Driven by the Expansion of Construction and Aviation Industries and the increasing manufacture of lightweight and commercial vehicles, Global Epoxy Resin Market is forecasted to Cross US$15 Bn by 2028 says Ken Research Study.
Epoxy resin refers to a type of reactive prepolymer and polymer containing epoxide groups. These resins react either with themselves in the presence of catalysts, or with many co-reactants like amines, phenols, and thiols. Epoxy resin is a type of resin with tough mechanical properties, good chemical resistance, and high adhesive strength, making it highly useful for various applications. Due to more thermal and chemical resistance than other types of resin, it has exclusive usage in making aircraft components.
According to Ken Research estimates, the Global Epoxy Resin Market – which grew from around US$ 5 Bn in 2017 to nearly US$ 10 Bn in 2022 – is expected to grow further into a more than US$ 15 Bn opportunity by 2028. Ken Research shares 5 key insights on this high opportunity market from its latest research study.
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1. Increasing Demand for Paints & Coatings from the Construction and Automotive Industries Is One of the Primary Reasons Driving the Market of Epoxy Resins
As demand for epoxy resins from the paints and coatings industry continues to rise, the developing worldwide construction industry serves as a driving force for the global epoxy resins market. In the near future, epoxy resins will be in great demand due to their ability to provide stability to paint and coating formulas. Metal coating applications have seen a spike in sales due to the rising demand for complex and detailed powder coatings. High construction investment is generating a highly favorable climate for epoxy floors, epoxy adhesives, and epoxy composite use in structures.
The developing global construction industry is driving the market as the demand for epoxy resins from the paints and coatings industry continues to increase. In the near future, epoxy resins will be sought after for their ability to enhance paint and coating formulations. Sales for metal coating applications are skyrocketing due to the increasing demand for complex and detailed powder coatings. Large construction investments create a highly favorable environment for the use of epoxy floors, epoxy adhesives, and epoxy composites in the structures.
The making of next-generation automobiles, as well as the corresponding research efforts, is also fueling the expansion of the epoxy resin sector. Rapid industrialization is promoting the growth of Polyoxide demand which is expanding across all epoxy end-use industries. Technological advances in epoxy synthesis are paving the way for further market development in industrialized countries.
According to the information depicted in the above bar graph, majority of the epoxy resin is used in the paint & coatings industry, followed by composites.
2. The Growing Demand for Epoxy Resins from the Aerospace Industry Is Fuelling the Market Globally
The demand for epoxy resins in aerospace sectors has expanded rapidly for the construction of rotor blades and panels in aircraft due to their great creep resistance and tensile strength. The lightweight and durable nature of epoxy resins make it suitable to be used in the aircraft sector. Due to properties such as high heat and pressure tolerance, epoxy resins are also used to shield solar panels from rapid temperature fluctuations.
Aircraft are highly exposed to harsh weather and climatic stress which result in wear and tear of the outer parts of aircraft. Multiple properties such as heat resistance, corrosion resistance, and UV protection offered by these resins help in the reduction of carbon emissions.
The increasing popularity of lightweight aerospace coatings among the major aircraft manufacturers will positively influence the market demand. Manufacturers are focusing on diversifying their product lines to take advantage of new value-adding applications, such as metal protection, plastic tooling, and automotive lightweight composites. They’re spending a lot of money on R&D to develop highly adaptable epoxy resins that can be used in a variety of industries.
3. Fluctuation in the Prices of Raw Materials Is The Most Significant Barrier to the growth of the Epoxy Resin Market
Significant numbers of epoxy resin raw materials used in coatings formulations are either derived directly from oil for their chemical composition or indirectly as a result of energy derived from oil for their mining processing. The prices of oil are highly volatile and several factors impact the prices to either drive up or down. As a result, oil prices have a significant impact on the price of raw materials for coatings.
Epoxies are often produced with the use of raw ingredients derived from petroleum. As a consequence of this, shifts in the cost of crude oil have a sizeable effect not only on the pricing of these raw materials but also on the prices of epoxy hardeners. The profit margin is affected by changing prices, which have a severe effect on small-scale firms.
The increase in demand and scarcity in supply drives up the prices of epoxy resins. For instance, in 2021, due to multiple fires and explosions at Asian resin manufacturing plants, followed by cold snap hit in Texas and the Gulf states, led to global epoxy resin production shortages.
4. Building & Construction Segment by End-User Dominates the Market with the Largest Revenue Share and will Maintain Dominance during the Forecast Period
The building & construction industry is the largest consumer of epoxy resins. The dominance of the market is attributed to the increasing investment in this sector. Infrastructural investment is growing in this industry, offering high growth prospects for the epoxy resin market. In construction applications, epoxy resins are used as sealers, hardeners, grouts, mortars, and laminates for walls, roofs, and decks.
Properties, such as low water permeability, excellent cleaning material, and chemical resistance, good mechanical properties, low cure shrinkage, and excellent adhesion, and others are projected to fuel the demand for epoxy resins in construction applications. Increasing spending on infrastructure development and rising urban population coupled with favorable government initiatives for providing affordable houses to the masses are expected to contribute to the growth of the construction industry globally, thereby creating demand for epoxy resins.
5. Asia Pacific region dominates the Market with the Majority of the Market Share in 2021
Asia pacific dominates the epoxy resin market and is expected to continue its dominance during the forecasted period. The largest share of the region can be attributed to the rapid industrialization and rise in demand from various end-use industries such as building & construction, marine, aerospace, consumer goods, and others. The rising number of infrastructure development projects and the rapidly growing manufacturing industry in the region contributes to its growth. For instance,
- The electronics manufacturing industry is constantly expanding in China, as a result of low cost and increasing demand for electronics products. With the increase in the disposable income of the middle-class population, the demand for electronic products is projected to grow in the near future, thereby, driving the epoxy resins market.
- China is one of the major countries in Asia-Pacific with ample construction activities, with the industrial and construction sectors accounting for approximately 50% of the GDP. This growth in the construction industry is expected to drive the market for paints and coatings in its applications through the upcoming years.
The Government of Japan largely focused on developing the country’s infrastructure, in a bid to provide momentum to its construction industry. In August 2021, Japan hosted the Olympic Games and invested USD 8.4 billion in the development of games-related infrastructure in the country. This led to the rise in the demand for epoxy resins to be used in construction as well as paints and coatings.
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Key Topics Covered in the Report
- Snapshot of Global Epoxy Resin Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Epoxy Resin Market
- Historic Growth of Overall Global Epoxy Resin Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of Global Epoxy Resin Industry
- Overview, Product Offerings, and Strength & Weakness of Key Competitors
- Covid-19 Impact on the Overall Global Epoxy Resin Market
- Future Market Forecast and Growth Rates of the Total Global Epoxy Resin Market and by Segments
- Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
- Analysis of Global Epoxy Resin Market
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
Major Companies Mentioned in the Report
- BASF SE
- Huntsman International LLC
- The Dow Chemical Company
- Kukdo Chemical Co., Ltd
- Olin Corporation
- China Petrochemical Corporation
- Aditya Birla Management Corporation Pvt. Ltd.
- Kolon Industries, Inc
Notable Emerging Companies Mentioned in the Report
- Jubail Chemical Industries LLC
- Macro Polymers
- NAMA Chemicals
- Jiangsu Sanmu Group Co., Ltd.
- DIC Corporation
- Atul Ltd
- NAGASE & Co., Ltd.
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Epoxy Resin Manufacturers
- DGBEA Raw Materials Suppliers
- DGBEF Raw Materials Suppliers
- Novolac Raw Materials Suppliers
- Aliphatic Raw Materials Suppliers
- Glycidylamine Raw Materials Suppliers
- Solvent Cut Epoxy Technology Manufacturers
- Liquid Epoxy Technology Manufacturers
- Waterborne Epoxy Technology Manufacturers
- Epoxy Resin Distributors
- Emerging and Startup Epoxy Resin Companies in the Market
- Government Departments of Polymers and Other Chemicals
- Ministries and Departments of Paint & Coating
- Ministries and Departments of Construction Materials
- Importers and Distributors of Epoxy Resin
- Chemicals Testing and Regulatory Authorities
- Chemicals Research Institutes
Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022-2028F
For More Information on the Research Report, refer to below links: –