The global epoxy resin market was surpassed at USD 12.85 billion in 2021 and is expected to hit around USD 22.6 billion by 2030, growing at a CAGR of 6.47% from 2022 to 2030.
Report Highlights
The growing demand for epoxy-based composites across end-use industries is expected to drive the market during the forecast period. Epoxy resins are used to manufacture composite materials that are used widely in load-bearing applications, such as automotive, aerospace, construction, oil & gas, and marine, owing to their high super adhesiveness and high mechanical &other properties. The demand for high-performance composites is expected to witness growth in the commercial airplane sector as well as emerging opportunities in various applications, such as wind turbines and pressure vessels.
However, the relatively high cost and labor-intensive production of advanced composites are anticipated to prevent these composites from penetrating high-volume and price-sensitive markets. Increasing demand for composites from the automotive and aerospace industries, particularly in Europe and North America, is expected to remain a key driving factor for the market. Increasing fuel prices coupled with the rapidly growing commercial aviation sector are expected to drive the product demand over the forecast period. The construction application segment is estimated to witness significant growth over the forecast period. 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. For instance, in March 2020, the U.S. government announced an investment worth USD 2 trillion as a part of the coronavirus response for the development of infrastructure including hospital buildings, roads, and other infrastructure.
Scope of The Report
Report Coverage | Details |
Market Size in 2021 | USD 12.85 billion |
Revenue Forecast by 2030 | USD 22.6 billion |
Growth rate from 2022 to 2030 | CAGR of 6.47% |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Segmentation | Application, region |
Companies Covered | 3M; Aditya Birla Management Corp. Pvt. Ltd.; Atul Ltd.; BASF SE; Solvay; Huntsman International LLC; Kukdo Chemical Co., Ltd.; Olin Corp.; Sika AG; Nan Ya Plastics Corp.; Jiangsu Sanmu Group Co., Ltd.; Jubail Chemical Industries LLC; China Petrochemical & Chemical; Corp. (SINOPEC); Hexion; Kolon Industries, Inc.; Techstorm; NAGASE & Co., Ltd. |
Application Insights
The paints and coatings application segment dominated the market and accounted for more than 37.0% revenue share in 2021. Epoxy resin-based paints & coatings are widely utilized in residential & commercial buildings, shipbuilding industries, automotive, and wastewater treatment plants among others owing to their excellent resistance to stains, cracks, extreme temperatures, blistering, and chemicals. They offer excellent adhesion, high anti-corrosion performance, and have low Volatile Organic Compounds (VOCs) content. Epoxy resin-based paints & coatings are used to coat interior and exterior surfaces of commercial, residential, institutional, and industrial buildings.
The application of these paints & coatings not only increases the aesthetic appeal of surfaces but also protects them from extreme temperatures and UV radiation, without them getting peeled, faded, or cracked. Emerging regions, such as Asia Pacific and Middle East & Africa, are witnessing significant growth in their non-residential sectors, including IT, telecom, and retail, resulting in an increased demand for paints & coatings. In addition, ongoing industrialization, increasing government infrastructure spending, and rising Foreign Direct Investments (FDI), especially in Asia Pacific, is expected to contribute to the demand for epoxy resin-based paints & coatings, thereby fueling the growth of the market during the forecast period.
Regional Insights
The Asia Pacific region dominated the global market and accounted for the largest share of more than 61.0% of the overall revenue in 2021. The rising number of construction activities and increasing demand from the automotive sector in emerging countries, such as India, Japan, and South Korea, are expected to drive the market over the forecast period. In addition, the easy availability of raw materials has provided a great opportunity for the use of epoxy resin-based products in various end-use sectors. China dominated the Asia Pacific regional market in 2021.
The rising number of infrastructure development projects and the rapidly growing manufacturing industry are the key factors expected to drive the market over the forecast period. The construction market of the country is likely to outperform other Southeast Asian countries owing to government initiatives and funding to retain its development. For instance, according to the National Development and Reform Commission (NDRC), in 2019, The government of China approved 26 infrastructure projects with a total expected investment of USD 142 billion. Similarly, in 2020, the Communist Party of China announced that the government is planning around USD1.4 trillion for a digital infrastructure public spending program.
Key Players
Market Segmentation
Chapter 1.Introduction
1.1.Research Objective
1.2.Scope of the Study
1.3.Definition
Chapter 2.Research Methodology
2.1.Research Approach
2.2.Data Sources
2.3.Assumptions & Limitations
Chapter 3.Executive Summary
3.1.Market Snapshot
Chapter 4.Market Variables and Scope
4.1.Introduction
4.2.Market Classification and Scope
4.3.Industry Value Chain Analysis
4.3.1.Raw Material Procurement Analysis
4.3.2.Sales and Distribution Channel Analysis
4.3.3.Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Epoxy Resin Market
5.1.COVID-19 Landscape: Epoxy Resin Industry Impact
5.2.COVID 19 - Impact Assessment for the Industry
5.3.COVID 19 Impact: Global Major Government Policy
5.4.Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6.Market Dynamics Analysis and Trends
6.1.Market Dynamics
6.1.1.Market Drivers
6.1.2.Market Restraints
6.1.3.Market Opportunities
6.2.Porter’s Five Forces Analysis
6.2.1.Bargaining power of suppliers
6.2.2.Bargaining power of buyers
6.2.3.Threat of substitute
6.2.4.Threat of new entrants
6.2.5.Degree of competition
Chapter 7.Competitive Landscape
7.1.1.Company Market Share/Positioning Analysis
7.1.2.Key Strategies Adopted by Players
7.1.3.Vendor Landscape
7.1.3.1.List of Suppliers
7.1.3.2.List of Buyers
Chapter 8.Global Epoxy Resin Market, By Application
8.1.Epoxy Resin Market, by Application Type, 2020-2027
8.1.1.Paints & Coatings
8.1.1.1.Market Revenue and Forecast (2016-2027)
8.1.2.Wind Turbines
8.1.2.1.Market Revenue and Forecast (2016-2027)
8.1.3.Composites
8.1.3.1.Market Revenue and Forecast (2016-2027)
8.1.4.Construction
8.1.4.1.Market Revenue and Forecast (2016-2027)
8.1.5.Electrical & Electronics
8.1.5.1.Market Revenue and Forecast (2016-2027)
8.1.6.Adhesives
8.1.6.1.Market Revenue and Forecast (2016-2027)
8.1.7.Others
8.1.7.1.Market Revenue and Forecast (2016-2027)
Chapter 9.Global Epoxy Resin Market, Regional Estimates and Trend Forecast
9.1.North America
9.1.1.Market Revenue and Forecast, by Application (2016-2027)
9.1.2.U.S.
9.1.3.Rest of North America
9.1.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.Europe
9.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.2.UK
9.2.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.3.France
9.2.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.2.4.Rest of Europe
9.2.4.1.Market Revenue and Forecast, by Application (2016-2027)
9.3.APAC
9.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.3.2.India
9.3.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.3.3.China
9.3.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.3.4.Japan
9.3.4.1.Market Revenue and Forecast, by Application (2016-2027)
9.3.5.Rest of APAC
9.3.5.1.Market Revenue and Forecast, by Application (2016-2027)
9.4.MEA
9.4.1.Market Revenue and Forecast, by Application (2016-2027)
9.4.2.GCC
9.4.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.4.3.North Africa
9.4.3.1.Market Revenue and Forecast, by Application (2016-2027)
9.4.4.South Africa
9.4.4.1.Market Revenue and Forecast, by Application (2016-2027)
9.4.5.Rest of MEA
9.4.5.1.Market Revenue and Forecast, by Application (2016-2027)
9.5.Latin America
9.5.1.Market Revenue and Forecast, by Application (2016-2027)
9.5.2.Brazil
9.5.2.1.Market Revenue and Forecast, by Application (2016-2027)
9.5.3.Rest of LATAM
9.5.3.1.Market Revenue and Forecast, by Application (2016-2027)
Chapter 10.Company Profiles
10.1.3M
10.1.1.Company Overview
10.1.2.Product Offerings
10.1.3.Financial Performance
10.1.4.Recent Initiatives
10.2.Aditya Birla Management Corp. Pvt. Ltd.
10.2.1.Company Overview
10.2.2.Product Offerings
10.2.3.Financial Performance
10.2.4.Recent Initiatives
10.3.Atul Ltd
10.3.1.Company Overview
10.3.2.Product Offerings
10.3.3.Financial Performance
10.3.4.Recent Initiatives
10.4.BASF SE
10.4.1.Company Overview
10.4.2.Product Offerings
10.4.3.Financial Performance
10.4.4.Recent Initiatives
10.5.Solvay
10.5.1.Company Overview
10.5.2.Product Offerings
10.5.3.Financial Performance
10.5.4.Recent Initiatives
10.6.Huntsman International LLC
10.6.1.Company Overview
10.6.2.Product Offerings
10.6.3.Financial Performance
10.6.4.Recent Initiatives
10.7.Kukdo Chemical Co., Ltd.
10.7.1.Company Overview
10.7.2.Product Offerings
10.7.3.Financial Performance
10.7.4.Recent Initiatives
10.8.Olin Corp.
10.8.1.Company Overview
10.8.2.Product Offerings
10.8.3.Financial Performance
10.8.4.Recent Initiatives
10.9.Sika AG
10.9.1.Company Overview
10.9.2.Product Offerings
10.9.3.Financial Performance
10.9.4.Recent Initiatives
10.10.Nan Ya Plastics Corp.
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
Chapter 11.Research Methodology
11.1.Primary Research
11.2.Secondary Research
11.3.Assumptions
Chapter 12.Appendix
12.1.About Us
12.2.Glossary of Terms