The Worldwide Epoxy Resin market size was estimated at USD 13.1 billion in 2021 and is expected to hit around USD 24.2 billion by 2030 and expanding growth at a compound annual growth rate (CAGR) of 8.12% during the forecast period 2022 to 2030.
Epoxy resins are thermosetting polymers produced by copolymerizing an epoxide with another molecule with two hydroxyl groups. It is primarily used in non-reinforcing applications such as paints and varnishes, adhesives and composites. Lightweight composites are now being used by automakers to address the requirements for improved design freedom, flexibility, and high strength and reduced vehicle weight.
Epoxy resins have gained popularity in end-use applications ranging from coatings to composites due to their superior physical, chemical and mechanical qualities. This resin has excellent adhesion to a wide range of materials, making it an excellent choice for the production of adhesives and sealants.
Market Dynamics:
Drivers:
Also in aircraft construction, the demand for aerospace epoxy resins has expanded dramatically for aircraft construction with panels, helicopters, and rotor blades. Epoxy resins are light, durable, and have high-pressure resistance, making them suitable for use in aircraft applications, driving the growth of the global epoxy resin market. All these reasons are expected to propel further growth of this epoxy resin market in the aerospace sector during the forecast period.
Restraints:
Epoxy resins are also used to protect solar panels from sudden temperature changes. Epoxy is affordable, simple to apply, and requires minimal work. Because of its high creep resistance and tensile strength, an epoxy thermoset is used to make the blade more robust. The use of epoxy resins mixed with various reinforcing agents in wind turbine blades has had many advantageous results, which are considered in terms of making these blades corrosion and fatigue resistant, which has resulted in increased demand for epoxy resins in the wind energy sector.
However, changes in the cost of raw materials will affect the manufacturing price of epoxy resins and may affect the market growth during the forecast period.
Key players:
Market Segmentation:
Epoxy Resin Market, By Raw Material
Epoxy Resin Market, By Application
Epoxy Resin Market, By Technology
Epoxy Resin Market, By Sales Channel
Epoxy Resin Market, By End User
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Consumer goods (including sporting equipment)
Epoxy Resin Market, By Geography
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa (MEA)
Regional Analysis:
Asia-Pacific accounted for the largest volume and market share in global market in 2021 due to the prevalence of large manufacturers and wide access to raw materials. The Asia Pacific market is expected to be worth $XX billion in 2021. Given favorable end-use industry growth in China, India, and Southeast Asian countries, these regions are likely to drive this market during the forecast period. China is the world's largest user of epoxy.
Our country's paint and coating industry is well established, and the majority of epoxy-based paints are used because of their excellent quality. Additionally, the fast-growing composites, construction and automotive sectors are gearing up for long-lasting epoxies. India will undergo rapid improvements in the near future as a result of expanding industrialization. Additionally, countries such as South Korea and Japan have very well-established epoxy supply chains and manufacturers, accounting for a significant portion of the local market.
In Europe, automotive, renewable power and composites are driving the growth of high-value and low-cure epoxy resins. Automotive component innovation, increasing need for green chemicals in construction operations and a booming green economy are just some of the factors driving the demand for epoxies in the region.
Increased digitization in North America is driving demand for electrical and electronic products. To reduce cost and improve performance, these systems use long-lasting and reliable epoxy-based components. Additionally, growing government and non-governmental infrastructure direct investment provides significant opportunities for market development. Good growth in the food and beverage sector is paving the way for solutions such as metal container coatings.
Scope Of the Report:
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2021-2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.12% |
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Market growth 2022-2030 |
USD 24.2 billion |
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Market structure |
Fragmented |
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Competitive landscape |
Leading companies, competitive strategies, consumer |
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Companies profiled |
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Market Dynamics |
Parent market analysis, Market growth inducers and |
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Customization purview |
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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