Epoxy Resin Market

Epoxy Resin Market Outlook (2024 to 2034)

According to the latest industry analysis by Fact.MR, the global epoxy resin market size is forecasted to reach US$ 26.45 billion by 2034, up from US$ 13.57 billion in 2024. This increase amounts to a projected CAGR of 6.9% from 2024 to 2034.

Epoxy resins are commonly used as bonding agents for wood lamination, finding broad applications in the construction industry for various purposes such as flooring, windows, roofs, walls, and decks. The growing use of timber in construction is projected to drive the demand for epoxy resins in this sector. The aerospace industry is also witnessing a rise in the application of epoxy resins due to the increasing demand for composite components that aid in reducing wind resistance and the overall weight of the aircraft. The superior adhesive properties of epoxy resins with composites further augment its demand in the aerospace industry.

The wind energy sector is witnessing a boost in the use of composites and fiber-reinforced plastics for manufacturing wind turbines and related components This industry uses epoxy resins extensively as reinforcing agents. Epoxy resins are also used in various other areas, such as arts, decorative items, and kitchen countertops, contributing to its market growth.

Increasing demand for lightweight, high-performance materials in the construction and automotive sectors, as well as the wind energy and aerospace sectors, is projected to drive the demand for epoxy resins throughout the forecasted period. The growing need for biodegradable polymers and strict environmental regulations governing bisphenol A use may hinder demand growth during the forecasted period. The market is currently exhibiting steady market growth alongside the unsaturated polyester resin market, aliphatic solvents market, and other related markets.

Report Attributes	Details
Epoxy Resin Market Size (2024E)	US$ 13.57 Billion
Projected Market Value (2034F)	US$ 26.45 Billion
Global Market Growth Rate (2024 to 2034)	6.9% CAGR
China Market Value (2034F)	US$ 3.73 Billion
Canada Market Growth Rate (2024 to 2034)	5% CAGR
North America Market Share (2024E)	21.6%
East Asia Market Value (2034F)	US$ 6.5 Billion
Key Companies Profiled	3M Solvay Hexion Sika Ag Kukdo Chemical Co. Ltd. Dow China Petrochemical Corporation Kolon industries

Which Aspects are Leading to Growing Use of Epoxy Resins?

“Rising Preference for Bio-Based Polyepoxides and Focus on Environmental Sustainability”

Bio-based epoxy resins have been developed to reduce the environmental impact of petroleum-derived resins. Various biomaterials, such as lignin, vegetable oils, rosins, tannins, and other natural materials, are utilized to substitute for a portion of the petrochemicals. These substances reduce the need for bisphenol A (BPA), which is harmful and requires special handling.

Bio-based resins can be used in various applications, including coating materials, adhesives, composites, and other crosslinked materials. Demand for bio-based epoxy resins is projected to rise during the forecast period due to the increasing focus on sustainability across various industries.

What are the Restraints Affecting Market Growth?

“Health Risks from Exposure to Epoxy Curing Agents and Unstable Raw Material Costs”

Market growth is hindered by health hazards associated with epoxy resin floors, which emit strong and toxic fumes that can lead to irritation in the lungs and eyes. People with asthma may experience breathing difficulties due to exposure to these gases. Strict environmental regulations governing bisphenol A are projected to curb demand for epoxy resins during the forecast period.

Epoxy resins are manufactured using petroleum-based raw materials, and fluctuations in crude oil prices significantly impact the prices of these raw materials as well as the costs of epoxy hardeners. Price fluctuations affect profit margins, which can have a detrimental effect on small-scale businesses.

Country-wise Insights

Fact.MR, a market research and competitive intelligence provider, through its newly published analysis, asserts that East Asia is projected to hold 24.6% of the global market share by 2034. Epoxy resin makers are teaming up with new players in the market to strengthen their position and get a bigger share of the market.

How is the Construction Sector Driving Market Growth in China?

“Growing Demand for Bisphenol-A Epoxy Resins in Construction Sector”

Attribute	China
Segment Value (2024E)	US$ 1.72 Billion
Growth Rate (2024 to 2034)	8% CAGR
Projected Value (2034F)	US$ 3.73 Billion

Market growth in East Asia is fueled by the rising demand for epoxy resins in sectors such as construction and automotive, coupled with the presence of major manufacturers who are supported by an abundant supply of raw materials.

China, as the leading consumer and producer of epoxy resins in the region, plays a crucial role in supporting market growth. The growing demand for bisphenol-A epoxy resins and the increasing use of cast iron repair epoxy in the construction sector are also contributing to market expansion. Factors such as the increasing number of chemical companies and the expansion of production facilities are driving epoxy resin market growth in the East Asia region.

How is the Market Shaping Up in the United States?

“Increasing Investments in Public and Private Infrastructure Projects”

Attribute	United States
Segment Value (2024E)	US$ 2.1 Billion
Growth Rate (2024 to 2034)	4.9% CAGR
Projected Value (2034F)	US$ 3.4 Billion

The United States accounts for 71.7% of the epoxy resin market share in North America. As the wave of digitalization expands, the demand for electrical and electronic equipment is projected to rise. These systems increasingly utilize durable and long-lasting components made from epoxy to enhance performance and reduce costs. A surge in investments in both public and private infrastructure projects in the United States is creating ample opportunities for market growth.

Key reasons for the rising demand for epoxy resins in the United States include the rapid adoption of clear resins as adhesives in solar cells and innovative developments in the manufacturing of automotive parts. The growing demand for eco-friendly chemicals in construction activities and a booming renewable energy sector act as key epoxy resin market trends.

Category-wise Insights

Why are Epoxy Resins Used in Paints and Coatings?

“Epoxy Resins Impart Quick-drying Nature and Superior Coating Properties to Paints”

Attribute	Paintings & Coatings
Segment Value (2024E)	US$ 610.7 Million
Growth Rate (2024 to 2034)	7.6% CAGR
Projected Value (2034F)	US$ 1.27 Billion

Increasing use of paints and coatings is a key driver for the expansion of the market. Products based on epoxy resin are known for their quick-drying nature and superior coating properties. Epoxy primers, which are used across various industries to prevent corrosion along with concrete floor paints, are all made from epoxy resin-based paints. These coatings help in preventing surfaces from rusting and corroding. Primers coated with these substances are used to enhance the adhesion of parts in the automotive and marine industries.

Why are Epoxy-based Composites Sought After in Automotive and Aerospace Sectors?

“Superior Resistance of Epoxy-based Composites to Heat and Corrosion”

Attribute	Composites
Segment Value (2024E)	US$ 2.93 Billion
Growth Rate (2024 to 2034)	6.9% CAGR
Projected Value (2034F)	US$ 5.73 Billion

Epoxy-based composites account for 21.6% market share in 2024. The automotive and aerospace industries are constantly seeking materials that can improve fuel efficiency and performance. Technological advancements in manufacturing have enabled the production of composite materials with superior properties such as a high strength-to-weight ratio and excellent resistance to heat and corrosion.

The increasing awareness of the environmental benefits of using composite materials, which are often more sustainable and recyclable compared to traditional materials, is also contributing to market growth. On the other hand, the high cost of composite materials and the need for specialized manufacturing processes may pose challenges to market expansion.

Competitive Landscape

Market growth is being driven by several factors, including evolving consumer preferences, technological advancements, and global economic conditions. Several key players in the epoxy resin market are 3M, Solvay, Hexion, Sika Ag, Kukdo Chemical Co. Ltd, Dow, China Petrochemical Corporation, and Kolon Industries.

• In 2021, Covestro successfully completed the acquisition of the Resins & Functional Materials (RFM) business from Royal DSM. This acquisition is projected to benefit Covestro by expanding its portfolio of eco-friendly coating resins.

Key Segments of Epoxy Resin Market Research

• By Raw Material :

  • DGBEA (Bisphenol A & ECH)
  • DGBEF (Bisphenol F & ECH)
  • Novolac (Formaldehyde & Phenols)
  • Aliphatic (Aliphatic Alcohols)
  • Glycidyl Amine (Aromatic Amines & ECH)

• By Application :

  • Paints & Coatings
  • Wind Energy
  • Composites
  • Construction
  • Electrical & Electronics
  • Adhesives

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa