Epoxy Resin Market (By Application: Adhesives, Electrical & Electronics, Paints & Coatings, Wind Turbines, Composites, Construction) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

Published Date : Jun 2022 | No. of Pages : 150+ Pages | Category : Chemical and Material

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.

Epoxy Resin Market Size 2021 to 2030

Report Highlights

  • The paints and coatings application segment dominated the market and accounted for more than 37.0% revenue share in 2021.
  • 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.
  • China approved 26 infrastructure projects with a total expected investment of USD 142 billion.
  • By application, the U.S. epoxy resin market was valued at USD 2.8 billion in 2021.

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

  • 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.

Market Segmentation

  • By Application Outlook
    • Paints & Coatings
    • Wind Turbines
    • Composites
    • Construction
    • Electrical & Electronics
    • Adhesives
    • Others
  • By Regional Outlook
    • North America
      • U.S.
    • Europe
      • Germany
      • France
      • U.K.
    • Asia Pacific
      • China
      • India
      • Japan
      • Taiwan
      • South Korea
    • Central & South America
    • Middle East & Africa

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