Global Epoxy Resin Market By Application (Paints & Coatings, Wind Turbines, Composites, Construction, Electrical & Electronics, Adhesives, Others), By Form (Solid and Liquid), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Epoxy Resin Market Overview:

The global market for epoxy resin was valued at USD 22,580 million in 2021. It is projected to grow at a 7.8% CAGR from 2023 to 2032.

The market is expected to grow significantly due to the increasing demand for paints and coatings. The growing demand for epoxy resins can be attributed to rising construction spending, especially in North America, and Western Europe.

Global manufacturing activity is growing rapidly, which will fuel the demand for paints and coatings that are used in the manufacture of durable goods such as motor vehicles, as well as industrial maintenance applications. This will increase global product demand.

Global Epoxy Resin Market Scope:

Application Analysis

Paints and coatings dominated the market, accounting for over 39.0% of 2021’s revenue share. Because of their resistance to chemicals, stains, cracks, and extreme temperatures, epoxy resin-based paints and coatings are used extensively in commercial and residential buildings. They have excellent adhesion and high anti-corrosion performance. The coatings and paints made from epoxy resin are used to coat the interior and exterior of buildings, including residential, commercial, institutional, and industrial.

These paints and coatings can not only increase the visual appeal of surfaces but also protect them from UV radiation and extreme temperatures. They are also resistant to cracking, peeling, or fading. The demand for paints & coats is rising in emerging regions like the Asia Pacific and Middle East & Africa. These regions include IT, telecom, and retail. The market is forecast to grow due to continued industrialization, rising government infrastructure spending, as well as increasing Foreign Direct Investments (FDI), particularly in the Asia Pacific.

Form Analysis

The epoxy resin market was dominated by liquids in terms of value and volume in 2021. It is expected that it will continue to dominate the forecast period. The liquid epoxy resins can be stored at room temperature for long periods of time and have superior properties like dimensional stability, chemical resistance, durability, and adhesion.

Key Market Segments:

By Application

• Paints & Coatings
• Wind Turbines
• Composites
• Construction
• Electrical & Electronics
• Adhesives
• Other Applications

By Form

• Solid
• Liquid

Market Dynamics:

The Asia Pacific is the largest consumer of epoxy resins due to rising demand from China, India, and other countries. Paints & coatings have been in high demand due to infrastructure development and increased automotive production. The market will be driven by rising disposable income and willingness to spend more in the future. Global automotive production has increased dramatically in recent years due to rising disposable income and growing demand from middle-class households. The automotive industry saw a rise in demand for paints and coatings, which fueled the product demand.

The market growth will be slowed by volatile prices for raw materials of epoxy resins during the forecast period. The COVID-19 outbreak also negatively impacted product demand in many applications, including paints & coatings, and adhesives. This was due to the slowdown in manufacturing, transportation restrictions, and economic slowdown in different countries in 2020. It is expected that the market will grow in the future years due to the positive impact of the resuming industrial operation.

Regional Analysis

The Asia Pacific region was the dominant market in the world and contributed 63% of the total revenue for 2021. Over the forecast period, the market will be driven by the rising construction activity and increased demand from the automobile sector in emerging countries like South Korea, Japan, and India. The availability of raw materials makes it possible to use epoxy resin-based products across many end-use industries. China was the dominant country in the Asia Pacific region market in 2021.

Market growth will be driven by the increasing number of infrastructure projects and the rapid expansion of the manufacturing industry. Because of government initiatives and funding, the country’s construction market is expected to outperform other Southeast Asian nations. According to the National Development and Reform Commission, China approved 26 infrastructure projects in 2019, with an expected investment total of USD 142 million.

Key Regions and Countries covered in the report:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

The quality of the products offered by companies in the market is what makes them stand out. Market leaders compete on the basis of their product development capabilities as well as new technologies used in product formulations. Huntsman International LLC is one of the leading market players. They invest in developing sustainable and innovative solutions to create new resins.

Huntsman International LLC, for example, launched the ARALDITE 2000 Adhesive core line in September 2020. It consists of three technologies: epoxy, acrylic, and polyurethane (PU). This allows businesses to maximize productivity by covering up to 80% of their bonding requirements.

Market 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
• Other Key Players

For the Epoxy Resin Market research study, the following years have been considered to estimate the market size: