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
Updated on : September 11, 2023
Epoxy Resin Market
The global epoxy resin market size is valued at USD 12.9 billion in 2023 and is projected to reach USD 17.0 billion by 2028, growing at 5.5% cagr during the forecast period. Increasing demand for epoxy resins from various end-use segments, stringent regulatory & sustainability mandates, and growing concerns for the environment are driving the market for epoxy resins.
Attractive Opportunities in the Epoxy Resin Market
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Epoxy Resin Market Dynamics
Driver: Technological advancements in epoxy resin market
Technological advancements in epoxy resin formulations have led to the development of resins with enhanced properties, such as higher mechanical strength, improved chemical resistance, and better thermal stability. These advancements allow epoxy resins to meet the evolving requirements of industries such as aerospace, automotive, and electronics. The development of new curing technologies, including faster and more efficient curing agents, has improved the processing and productivity of epoxy resin-based products. Reduced curing times and improved curing characteristics have expanded the application possibilities of epoxy resins in time-sensitive industries.
Restraint: Volatility in raw material prices
Epoxy resin production is dependent on the availability and cost of raw materials, such as bisphenol A (BPA), epichlorohydrin, and various curing agents. Fluctuations in the prices of these raw materials can impact the profitability of epoxy resin manufacturers and increase the overall production costs. Market volatility and supply chain disruptions can lead to price fluctuations, making it challenging for manufacturers to stabilize their pricing strategies.
Opportunity: Growing demand from emerging economies
Emerging economies, particularly in Asia-Pacific, Latin America, and Africa, are witnessing rapid industrialization, urbanization, and infrastructure development. These regions offer significant growth opportunities for the epoxy resin market as industries such as construction, automotive, electronics, and consumer goods continue to expand. The rising middle-class population and increasing disposable incomes in these regions contribute to the demand for epoxy resin-based products.
Challenge: Competiting substitute materials
Epoxy resins face competition from alternative materials, including polyurethane, polyester, vinyl ester, and phenolic resins. These materials may offer similar or specific advantages for certain applications, such as better flexibility, lower cost, or higher temperature resistance. The availability and cost-effectiveness of substitute materials can impact the demand for epoxy resins, requiring manufacturers to differentiate their products and demonstrate unique advantages.
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 widely used in the formulation of paints and coatings due to its excellent adhesion, durability, chemical resistance, and mechanical properties. Epoxy resin-based coatings are commonly used as protective coatings in various industries. They provide a protective barrier against corrosion, abrasion, chemicals, and weathering. Epoxy coatings are often used on metal substrates, such as steel structures, pipelines, storage tanks, and bridges, to extend their lifespan and prevent degradation. They are also used as a coating or finish in consumer goods to enhance their appearance, durability, and protection. It provides a glossy, smooth, and resistant surface, which is desirable for applications 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 commonly applied to concrete surfaces to enhance their durability, strength, and aesthetics. Epoxy-based concrete coatings are used in applications such as garage floors, industrial floors, parking decks, and sidewalks. They provide a protective layer that resists chemicals, stains, abrasion, and moisture. Epoxy resin is extensively used as an adhesive in the construction industry. It provides strong bonding capabilities, allowing it to join various 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."
Several countries in the Asia Pacific region play a vital role in the epoxy resin market. China is the largest consumer and producer of epoxy resin in the region, contributing significantly to market growth. Other important markets include Japan, South Korea, India, and Southeast Asian countries like Thailand, Indonesia, and Vietnam. Rapid infrastructure development in countries like China and India has a significant impact on the epoxy resin industry. Epoxy resin is widely used in construction for applications such as coatings, adhesives, flooring, and composites.
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Epoxy Resin Market Industry 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 introduced a new product called JEFFAMINE M-3085 amine, which is 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 announced the successful completion of its acquisition of Hexion Inc.'s global epoxy business. With this strategic acquisition, Westlake Chemical further 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