Epoxy Resin Market

Market Definition:

The Epoxy Resin Market size was valued at USD 7.20 billion in 2022 and is predicted to reach USD 15.10 billion by 2030 with a CAGR of 7.1% from 2022-2030.

Epoxy resin, also known as polyepoxides, is a class of reactive polymers that contain epoxide groups. These resins react either with themselves in the presence of catalysts, or with many co-reactants including amines, phenols, thiols. It has many industrial applications for a variety of purposes as it possesses higher mechanical properties and thermal and chemical resistance.  Moreover, epoxy resin has various applications in the adhesives and thermoelectric biomedical industries due to its remarkable properties such as flexibility, toughness, and good flame suppression. Epoxy Resin are non-biodegradable and non-recyclable in nature. This is a type of resin that is obtained from raw materials such as aliphatic glycols, phenol and o-cresol novolacs.

Market Dynamics and Trends:

The demand for epoxy resin is increasing due to growing number of automotive industries as epoxy resin is used for the protection of car bodywork from corrosion and other damages. It also consists of chemical properties that include mechanical strength, adhesion to metals and heat resistance. Also, the rising demand for epoxy resin in the electronic industry as epoxy resin is widely used for coating and encapsulating electrical circuit components and electronic devices that further boost the market growth.

Moreover, rapid urbanization along with the construction of buildings boosts the demand for epoxy resin for coatings of furniture and paints. Epoxy resin is used for coating wood, veneer, metal, stone, tabletops, bar tops and many other surfaces to give rich super gloss, which in turn drive the market growth. In addition, it is one of the toughest and most durable paint materials as it is used for painting walls especially in high-traffic areas which is expected to drive the market growth. 

However, epoxy cause respiratory problems and skin irritation which restrains the growth of the market during the forecast period. On the other hand, the growing use of biobased epoxies that are derived from renewable precursors such as unsaturated vegetable oils, saccharides, tannins, cardanols and terpenes is expected to create lucrative growth opportunities for the epoxy resin market players in the coming future.

Market Segmentations and Scope of the Study:

The epoxy resin market size has been segmented based type, form, application, end user and geography. On the basis of type, the market is divided into diglsycidyl ether bisphenol A (DGBEA), diglycidyl ether bisphenol F (DGBEF), novolac, aliphatic, glycidylamine, and others. On the basis of form, the market is divided into solid, liquid, and solution. On the basis of application, the market is classified into paints & coatings, adhesives, composites, electronic encapsulation, and others. On the basis of end user, the market is grouped into building & construction, transportation, electrical & electronics, general industrial, consumer goods, wind power, aerospace, and marine & others. The geography breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and ROW.

Geographical Analysis:

Asia-Pacific region holds the lion share of epoxy resins market at present and is expected to continue dominating the market during the forecast period. China is one of the largest exporters of electronic equipment in the world and since epoxy resins are used as coating and adhesives for electronic component their demand is expected to grow in the region. The region is home to China, which is the largest exporter of electronic equipment’s in the world propels the market growth since epoxy resins are used as coatings and adhesives for electronic components.

For instance, according to National Bureau of Statistics of China, in 2022, China’s exports of electronic technology increased to 23,939.65 USD million in June from 22,646.85 USD million in May. Also, various market players are reinforcing the production of epoxy resin due to its application in various industries which in turn is propelling the market growth. For instance, in November 2020, Kukdo Chemical had restarted its epoxy resins plant production in China, as it is used in a variety of applications. The plant was comprised of two units and had a total production capacity of 160,000 mt per year. 

On the other hand, North America is expected to witness a fast rise in the epoxy resins market due to rising demand for epoxy resins in the production of wind turbines as epoxy resins are used to steadily increase the diameter of wind blades.  Also, the use of epoxy resin in the aerospace industry for fabrication of spacecraft hardware, aiding in the flame retardancy and reinforcement of space suits boost the market growth in the region.

Competitive Landscape:

The epoxy resin market comprises of various players such as BASF SE, Solvay SA, Aditya Birla Group, Atul Ltd., Dow Inc., Hexion Inc., Huntsman Corporation, Kukdo Chemicals Co. Ltd., Nan Ya Plastics Corporation, Olin Corporation, Techstorm Advanced Materials. These manufacturers are actively indulging in investment and development to enhance their products and increase their growth as well as geographical reach.

For instance, in November 2021, Solvay had developed Reactsurf 0092, an alkylphenol ethoxylates-free (APE) and non-ionic reactive water-based emulsifier for solid epoxy resins. This resin will be used mainly in industrial coatings and paints or binders. Also, in June 2021, Aditya Birla's Advanced Materials business had invested a high amount of money towards increasing its epoxy business capacity by ~125 KTPA through a brown field expansion at its Vilayat, Gujarat, India. Furthermore, the company had also set a standard that includes specialty epoxy products along with curing agents.

Key Benefits:    

• The epoxy resin market report provides the quantitative analysis of the current market and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the epoxy resin market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints and opportunities and their impact on the epoxy resin market is provided in the report.

• The competitive analysis of the market players along with their market share in the epoxy resin market 

• The SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Key Market Segments:

By Type

• Diglycidyl Ether Bisphenol A (DGBEA)

• Diglycidyl Ether Bisphenol F (DGBEF)

• Novolac

• Aliphatic

• Glycidylamine

• Others

By Form 

• Solid

• Liquid

• Solution

By Application 

• Paints & Coatings

• Adhesives

• Composites

• Electronic Encapsulation

• Others

By End User

• Building & Construction

• Transportation

• Electrical & Electronics

• General Industrial

• Consumer Goods

• Wind Power

• Aerospace

• Marine

• Others

By Geography

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• RoW

  • UAE

  • Saudi Arabia

  • South Africa

  • Brazil

  • Remaining countries

KEY PLAYERS:    

• BASF SE

• Solvay SA

• Aditya Birla Group

• Atul Ltd.

• Dow Inc.

• Hexion Inc.

• Huntsman Corporation

• Kukdo Chemicals Co. Ltd.

• Nan Ya Plastics Corporation

• Olin Corporation

• Techstorm Advanced Materials