Analysis of Epoxy Resins market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Consumption of epoxy resins is expected to increase at a high CAGR of 6.9% from 2022 to 2031.
In 2021, the global epoxy resins market was valued at US$ 11.22 billion, and is anticipated to reach US$ 21.87 billion by 2031-end.
Paints and coatings application of epoxy resins is expected to rise at a CAGR of 6.5%, attributed to their widespread use across industry verticals.
Epoxy Resins Market Size in 2021
US$ 11.22 Billion
Projected Value in 2031
US$ 21.87 Billion
Global Market Growth Rate (2022-2031)
China Market Share (2022)
Key Companies Profiled
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“Technological Advancements in Epoxy Chemistry to Fuel Sales of Epoxy Resins”
The global epoxy resins market was valued at US$ 11.22 billion in 2021.
Epoxy resin is a polymer that is made by copolymerizing an epoxide with a molecule with two hydroxyl groups. Epoxy resins are high-performance resins with outstanding features such as temperature stability, corrosion resistance, tensile stability, endurance, and great adhesion. Epoxy resins are widely utilized in applications such as adhesives, paints and coatings, and electronic encapsulation.
Epoxy resins are also used in fibers because of their reactivity, which allows them to quickly attach to the fibers. Low VOC compounds are also used to repair steel structures and pipelines that are prone to rust and corrosion. Furthermore, where welding is not an option, composite repair is commonly used for offshore constructions.
Rapid growth in global manufacturing activities, rising urbanization, increasing disposable income, and technological advancements in epoxy chemistry are set to drive demand for epoxy resins.
Sales of epoxy resins are projected to rise at a CAGR of 6.9% from 2022 to 2031.
“Increasing Adoption of Bio-based Polyepoxides to Boost Industry Growth”
Bio-based epoxy resins have been created to lessen the environmental impact of petroleum-based resins. Biomaterials such as lignin, vegetable oils, rosins, tannins, and other biomaterials are used to replace a portion of the petrochemicals, ranging from 20% to 50%
These materials reduce the need for (bisphenol A) BPA, which is harmful and requires special handling. Bio-based resins can be utilized in a variety of applications, including coating materials, adhesives, composites, and other crosslinked materials.
Demand for bio-based epoxy resins is expected to rise during the forecast period, driven by an increased requirement for sustainability in many end-use industries.
“Health Hazards Due to Epoxy Curing Agents & Fluctuating Raw Material Prices Restraining Market Growth”
Market expansion is being stifled by the health risks connected with epoxy resin floors, which emit powerful and poisonous fumes that can cause irritation in the lungs and eyes. Furthermore, asthmatic patients may experience breathing difficulties as a result of exposure to these gases. Strict environmental laws regarding bisphenol A are expected to stifle demand growth over the forecast period.
Petroleum-based raw materials are used to make epoxies. As a result, changes in crude oil prices have a substantial impact on the prices of these raw materials, as well as the costs of epoxy hardeners. The profit margin is affected by variable prices, which have a detrimental influence on small-scale businesses.
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“Huge Availability of Raw Materials Driving Market Growth in Asia Pacific”
The market in Asia Pacific was valued at US$ 6 billion in 2020 and is expected to rise at a CAGR of 7% over the forecast period. Increasing demand in application areas such as construction and automotive, as well as the existence of large scale producers backed by huge availability of raw materials are driving the market growth in the region.
Expansion of the epoxy resins industry in Asia Pacific will be aided by an increase in the number of chemical companies, rising population and per capita income, and an increase in the number of production plants.
“Rising Investments in Public & Private Infrastructure Projects Driving Market Expansion”
Demand for electrical and electronic equipment is increasing as digitization grows. To cut costs and improve performance, these systems use epoxy-based long-lasting and durable components. Furthermore, increased investment in public and private infrastructure projects in the United States is offering enormous chances for the market to flourish.
Some of the key factors driving demand for epoxy resins in the United States include rapid deployment of clear resins as an adhesive in solar cells, innovations in automotive parts manufacturing, rising demand for sustainable chemicals in building activities, and thriving renewable energy industry.
“Growing Demand for Electronic Devices to Propel Market Value”
China accounts for 40% revenue share of the global epoxy resins market. Due to an increase in the number of corporations transferring their production base to the country, it is projected to extend its dominance of the worldwide market over the forecast period.
Market expansion in China is being fuelled by rising demand for electronic devices, increased expenditures in public and private infrastructure, and more permissive government rules regarding cured resins use.
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“Epoxy Resins Frequently Utilized in Paints & Coatings Owing to Their Mechanical & Protective Characteristics”
Paints and coatings application accounts for 37% of the global market for epoxy resins and is projected to increase at a CAGR of 6.5% from 2022 to 2031. Growing usage of paints and coatings is one of the primary drivers of epoxy resin market growth. Epoxy resin-based products dry quickly and make excellent coating resins.
Epoxy primers are used in several end-use industries to protect against corrosion. Epoxy primers, concrete floor paint, and floor paint all use epoxy resin-based paints. They keep surfaces from corroding and rusting. Primers with these coatings are used to improve the adherence of automotive and marine parts. As a result, the market for epoxy resins is predicted to increase in line with the demand for paints and coatings.
The COVID-19 pandemic severely affected demand for epoxy resins in a wide range of applications, including paints and coatings, adhesives, wind turbines, and others due to delayed production activity, distribution and shipping restrictions, and global economic slowdown.
Strict lockdown resulted in limited access to working areas and labor scarcity. These variables had a negative impact on epoxy resin production and supply. During the COVID-19 pandemic, raw material shortages and halts in end-use industries hindered market expansion. Multiple issues, including production shifts, trade restrictions, and shipment and order delays, all hampered the market growth in various ways.
To survive the COVID-19 crisis, manufacturers are establishing balanced relations with epoxy resin suppliers and ecosystem partners. The restoration of industrial operations is expected to have a favorable impact on product demand. The epoxy resins sector is predicted to follow the global economic recovery trend, with the total market showing signs of improvement over the coming years.
Epoxy resin manufacturers are highly investing in new manufacturing facilities, training and research centers, distribution centers, and the acquisition of smaller companies with similar expertise.
With the epoxy resins industry becoming more competitive, prominent competitors are strategically focusing on reaching maximum production capacity to meet customers' expectations.
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The global epoxy resins market is estimated to be worth US$ 12 billion in 2022.
NAMA Chemicals, DuPont, 3M Company, Kukdo Chemical Ltd., and The Dow Chemical Company are prominent suppliers of epoxy resins.
The global market for epoxy resins is anticipated to increase at a high CAGR of around 6.9% over the forecast period of 2022 to 2031.
Rising demand for epoxy resins in several end-use industries and the rise in R&D activities for the development of bio-based epoxy resins are driving market growth.
Paints and coatings account for 37% share of the global epoxy resins market.
The U.S., Japan, India, China, and South Korea are expected to drive most demand for epoxy resins.
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