USD 11.97 billion
Report ID: SQSG15A2048 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 130 | Figures: 77
Epoxy Resin Market size was valued at USD 11.97 billion in 2021 and is poised to grow from USD 12.84 billion in 2022 to USD 24.31 billion by 2030, growing at a CAGR of 7.3% in the forecast period (2023-2030).
Epoxy resins are a group of prepolymers and polymers that, when combined with hardeners or curing agents such polyamines, aminoamides, or phenolic chemicals, provide a robust, long-lasting material that may be utilised in both industrial and consumer applications.
Epoxies are used in a wide range of goods and innovations that improve energy efficiency and lower greenhouse gas emissions. Epoxy technological advancements are necessary for a variety of renewable energy sources to become more effective, including wind, solar, natural gas, new battery technologies, and others. By enhancing the durability of structural components, engineering adhesives, and paints, epoxy resins used in building and construction applications can help extend the useful life of buildings and reduce the need for renovation and repainting. Since the 1950s, epoxy resins have been used in food packaging to protect food and beverages from the metal used to produce cans. Tennis rackets, skis, golf clubs, hockey sticks, fishing rods and poles, kayaks, and bicycles may all benefit from the lighter, stronger construction provided by epoxy resins. These factors will drive the demand for epoxy resin in the coming years.
US Epoxy Resin Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 11.97 billion
Paint and Coatings
Paint and Coatings
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Global Epoxy Resin Market is segmented based on the form, type, application, end use, and region. Based on form, Global Epoxy Resin market is bifurcated into solid and liquid. Based on type, the epoxy resin market is segmented into DGBEA (Bisphenol A and ECH), DGBEF (Bisphenol F and ECH), Novolac (Formaldehyde and Phenols), Aliphatic (Aliphatic Alcohols), Glycidylamine (Aromatic Amines and ECH) and other Raw Materials. According to application, Epoxy Resin Market is segmented into paints & coatings, composites, sealants, electrical & electronics, adhesives and others. On the basis of end use, Epoxy Resin Market is categorized into building & construction, transportation, general industrial, consumer goods, wind energy, aerospace, and marine. Based on region, Epoxy Resin Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Epoxy Resin Market Analysis by Type
The DGBEA segment In terms of volume and value, dominated epoxy resin market in 2021, and it is anticipated that this dominance will last throughout the forecast period. Bisphenol A (BPA)-based epoxy resin is crucial for modern living, public health, effective production, and food safety. Due to its durability, powerful adherence, and wide range of consumer and industrial use chemical resistance, as well as unique qualities like little shrinking and moisture absorption it is intensively used in many industries. Construction, building, and the automobile industry are a few of these. Of all the varieties of epoxy resin, it is anticipated that the DGBEA sub-segment would have the greatest CAGR during the forecast period.
Epoxy Resin Market Analysis by Application
With a market share of more than 37.0 percent in 2021, the paints and coatings application segment dominated the global epoxy resin market. Due to their exceptional resistance to stains, cracks, extreme temperatures, blistering, and chemicals, epoxy resin-based paints and coatings are widely used in residential and commercial buildings, the shipbuilding industry, the automotive industry, and wastewater treatment plants among other places. They have great adhesion, strong anti-corrosion properties, and contain little volatile organic compounds (VOCs). Commercial, residential, institutional, and industrial buildings' interior and external surfaces are painted and coated using products based on epoxy resin. The use of these paints and coatings improves the visual appeal of surfaces while also shielding them from UV radiation and high temperatures so they don't peel, fade, or break. Emerging markets like Asia Pacific and the Middle East and Africa are experiencing rapid expansion in their non-residential industries, such as IT, telecom, and retail, which is driving up demand for paints and coatings.
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Asia Pacific region held the highest share in the global epoxy resin market in 2021. Over the course of the projected period, the market is anticipated to be driven by increased building activity and rising demand from the automotive industry in emerging nations like India, Japan, and South Korea. Additionally, the simple accessibility of raw materials has opened up other end-use industries to the usage of epoxy resin-based products.
Asia Pacific region is also expected to register the highest growth rate during the forecast period. In 2021, China led the market in the Asia-Pacific. The two main reasons anticipated to propel the market during the projected period are the increasing number of infrastructure development projects and the quickly expanding industrial sector. Due to government measures and investment to maintain its development, the country's construction sector is projected to fare better than other Southeast Asian nations. For instance, the Chinese government authorised 26 infrastructure projects in 2019 with a projected investment of USD 142 billion, according to the National Development and Reform Commission (NDRC). Similar to this, the Communist Party of China declared in 2020 that the government is preparing to invest around USD 1.4 trillion on a public expenditure programme for digital infrastructure. Thus, rising industrialization and growing infrastructural development increases the market growth in this region.
Europe had the second largest global market share, followed by North America. Automotive, wind energy, and composites are driving the growth of low and high cured epoxy resins in Europe. Germany is the leading contributor to market growth. Innovations in automotive parts manufacturing, rising demand for sustainable chemicals in construction activities, and a thriving renewable energy industry are just a few of the factors driving epoxies demand in the region.
Increased digitization in North America is driving up demand for electrical and electronic systems. These systems use long-lasting and reliable epoxy-based components to reduce costs and improve performance. Furthermore, increased investment in public and private infrastructure projects in the United States is creating enormous opportunities for market growth. The positive growth of the food and beverage industry is paving the way for metal applications.
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Epoxy Resin Market Driver
Epoxy Resin Market Restraint
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Global Epoxy Resin market is highly competitive and fragmented. This is mostly because to the profitable industry and low entrance requirements. With each passing year, this is luring major corporations to enter the industry. Despite this, a record number of small and medium-sized businesses are beginning to enter the sector. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies such as innovations, mergers, and acquisitions, collaborations and partnerships in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Epoxy Resin Market Top Player's Company Profiles
Epoxy Resin Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Epoxy Resin market analysis, architecture, engineering, and construction (AEC) market participants are seeing value-grabbing possibilities as a result of the AEC sector's explosive expansion. In terms of type, the segment of DGBEA held larger market share. This can be attributed to the excellent properties of epoxy resins such as durability, adherence, chemical resistance and moisture absorption. In terms of application, the segment of paint and coatings held the larger share of the Global Epoxy Resin market. This can be attributed to its increasing demand of epoxy based paints in construction, shipbuilding and automotive industry.
|Market size value in 2021||USD 11.97 billion|
|Market size value in 2030||USD 12.84 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Epoxy Resin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Epoxy Resin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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