2015-2021 (USD Billion)
  • 6.4 Asia Pacific
    • 6.4.1 Asia Pacific epoxy resin market volume by application, 2015-2021 (Kilo tons)
    • 6.4.2 Asia Pacific epoxy resin market revenue by application, 2015-2021 (USD Billion)
  • 6.5 Latin America
    • 6.5.1 Latin America epoxy resin market volume by application, 2015-2021 (Kilo tons)
    • 6.5.1 Latin America epoxy resin market Revenue by application, 2015-2021 (USD Billion)
  • 6.6 Middle East and Africa
    • 6.6.1 Middle East and Africa epoxy resin market volume by application, 2015-2021 (Kilo tons)
    • 6.6.2 Middle East and Africa epoxy resin market revenue by application, 2015-2021 (USD Billion)

Chapter 7 Company Profile

  • 7.1 Huntsman Corporation.
    • 7.1.1 Overview
    • 7.1.2 Financials
    • 7.1.3 Product Portfolio
    • 7.1.4 Business Strategy
    • 7.1.5 Recent Developments
  • 7.2 Dow Chemical Company.
    • 7.2.1 Overview
    • 7.2.2 Financials
    • 7.2.3 Product Portfolio
    • 7.2.4 Business Strategy
    • 7.2.5 Recent Developments
  • 7.3 Momentive Specialty Chemicals Inc.
    • 7.3.1 Overview
    • 7.3.2 Financials
    • 7.3.3 Product Portfolio
    • 7.3.4 Business Strategy
    • 7.3.5 Recent Developments
  • 7.4 Nan Ya Plastic Corporation.
    • 7.4.1 Overview
    • 7.4.2 Financials
    • 7.4.3 Product Portfolio
    • 7.4.4 Business Strategy
    • 7.4.5 Recent Developments
  • 7.5 Sika AG.
    • 7.5.1 Overview
    • 7.5.2 Financials
    • 7.5.3 Product Portfolio
    • 7.5.4 Business strategy
    • 7.5.5 Recent Developments
  • 7.6 Kukdo Chemical Co. Ltd.
    • 7.6.1 Overview
    • 7.6.2 Financials
    • 7.6.3 Product Portfolio
    • 7.6.4 Business Strategy
    • 7.6.5 Recent Developments
  • 7.7 Ashland Inc.
    • 7.7.1 Overview
    • 7.7.2 Financials
    • 7.7.3 Product Portfolio
    • 7.7.4 Business Strategy
    • 7.7.5 Recent Developments
  • 7.8 Cytec.
    • 7.8.1 Overview
    • 7.8.2 Financials
    • 7.8.3 Product Portfolio
    • 7.8.4 Business Strategy
    • 7.8.5 Recent Developments
  • 7.9 NAMA Chemicals
    • 7.9.1 Overview
    • 7.9.2 Financials
    • 7.9.3 ?Product Portfolio
    • 7.9.4 Business Strategy
    • 7.9.5 Recent Developments
  • 7.10 3M Company.
    • 7.10.1 Overview
    • 7.10.2 Financials
    • 7.10.3 Product Portfolio
    • 7.10.4 Business Strategy
    • 7.10.5 Recent Developments
  • 7.11 Du Pont
    • 7.11.1 Overview
    • 7.11.2 Financials
    • 7.11.3 Product Portfolio
    • 7.11.4 Business Strategy
    • 7.11.5 Recent Developments
  • 7.12 BASF SE.
    • 7.12.1 Overview
    • 7.12.2 Financials
    • 7.12.3 Product Portfolio
    • 7.12.4 Business Strategy
    • 7.12.5 Recent Developments
  • 7.13 Baling Petrochemical
    • 7.13.1 Overview
    • 7.13.2Financials
    • 7.13.3 Product Portfolio
    • 7.13.4 Business Strategy
    • 7.13.5 Recent Developments
  • 7.14 Spol Chemie.
    • 7.14.1 Overview
    • 7.14.2 Financials
    • 7.14.2 Product Portfolio
    • 7.14.3 Business Strategy
    • 7.14.4 Recent Developments

Table Of Figures

List of Figures

FIG. 1 Market Research Process
FIG. 2 Market Research Methodology
FIG. 3 Global epoxy resin market, 2015 – 2021, (Kilo tons) (USD Billion)
FIG. 4 Epoxy Resin Market: Value Chain Analysis
FIG. 5 Global epoxy resin market, 2015 – 2021 (USD Billion)
FIG. 6 Porter’s five forces analysis
FIG. 8 Market attractiveness analysis by application segment
FIG. 9 Market attractiveness analysis by regional segment
FIG. 10 Company Market Share Analysis, 2015
FIG. 11 Price Trend Analysis, 2015 – 2021, (USD/Kg)
FIG. 12 Global epoxy resin market volume share, by application, 2015 and 2021
FIG. 13 Global epoxy resin market for paints & coatings, 2015-2021, (Kilo tons) (USD Billion)
FIG. 14 Global epoxy resin market for wind energy, 2015-2021, (Kilo tons) (USD Billion)
FIG. 15 Global epoxy resin market for composites, 2015-2021, (Kilo tons) (USD Billion)
FIG. 16 Global epoxy resin market for construction, 2015-2021, (Kilo tons) (USD Billion)
FIG. 17 Global epoxy resin market for electrical & electronics, 2015-2021, (Kilo tons) (USD Billion)
FIG. 18 Global epoxy resin market for other applications, 2015-2021, (Kilo tons) (USD Billion)


Table Of Tables

List of Tables

TABLE 1 Market Snapshot
TABLE 2 Drivers For Global Epoxy Resin Market: Impact Analysis
TABLE 3 Restraints For Global Epoxy Resin Market: Impact Analysis
TABLE 4 North America epoxy resin market volume by application, 2015-2021 (Kilo tons)
TABLE 5 North America epoxy resin market revenue by application, 2015-2021 (USD Billion) 
TABLE 6 Europe  epoxy resin market volume by application, 2015-2021 (Kilo tons)
TABLE 7 Europe epoxy resin market revenue by application, 2015-2021 (USD Billion) 
TABLE 8 Asia Pacific  epoxy resin market volume by application, 2015-2021 (Kilo tons)
TABLE 9 Asia Pacific epoxy resin market revenue by application, 2015-2021 (USD Billion) 
TABLE 10 Latin America  epoxy resin market volume by application, 2015-2021 (Kilo tons)
TABLE 11 Latin America epoxy resin market revenue by application, 2015-2021 (USD Billion)
TABLE 12 Middle East and Africa epoxy resin market volume by application, 2015-2021 (Kilo tons)
TABLE 13 Middle East and Africa epoxy resin market revenue by application, 2015-2021 (USD Billion)

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Epoxy Resin market. Zion Research has collected and analyzed key data belong to the global Epoxy Resin market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Epoxy Resin across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Epoxy Resin industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Epoxy Resin market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

Epoxy resins are thermosetting polymers and are available in liquid, solution, and solid form. Epoxy resins are classified on the basis of physical phase as solid and liquid epoxy resins. Solid epoxy resins are nonhazardous material but liquid epoxy resins are classified as hazardous material. Epoxy resins are used as binders in cement and mortars, general purpose adhesives, industrial coatings, rigid foams, non-skid coatings, solidifying sandy surfaces in oil drilling, potting and encapsulating media. Epoxy resins are well known for its curable nature. The majority of epoxy resins are derived from petroleum.

On the basis of application epoxy resins segmented as paints & coatings, electrical & electronics, construction, wind turbine, composites, adhesive and others. Among all, paints & coatings accounted around 42% of the global epoxy resin market. Construction industry accounted for the third-largest share of the epoxy resin market in 2015 and is expected to grow during the forecast period because of, epoxy resin properties such as adhesive strength, luster, and   hardness. Demand for epoxy resins in the automobile industry is expected to grow on account of heat resistance property of epoxy resin.

Global Epoxy Resin Market

Asia Pacific was the dominant regional segment of the epoxy resin market in 2015. It accounted more than 63% of the global epoxy resin market in 2015.This trend is   continued during the forecast period 2016 to 2021. Increasing automotive demand coupled with rapid infrastructure development is expected to grow the regional demand for epoxy resin during the forecast period. Germany is the main epoxy resin market in Europe. Germany accounted for about 30% market share of the total Europe demand in 2015 and is expected to grow with the highest rate in Europe. There will be boomed of epoxy resin market in Europe due to increasing demand in the aerospace industry. The increasing use of wind turbines for power generation is driving force for epoxy resin in North America and is expected to grow with moderate rate during the forecast period.

High growth in end user industries is the main driver for epoxy resin market. Besides that availability of phenolic resins and polyurethane as alternatives in various applications as well as fluctuations in raw material prices is expected to restrict market growth.

Key players in the market include Huntsman Corporation, Dow Chemical Company, Momentive Specialty Chemicals Inc., Nan Ya Plastic Corporation, Sika AG, Kukdo Chemical Co. Ltd., Ashland Inc., Cytec, NAMA Chemicals, 3M Company, Du Pont, BASF SE, Baling Petrochemical and Spol Chemie.

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FrequentlyAsked Questions

Epoxy resins are utilized in heavy duty coatings for oil rigs, storage tanks, ships, and water pipes. This will enlarge scope of epoxy resin market across globe.     

According to Zion market research report, The global Epoxy Resin Market accrued earnings worth approximately 9.1 (USD Billion) in 2021 and is predicted to gain revenue of about 14.7 (USD Billion) by 2028, is set to record a CAGR of nearly 6.8% over the period from 2022 to 2028.

Asia Pacific will contribute sizably towards the global market revenue over the projected timeline. A massive increase in epoxy resin market size in region over 2022-2028 can be attributed to a prominent rise in construction activities coupled with escalating demand for product across automotive industry in South Korea, Malaysia, China, Japan, and India.       

The key industry participants leveraging business sphere include The Dow Chemical Company, BASF SE, Huntsman Corporation, Nan Ya Plastic Corporation, Sika AG, Baling Petrochemical Company Limited, Kukdo Chemical Co., Ltd., Ashland Global Specialty Chemicals Inc., Nama Chemicals, Cytec Industries Incorporated, Du Pont, The 3M Company, and Spol Chemie.

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