Overview and Scope
Epoxy resin refers to a kind of polymer and prepolymer that is reactive and contains epoxide groups. In the presence of catalysts, these resins either react with one another or with several co-reactants such amines, phenols, thiols, etc. These are used to increase strength, durability, chemical resistance, and adhesion.
Sizing and Forecast
The epoxy resin market size has grown strongly in recent years. It will grow from $11.65 billion in 2023 to $12.72 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to construction boom, automotive sector growth, electronics manufacturing, infrastructure development, stringent environmental standards.
The epoxy resin market size is expected to see strong growth in the next few years. It will grow to $17.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to advanced electronics, biocompatible materials, circular economy initiatives, globalization and trade, electric vehicles (EVs) surge. Major trends in the forecast period include renewable energy technologies, emerging applications in 3D printing, growing demand in wind energy sector, rising popularity of waterborne epoxy resins, increased usage in electronics and electrical applications.
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Segmentation & Regional Insights
The epoxy resin market covered in this report is segmented –
1) By Type: DGBEA (Bisphenol A And ECH), DGBEF (Bisphenol F And ECH), Novolac (Formaldehyde And Phenols), Aliphatic (Aliphatic Alcohols), Glycidylamine (Aromatic Amines And ECH), Other Types
2) By Physical Form: Liquid, Solid, Solution
3) By Application: Paints And Coatings, Composites, Adhesives And Sealants, Other Applications
4) By End-User: Building And Construction, Automotive, Large And Heavy Vehicles And Railroads, General Industrial, Consumer Goods, Wind Power, Aerospace, Marine, Other End-Users
Asia-Pacific was the largest region in the epoxy resin market in 2023. The regions covered in the epoxy resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for epoxy resin from the automotive industry is expected to propel the growth of the epoxy resin market. The automotive industry refers to the design, manufacturing, and selling of motor vehicles that uses epoxy resin to paint the body of automobiles. The use of epoxy resin as a protective coating extends the life of automobiles. According to the Organization Internationale des Constructeurs d’Automobiles (OICA), a France-based international trade organization, in 2021, automobile production increased globally by 3%, from 77.8 million produced in 2020 to 80.14 million in 2021. An increase in the production of automobiles increases the need for epoxy resins. Therefore, the rising demand for the automotive industry drives the epoxy resin market.
Key Industry Players
Major companies operating in the epoxy resin market report are China Petroleum & Chemical Corporation (Sinopec), Badische Anilin- und Sodafabrik, The Dow Chemical Company, Mitsubishi Chemical Corporation, Minnesota Mining and Manufacturing Company, Evonik Industries AG, Covestro AG, Westlake Epoxy LLC, DuPont de Nemours Inc., NAN YA PLASTICS CORPORATION, Solvay S.A., Sika AG, Olin Corporation, Huntsman International LLC, Atul Ltd., Daicel Corporation, Hexion Inc., Ashland Global Holdings Inc., Jiangsu Sanmu Group Co. Ltd., Allnex Belgium SA/NV, NAMA Chemicals, Kukdo Chemical Co. Ltd., Magnolia Epoxy, Mapei S.p.A., DIC India Limited, SPOLCHEMIE – Chemické závody a.s., Kemipex FZE, Aditya Birla Chemicals (India) Limited, Scott Bader Company Ltd., Chang Chun Plastics Co. Ltd., Aliancys AG
The epoxy resin market report table of contents includes:
1. Executive Summary
2. Epoxy Resin Market Characteristics
3. Epoxy Resin Market Trends And Strategies
4. Epoxy Resin Market – Macro Economic Scenario
5. Global Epoxy Resin Market Size and Growth
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31. Epoxy Resin Market Other Major And Innovative Companies
32. Global Epoxy Resin Market Competitive Benchmarking
33. Global Epoxy Resin Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Epoxy Resin Market
35. Epoxy Resin Market Future Outlook and Potential Analysis
36.Appendix
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