High-Purity Epoxy Resin Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The High-Purity Epoxy Resin Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s High-Purity Epoxy Resin Global Market Report 2024, The high-purity epoxy resin market size has grown strongly in recent years. It will grow from $1.49 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to electronics manufacturing boom, growing aerospace industry, expansion in automotive sector, renewable energy projects, infrastructure development.

The high-purity epoxy resin market size is expected to see strong growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to continued electronics advancements, increased demand in medical devices, focus on sustainable materials, rising wind energy installations, advancements in aerospace materials. Major trends in the forecast period include focus on bio-based epoxy resin sources, stringent quality standards and regulations, innovation in epoxy resin applications, globalization of supply chains, continuous research and development efforts.

The expansion of the electronics sector, such as semiconductors, is expected to propel the growth of the high-purity epoxy resin market going forward. The electronics sector is an industry that manufactures household electronic equipment and electrical components for various goods such as semiconductors, circuit boards, TVs, and mobile gadgets. High-purity epoxy is an excellent substitute for wood or metal materials resins and is used for semiconductor packaging assemblies that provide physical protection and mechanical strength along with several desired performance properties based on the application or the physical location of the semiconductor in the finished device. For instance, in February 2023, according to the Semiconductor Industry Association (SIA), a US-based association and advocacy organization for the semiconductor industry, sales for the global semiconductor sector reached a record-high $574.1 billion in the year 2022, up 3.3% from the $555.9 billion total for 2021. Therefore, the expansion of the electronics sector, such as semiconductors, is driving the high-purity epoxy resin market.

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The high-purity epoxy resin market covered in this report is segmented –

1) By Type: Electrical Grade, Optical Grade, Industrial Grade

2) By Application: Semiconductor Encapsulation, Electronic Components, Light Emitting Diode(LED) Packaging, Fiber Optics

3) By End-User Industry: Electronics, Aerospace, Automotive, Communication, Energy

Product innovation is the key trend gaining popularity in the high-purity epoxy resin market. Major companies operating in the high-purity epoxy resin market are creating revolutionary products to improve their market share. For instance, in May 2022, Hexcel Corporation, a US-based manufacturer of epoxy resins and structural materials, launched a new line of goods called HexPly Nature Range. It includes HexPly M49, M78.1-LT, and M79 bio-derived epoxy resin components that maintain exceptional properties while offering robust mechanical performance and consistent processing features. Additionally, the HexPly Nature Range offers pre-preg alternatives reinforced with natural fibers that are relatively easy to incorporate into modern manufacturing processes. They are used to develop material solutions for automotive, winter sports, marine, and wind energy applications.

The high-purity epoxy resin market report table of contents includes: