Global Epoxy Resin Market, By Physical Forms (Solid, Liquid, Solution, and Solvent Cut Epoxy), Formulation Type (DGBEA, DGBEF, Novolac, Aliphatic, Glycidylamine, and Others), Application (Paints and Coatings, Construction, Electrical and Electronics, Wind Turbine and Composites, Civil Engineering, Adhesives and Sealants, Composites, Electrical Encapsulations and Others), End-User (Building and Construction, Transportation, General Industrial, Consumer Goods, Wind Power, Aerospace, Marine and Others) – Industry Trends and Forecast to 2031.
Epoxy Resin Market Analysis and Size
The global epoxy resin market is expected to experience steady growth in the coming years, driven by a variety of factors such as increasing demand from end-use industries such as paints and coatings, adhesives, electronics, and construction. Epoxy resins offer several advantages, including high strength, chemical resistance, durability, and excellent adhesion properties, making them suitable for a wide range of applications. One key driver for the market is the growth in the construction industry, particularly in emerging economies, where rapid urbanization and infrastructure development are fueling the demand for epoxy resins in flooring, paints, adhesives, and composites. The automotive and aerospace industries are also significant consumers of epoxy resins, using them in coatings, adhesives, and composite materials to enhance performance and reduce weight.
Global epoxy resin market size was valued at USD 13.92 billion in 2023 and is projected to reach USD 23.24 billion by 2031, with a CAGR of 6.62 % during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Physical Forms (Solid, Liquid, Solution, and Solvent Cut Epoxy), Formulation Type (DGBEA, DGBEF, Novolac, Aliphatic, Glycidylamine, and Others), Application (Paints and Coatings, Construction, Electrical and Electronics, Wind Turbine and Composites, Civil Engineering, Adhesives and Sealants, Composites, Electrical Encapsulations and Others), End-User (Building and Construction, Transportation, General Industrial, Consumer Goods, Wind Power, Aerospace, Marine and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, Rest of South America
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Market Players Covered
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SPOLCHEMIE (Czech Republic), BASF SE (Germany), Huntsman International LLC (U.S.), 3M (U.S)., Olin Corporation (U.S), Solvay (Belgium), Chang Chun Group (Taiwan), NAMA Chemicals (Saudi Arabia), ASTRAL ADHESIVES (India), Eagle Chemicals (Egypt), Elite Crete Systems (U.S), RBC Industries Inc. (U.S.)
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Market Opportunities
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Market Definition
Epoxy resin is a type of thermosetting polymer that is known for its strong adhesive properties and excellent chemical and heat resistance. It is formed by mixing an epoxide "resin" with a curing agent or "hardener," which undergoes a chemical reaction called curing or polymerization. This reaction creates a cross-linked network structure that gives epoxy resin its characteristic properties, including high strength, durability, and resistance to corrosion, chemicals, and moisture.
Epoxy Resin Market Dynamics
Drivers
- Growing Demand from Construction Industry
Epoxy resins are increasingly used in flooring applications due to their durability, abrasion resistance, and seamless finish, making them ideal for high-traffic areas. In coatings, epoxy resins provide excellent adhesion, chemical resistance, and weatherability, making them suitable for exterior and interior applications. Additionally, epoxy adhesives are preferred for their high strength and ability to bond with various materials, including concrete, metal, and plastics. In composites, epoxy resins offer a lightweight and strong alternative, making them suitable for structural components in buildings and infrastructure projects. The construction industry is experiencing a growing demand for epoxy resins, driven by their versatility and performance benefits.
- Expansion of Automotive and Aerospace Industries
In the automotive sector, epoxy coatings provide corrosion protection and enhance the aesthetic appeal of vehicles. Epoxy adhesives are used in bonding components to reduce weight and improve fuel efficiency. In the aerospace industry, epoxy composites are used to manufacture lightweight, high-strength parts for aircraft, reducing overall weight and improving fuel efficiency. The expansion of electric vehicles and the aerospace sector's focus on lightweight materials are expected to further boost the demand for epoxy resins in these industries.
Opportunities
- Focus on Infrastructure Development
Epoxy resins are favored for their durability, strength, and versatility, making them suitable for a wide range of infrastructure projects, including bridges, roads, and buildings. In developing economies, rapid urbanization and industrialization are driving the need for modern infrastructure, creating a strong demand for high-performance materials like epoxy resins. Moreover, the long lifespan of epoxy resin-based infrastructure solutions makes them cost-effective and sustainable choices for governments and developers investing in infrastructure development. Epoxy resins are favored for their durability, strength, and versatility, making them suitable for a wide range of infrastructure projects, including bridges, roads, and buildings. In developing economies, rapid urbanization and industrialization are driving the need for modern infrastructure, creating a strong demand for high-performance materials like epoxy resins. Moreover, the long lifespan of epoxy resin-based infrastructure solutions makes them cost-effective and sustainable choices for governments and developers investing in infrastructure development.
- Development of High-Performance Variants
Industries such as electronics, aerospace, and automotive require epoxy resins that can withstand extreme temperatures and harsh environments. By developing high-performance variants, manufacturers can cater to these niche markets and differentiate their products from competitors. Additionally, there is an opportunity to innovate and create epoxy resins with improved electrical properties, such as higher dielectric strength and lower dissipation factor, to meet the evolving needs of the electronics industry. These high-performance variants can command premium pricing and drive profitability for manufacturers in the epoxy resin market.
Restraints/Challenges
- Fluctuating Raw Material Prices
Epoxy resin production is heavily reliant on raw materials such as bisphenol A (BPA) and epichlorohydrin, the prices of which can fluctuate due to various factors like supply-demand dynamics and geopolitical issues. These fluctuations can significantly impact the cost of manufacturing epoxy resins, affecting the overall profitability of producers and potentially leading to price volatility in the market. Manufacturers often face challenges in managing these price fluctuations, which can impact their competitiveness and market share.
- Environmental Concerns with Epoxy Resin
Environmental concerns surrounding epoxy resins, including their production process and disposal, are becoming increasingly significant. The production of epoxy resins involves the use of various chemicals, some of which are considered hazardous and can have adverse effects on the environment and human health if not managed properly. Additionally, the disposal of epoxy resin products at the end of their life cycle can pose environmental challenges, as they are not easily biodegradable.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In March 2024, Grasim Industries Limited, the flagship company of the Aditya Birla Group, officially launched its expansion project at Vilayat, Gujarat, in the Chemical business. This project aims to increase the epoxy resins and formulation capacity by 123,000 tonnes, doubling the overall capacity of Advanced Materials to 246,000 tonnes per annum. This expansion signifies a pivotal moment for the Advanced Material business, positioning it as a key player in the global epoxy materials market, supported by ambitious growth plans
- In February 2024, the Board of Directors at DCM Shriram Ltd granted in-principle approval for the Chemicals business to expand into the domain of "Advanced Materials" through strategic investments in epoxy and value-added products. This proactive step involves a significant investment of Rs. 1000 crores over the next few years to establish a state-of-the-art greenfield epoxy manufacturing plant
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Epoxy Resin Market Scope
The market is segmented on the basis of formulation type, physical forms, application, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market application.
Formulation Type
- DGBEA (bisphenol A and ECH)
- DGBEF (bisphenol F andECH)
- Novolac (formaldehyde and phenols)
- Aliphatic (aliphatic alcohols)
- Glycidylamine (aromatic amines and ECH)
- Others
Physical Forms
- Solid
- Liquid
- Solution
- Solvent Cut Epoxy
Application
- Paints and Coatings
- Construction
- Electrical and Electronics
- Wind Turbine and Composites
- Civil Engineering
- Adhesives and Sealants
- Composites
- Electrical Encapsulations
- Others
End User
- Building and Construction
- Transportation
- General Industrial
- Consumer Goods
- Wind Power
- Aerospace
- Marine
- Others
Epoxy Resin Market Regional Analysis/Insights
The market is analyzed and market size insights and trends are provided by country, formulation type, physical forms, application, and end user as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
Asia-Pacific is expected to dominate the market due to its diverse end-user base and the rapid growth of the automotive industry. China, a key player in Asia-Pacific, is experiencing significant construction activities, with the industrial and construction sectors contributing to about 50% of its GDP.
North America is expected to be the fastest growing due to rapid advancements, particularly in the aerospace and chemical sectors. This trend suggests that North America could contribute significantly to the market share during the forecast period.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Epoxy Resin Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- SPOLCHEMIE (Czech Republic)
- BASF SE (Germany)
- Huntsman International LLC (U.S.)
- 3M (U.S.)
- NAN YA PLASTICS CORPORATION (Taiwan)
- Hexion (U.S.)
- Olin Corporation (U.S.)
- Solvay (Belgium)
- Chang Chun Group (Taiwan)
- NAMA Chemicals (Saudi Arabia )
- Sika AG, ASTRAL ADHESIVES (India)
- Eagle Chemicals (Egypt)
- LEUNA-Harze GmbH (Germany)
- Elite Crete Systems (U.S.)
- RBC Industries Inc. (U.S.)
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