Epoxy Resin Market by Physical Form (Liquids, Solids, Solutions), Raw Materials (Badge, Bfdge, Novolac, Aliphatic, Glycidyl Amine), Application (Paints & Coatings, Adhesives & Sealants, Composites), End-Use Industry, and Region - Global Forecast to 2028
Epoxy Resin Market
The epoxy resin market is projected to reach USD 17.0 billion by 2028, at a CAGR of 5.5% from USD 12.9 billion in 2023. The need for epoxy resins in various sectors like automotive, construction and electronics, technology advancements as well as sustainability initiatives are the main reasons for the growth of epoxy resins. Epoxy resins are preferred because they possess excellent heat resistance, durability and adhesion properties which makes them the best choices in automotive coatings, adhesives and composite materials. The technological advancement have resulted into manufacturing high-performance epoxy resins with improved thermal stability amongst other qualities including enhanced mechanical strength among others thus reducing time taken during curing process.
Attractive Opportunities in the Epoxy Resin Market
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Epoxy Resin Market Dynamics
Driver: Technological advancements in epoxy resin market
Technological advancements have led to the creation of epoxy resins with improved properties, which are necessary for satisfying the changing requirements of industries like automobile, aerospace, electronics and construction. These advancements have resulted in epoxy resins having greater mechanical properties such as increased strength, improved thermal stability, enhanced chemical resistance and accelerated curing rates. Innovations in technology regarding production processes and sourcing of raw materials have been responsible for lower costs of manufacturing these epoxy resins. Higher efficiencies including reduced energy consumption during manufacture or shorter curing times lead to reduced aggregate costs of production. This makes epoxy resins available to a wide range of industries, further fostering their market growth.
Restraint: Volatility in raw material prices
The changing prices of raw materials are an essential restraint for the epoxy resin market, which in turn affects the productivity and profitability of manufacturers. Epoxy resin production is based on the main raw materials such as bisphenol A (BPA) and epichlorohydrin, which are largely derived from petroleum. This means that higher costs for these materials translate into the price fluctuations of epoxy resin sales as well. As long as the prices of the raw materials soar, producers are forced to face higher production costs, which tends to reduce the profit margins and leads retailers to charge consumers higher prices. Apart from it, the supply chain disturbances can further aggravate the raw material instability problem. Natural disasters, geopolitical conflicts and pandemics can cause delays or shortages in the delivery of essential materials, therefore, affecting production schedules and costs.
Opportunity: Growing demand from emerging economies
Epoxy resins are highly demanded in the Asia Pacific region and other introductory markets are the major suppliers of them. In particular, China, India, and Southeast Asian countries of the world are undergoing an industrialization and infrastructure upgrade which is consequent to increasing epoxy resins demand that has been recorded in different sectors. When the issue of uncertainty about the situation of the Asia-Pacific region is addressed, the construction sector could get some large investments since it is ranked as the world largest besides again being the fastest growing sector buoyed by the rise in population, inclusive of the middle income class wealth group and the urbanization. China's electronics industry has the biggest market in the world, with a population that's quite bigger than that of all industrialized countries put together. These together with increasing incomes and the willingness of consumers in emerging countries to buy the product are predicted to increase the demand for epoxy resins in various applications.
Challenge: Competiting substitute materials
Epoxy resins are a common choice but can be replaced by any number of alternative materials – from polyurethane, polyester, and vinyl ester to phenolic resins. Manufacturers and end-users can benefit from different features of these substitutes like the reduced costs, increased flexibility, or even higher temperature resistance, which are often suitable for the specific applications. These commercials with long-lasting effects on the environment and affordability can also lead to making purchase decisions, especially in the price-sensitive market. In the effort to minimize the production cost and the profit margin of the manufacturer, they will use the substitute that offers the same performance but at a lower price. This shift might result in a declined demand for epoxy resins which would push epoxy products to characterize themselves by these properties, for example, superior adhesion, durability, and chemical resistance.
Epoxy Resin Market Ecosystem
Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis
"Paints & Coatings is the largest and second fastest growing application for epoxy resin market, in terms of value."
Epoxy resin is a common ingredient in the formulation of paints and coatings because of its superb adhesion, durability, chemical resistance, and mechanical properties. Paints based on epoxy resin are mainly used as protective coatings in various industrial sectors. They are used as a barrier to corrosion, abrasion, chemicals, and weathering. Epoxy coatings are widely used as a protective measure for metal substrates, e.g. steel structures, pipelines, storage tanks, and bridges to prolong their lifecycle and prevent deterioration. They are applied in consumer products for the purpose of enhancing the appearance, durability, and protection of the product. It creates a shiny, smooth, and durable surface that is desirable for things like flooring, furniture, countertops, and decorative items.
"Building & Construction captures the largest share by end-use industry in epoxy resin market in 2022, in terms of value."
Epoxy resin coatings are widely used to coat concrete surfaces and thereby increase their durability, strength, and aesthetic value. Epoxy-based concrete coatings are used in applications such as garage floors, industrial floors, parking decks, and sidewalks. They form a barrier that does not allow chemicals, stains, abrasion, and moisture to come in contact with the surface. Epoxy resin is mainly used in construction projects as an adhesive. It gives strong bonding abilities, as a result, it attaches different materials such as concrete, metal, wood, stone, and composites. Epoxy adhesives are used for structural bonding, anchoring, and repairs in applications such as concrete bonding, panel installation, and composite bonding.
“Asia Pacific was the largest market for epoxy resin in 2022, in terms of value."
Many nations in the Asia Pacific region share the main role of supplying and consuming epoxy resin. China, which is the largest market and supplier of epoxy resin in the Asia Pacific region, is significantly contributing to the market growth. Other significant markets are Japan, South Korea, India, and Southeast Asian countries like Thailand, Indonesia, and Vietnam. The fast infrastructure development in China and India includes significant implications for the epoxy resin market. Epoxy resins are widely used in construction; they are applied in coatings, adhesives, flooring, composites, etc. In addition, the continuous urbanization and the development of manufacturing hubs in Southeast Asian countries are also making a significant contribution to the growth of epoxy resin consumption. The Asia Pacific region is set to remain the leader in the global epoxy resin market, which will be supported by the favorable government policies and the increased focus on the technological developments in the resin formulations.
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Key Market Players
The key players in this market are Sinopec Corporation (China), Dow Chemical Company (US), 3M (US), Westlake Epoxy (US), DIC Corporation (Japan), Olin Corporation (US), Huntsman Corporation (US), Nan Ya Plastics Corporation (Taiwan), Kukdo Chemical Co., Ltd. (South Korea), Aditya Birla Chemicals (India), Mitsubishi Chemical Group Corporation (Japan), and BASF SE (Germany). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow.
Epoxy Resin Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 12.9 billion |
|
Revenue Forecast in 2028 |
USD 17.0 billion |
|
CAGR |
5.5% |
|
Years considered for the study |
2019-2028 |
|
Base Year |
2022 |
|
Forecast period |
2023–2028 |
|
Units considered |
Kiloton; Value (USD Million) |
|
Segments |
Physical Form, Raw Material, Application, End-Use Industry, and Region |
|
Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
|
Companies |
Sinopec Corporation (China), Dow Chemical Company (US), 3M (US), Westlake Epoxy (US), DIC Corporation (Japan), Olin Corporation (US), Huntsman Corporation (US), Nan Ya Plastics Corporation (Taiwan), Kukdo Chemical Co., Ltd. (South Korea), Aditya Birla Chemicals (India), Mitsubishi Chemical Group Corporation (Japan), and BASF SE (Germany). |
This report categorizes the global epoxy resin market based on physical form, raw material, application, end-use industry, and region.
Epoxy Resin Market based on the physical forms:
- Liquid
- Solid
- Solution
Epoxy Resin Market Industry based on the raw materials:
- BADGE
- BFDGE
- Novolac
- Aliphatic
- Glycidyl amine
- Others
Epoxy Resin Market based on the applications:
- Paints & Coatings
- Composites
- Adhesives & Sealants
- Others
Epoxy Resin Market based on the end-use industries:
- Building & Construction
- Automotive
- General Industrial
- Consumer Goods
- Wind Energy
- Aerospace/Aircraft
- Marine
- Others
Epoxy Resin Market based on the region:
- Asia Pacific
- Europe
- North America
- South America
- Middle East & Africa
Recent Developments
- In February 2023, Huntsman launched JEFFAMINE M-3085 amine, a mono-polyether amine with a higher molecular weight compared to commonly used amine variants such as JEFFAMINE M-2070 amine and JEFFAMINE M-1000 amine.
- In February 2022, Westlake Chemical Corporation acquired Hexion Inc.'s global epoxy business. This acquisition helped Westlake Chemical to strengthens its position in the industry and expands its capabilities in the manufacture and development of specialty resins, coatings, and composites.
Frequently Asked Questions (FAQ):
What are the factors influencing the growth of the epoxy resins market?
The growth of this market can be attributed to rising demand in the developing countries undergoing industrialization and increasing awareness towards the environment.
Which are the key sectors driving the epoxy resins market?
The sectors driving the demand for epoxy resins are building & construction, automotive, general industrial, consumer goods, wind energy, aerospace/aircraft, and marine, among others.
Who are the major manufacturers?
Major manufacturers include Sinopec Corporation, Dow Chemical Company, 3M, Westlake Epoxy, DIC Corporation, Olin Corporation, Huntsman Corporation, Nan Ya Plastics Corporation, Kukdo Chemical Co., Ltd., Aditya Birla Chemicals, Mitsubishi Chemical Group Corporation, and BASF SE, among others.
What is the biggest restraint for epoxy resins?
The biggest restraint can be the volatility in raw material prices.
How is COVID-19 affecting the overall epoxy resins market?
The COVID-19 pandemic had caused a decrease in demand for epoxy resin technology, resulting in decreased sales and revenue for market participants.
What will be the growth prospects of the epoxy resins market?
Rapid urbanization & industrialization, expanding application, technological advancement and increasing market trends. .
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The study involved four major activities in estimating the market size of the epoxy resin market. Exhaustive secondary research was done to collect information on the market, the peer market, and the grandparent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, articles from recognized authors, gold standard and silver standard websites, and databases. Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the market, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The epoxy resin market comprises several stakeholders in the value chain, which include manufacturers, and end users. Various primary sources from the supply and demand sides of the epoxy resin market have been interviewed to obtain qualitative and quantitative information. The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the epoxy resin industry. Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to physical form, raw material, application, end-use industries, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of epoxy resin and outlook of their business, which will affect the overall market.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
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Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the epoxy resin market.
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
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Data Triangulation
After arriving at the total market size from the estimation process, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Market Definition
Epoxy resin is a versatile thermosetting polymer that is widely used in various industries due to its excellent adhesive, mechanical, electrical, and chemical properties. Epoxy resins are extensively used in a wide range of applications. In the paints and coatings industry, they provide excellent adhesion, chemical resistance, and durability, making them suitable for automotive coatings, industrial coatings, marine coatings, and decorative coatings. Epoxy-based adhesives and sealants are known for their high bonding strength and chemical resistance, finding applications in bonding various substrates such as metals, plastics, and composites.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
- Manufacturers
- Raw Material Suppliers
Report Objectives
- To define, describe, and forecast the size of the epoxy resin market, in terms of value and volume.
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on physical form, raw material, application, end-use industry, and region.
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, Middle East & Africa, and South America, along with their key countries
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders.
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market.
- To strategically profile key market players and comprehensively analyze their core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application
Company Information
- Detailed analysis and profiles of additional market players
Tariff & Regulations
- Regulations and Impact on epoxy resin market
Growth opportunities and latent adjacency in Epoxy Resin Market