Epoxy Resin Market

Global Epoxy Resin Market Size (2024 to 2029)

The global epoxy resin market was worth US$ 11.75 billion in 2023 and is anticipated to reach a valuation of US$ 18.18 billion by 2029 and it is predicted to register a CAGR of 7.54% during the forecast period 2024 to 2029.

Current Scenario of the Global Epoxy Resin Market

Epoxy resin is a fragment of oligomeric composite that can be furthermore retaliated with healing agents to make thermoset polymer showing a greater degree of chemical and corrosion repellence. It is a pliable thermosetting resin that is known to be a way of reactive prepolymer and polymer, having epoxide batches. Epoxy resin either reacts with numerous co-reactants like phenols, amines, and thiols or with themselves in the existence of catalysts. It has great mechanical characteristics and exhibits greater thermal and chemical repellence compared to other kinds of resin. They provide blades with adequate strength and toughness with less weight, allowing longer blades. With the growing focus by the government on green energy sources, the global epoxy resin market size is determined to multiply in the future. These are also employed in electrical and energy distribution systems as sealants, coatings, and adhesives.

Epoxy Resin, also named polyepoxides, is known to be a kind of reactive prepolymer and a polymer having epoxide classes. These materials have excellent-strength stiff fibers in a tough resin matrix. In addition, the stringent Corporate Average Fuel Economy (CAFE) regulations impacted automobile manufacturers to seek an instant solution to decrease greenhouse releases and escalate the fuel economy. These challenges end up in the requirement to create a vehicle that is safe, functional with low releases, and economical.

MARKET DRIVERS AND RESTRAINTS

Epoxy Resin has numerous industrial applications in a vast range of end-use businesses. It manifests high mechanical characteristics and more thermal and chemical resistance than different kinds of resin.

Composite materials play a key role in aircraft components due to their high strength and high stiffness-to-density ratio. The market is highly driven by the call from the paints and coatings application in several end-use businesses, mainly the buildings and construction and aerospace firms, for their protective and mechanical characteristics. In addition, these epoxy resins are utilized in wind turbine blades and applied as protective coatings. Also, the rise in the urge for solid resins that can be used in powder coatings aids in the development of the epoxy resin industry. 

Nevertheless, the expenses related may restrain the expansion of the industry in the foreseen period. Rising construction and automotive businesses on account of rising disposable income along with changes in consumer lifestyle have been a prominent aspect supporting the growth of this sector. Rising usage of resin-based coatings as primers in sectors like automotive & marine paints and for repellence towards metal cans and containers is predicted to boost the call. Epoxy resin needed in automobile and industrial applications is estimated to expand on account of superior heat resistance when compared to latex-based or alkyd-based paints. Rising call from waterborne coatings, powder coatings, electrical & electronic laminates, flooring, and paving applications is estimated to further escalate the expansion. The augmenting call for epoxy-based composite materials in the production of vehicles and aircraft is supposed to fuel the expansion of the global epoxy resin market during the foreseen period.

REPORT COVERAGE

DETAILED SEGMENTATION OF THE GLOBAL EPOXY RESIN MARKET INCLUDED IN THIS REPORT

This research report on the global epoxy resin market has been segmented and sub-segmented based on technology, application, and region.

Global Epoxy Resin Market Analysis By Technology

• Liquid Epoxy
• Solid Epoxy
• Waterborne Epoxy
• Solvent Cut Epoxy
• Others

Solid epoxy resin is the quickest-advancing sector in the overall epoxy resin industry owing to its escalating employment in powder coating applications. The liquid epoxy resin sector holds the largest share of the overall industry owing to its wide variety of applications.

Global Epoxy Resin Market Analysis By Application

• Building & Construction
• Automotive & Transportation
• Electrical & Electronics
• Adhesives & Sealants
• Paints And Coatings
• Marine
• Others

Epoxy resins are extensively used in the paints & coatings sector for its mechanical and protective features. The usage of epoxy resins in the composite's application is showcasing the rapid expansion.

REGIONAL ANALYSIS

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

The global call for epoxy resin is led by Asia-Pacific owing to the escalated adoption of epoxy resin in many businesses. Asia-Pacific is the dominating producer and customer of epoxy, owing to rising infrastructure and increasing automobile production in the region. Furthermore, in 2019, China led the Asia-Pacific epoxy resin market based on production and consumption. The North American market was worth USD 1,223.0 million in 2019. Rising calls for automotive and marine coatings are estimated to drive the area. The rising employment of wind turbines for power generation on account of rising concern towards traditional energy sources depletion is estimated to impact positively product expansion. The European epoxy resin market is extremely impacted by composites and coatings calls from aircraft makers in the region. Rising calls for automobiles are also estimated to impact the expansion in the locale.

KEY MARKET PLAYERS

The major key players in the Global Epoxy Resin Market are Aditya Birla Chemicals (India), GE Plastics (U.S.), Olin Corporation (U.S.), Chang Chung Plastics Co. Ltd. (Taiwan), Nan Ya Plastics Co. Ltd. (Taiwan), Huntsman Corporation (Taiwan), Kukdo Chemicals (U.S.), Hexion Inc. (U.S.) 

RECENT HAPPENINGS IN THE EPOXY RESIN MARKET

Park Electrochemical Corp., a worldwide developed materials industry that advances and produces high-technology digital and microwave printed circuit elements, has confirmed the launch of its new E-752-LT hardened 350°F (177°C) cure epoxy resin system that is vital for Automated Fibre Placement (AFP) processing.