Market Overview
The global epoxy resins market size was valued at USD 8.70 billion in 2020. The market is anticipated to rise from USD 11.59 billion in 2021 to USD 17.10 billion by 2028 at a 5.7% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Epoxy Resins Market, 2021-2028.”
According to an analysis, epoxy resins have become sought-after across the end-use sectors, including coatings and composites. Industry players are investing in these resins for sealant and adhesive manufacturing. Some of the factors, such as durability and higher resistance, have augured well for the industry outlook.
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Report Coverage
The report focuses on quantitative and qualitative assessments to offer a holistic view of the global market. The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping. Further, a host of primary interviews has been conducted with opinion leaders, suppliers and other stakeholders. Primary data has been collated through emails, telephonic conversations and questionnaires. The secondary sources referred are press releases, SEC filings and websites.
Market Trend:
The Epoxy Resin trend continues to gain momentum, driven by the increasing utilization of epoxy resins across diverse industries owing to their versatile properties and broad range of applications. Renowned for their robust adhesive capabilities and mechanical strength, epoxy resins are favored in sectors such as construction, electronics, automotive, aerospace, and marine.
In the construction industry, epoxy resins are indispensable for various applications including flooring, coatings, adhesives, and concrete repair. Similarly, in the electronics and electrical sectors, they play a crucial role in encapsulation, coatings, and printed circuit boards. Their lightweight nature, corrosion resistance, and impact strength make them invaluable in the automotive and aerospace industries.
Recent advancements in epoxy resin formulations have resulted in enhanced performance, accelerated curing times, and the emergence of eco-friendly and bio-based options, aligning with sustainability objectives. This reflects the ongoing commitment to adopting materials that not only deliver high performance but also adhere to environmental sustainability principles.
The Epoxy Resin trend underscores the widespread acceptance of epoxy resins as a dependable and adaptable material, facilitating the development of innovative and sustainable products across various industries.
Segmentation
Based on application, the market is segmented into electrical & electronics, paint & coatings, wind turbine & composites, adhesive & sealants, civil engineering and others.
In terms of geography, the industry is segregated into North America, Asia Pacific, Europe, the Middle East and Africa and Latin America.
Drivers and Restraints
Steady Demand from Automotive to Usher Growth Potentials
While the impact of the COVID-19 pandemic had a pressing effect on the automotive industry in 2020, the next few years could provide growth opportunities. The trend for lightweight materials could spur epoxy resins market growth during the forecast period. An increased focus on next-gen vehicles, along with investments in research activities, will drive the growth potentials. Industry players expect robust government policies and industrialization to augur well across advanced and emerging economies.
However, fluctuating raw material prices and rigorous regulations toward volatile organic compounds could hamper the growth prospect.
Regional Insights
Bullish Investments in Paints & Coatings to Foster Asia Pacific Market
Asia Pacific epoxy resins market share will observe an appreciable gain on the back of strong investments in raw materials. Emerging economies, such as China and India, are likely to up their investments across paints & coatings and electrical & electronics sectors. Stakeholders are likely to inject funds into the consumption of epoxies in the ensuing period.
Industry participants envisage Europe as a happy hunting ground in the wake of profound investments in the automotive sector and wind energy. Moreover, construction activities are likely to pick pace across the U.K., Germany and Italy. Stakeholders bank on thriving renewable energy amidst demand for sustainable chemicals.
North America market forecast will be strong with rising investments in private and public infrastructure projects across the U.S. Besides, the penetration of the food & beverage industry could solidify the position of North America in the ensuing period. Stakeholders expect adhesives and sealants and wind turbines to be sought-after across the region.
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Competitive Landscape
Stakeholders to Emphasize Product Portfolio Expansion to Tap Markets
Industry players are poised to focus on product launches, technological advancements, mergers & acquisitions and R&D activities during the assessment period. Current dynamics indicate industry participants will invest in geographical expansion.
Key Industry Development
- November 2021: Westlake Chemicals Corporation inked a deal with Hexion, Inc. to acquire its global epoxy business for USD 1.2 billion.
- June 2021: Aditya Birla Chemicals announced plans to invest in expanding its overall epoxy manufacturing capacity by around 125-kilo tons per annum.
Major Players Profiled in the Market Report:
- Kukdo Chemical Co., Ltd. (South Korea)
- Huntsman Corporation (U.S.)
- Olin Corporation (U.S.)
- Nan Ya Plastics Corporation (Taiwan)
- Hexion Inc. (Westlake Chemicals) (U.S.)
- Chang Chun Group (Taiwan)
- Aditya Birla Chemicals (India)
- Sika Group (Switzerland)
- DIC Corporation (Japan)
- China Petrochemical & Chemical Corporation (China)
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