For the period 2021 to 2028, the global epoxy resin market is predicted to increase at a compound annual growth rate (CAGR) of 6.7 percent.
The market for paints and coatings is expected to increase at a rapid pace during the next several years. Due to an increasing need for epoxy resins, mainly in North America and the Western European countries, there has been an increase in demand for epoxy resins. It is projected that the fast expansion of global manufacturing operations would fuel demand for paints and coatings used in the production of automobiles and other durable goods, as well as industrial maintenance. As a result, product demand is predicted to rise around the globe.
The copolymerization of an epoxide with another chemical containing two hydroxyl groups results in epoxy resin, a thermosetting polymer. As a result of qualities including corrosion resistance, high thermal stability and exceptional mechanical strength, these resins are widely used in a wide range of industrial applications. They are also recognised for their outstanding adhesion. In this way the paint and coatings, adhesive, composite, and electronic encapsulating sectors all use epoxy resins to some extent.
Insights about Major Companies and Market Share
Market leaders compete based on product quality, product development skills, and the application of innovative technology in product formulations, among other factors. New and sophisticated resins are being developed by well-established firms that are investing in the development of creative and sustainable solutions. When Huntsman International LLC developed ARALDITE 2000 Adhesive Core in September 2020, it was designed to assist organisations increase productivity by addressing up to 80% of all bonding demands with three technologies: epoxy, acrylic, and polyurethane. Some of the most notable participants in the worldwide epoxy resin industry are:
- Aditya Birla Management Corporation Pvt. Ltd.
- Atul Ltd.
- BASF SE
- Huntsman International LLC
- Kukdo Chemical Co., Ltd.
- Olin Corp.
- Sika AG
- Nan Ya Plastics Corp.
Epoxy Resin Market Report Scope
|Market size value in 2021||USD 22.94 billion|
|Revenue forecast in 2028||USD 19.55 billion|
|Growth rate||CAGR of 6.7% from 2021 to 2028|
|Base year for estimation||2020|
|Historical data||2017 – 2019|
|Forecast period||2021 – 2028|
Key Market Segments
- By physical Form
- By Type
- DGBEA (bisphenol A & ECH)
- DGBEF (bisphenol F &ECH)
- Novolac (formaldehyde & phenols)
- Aliphatic (aliphatic alcohols)
- Glycidylamine (aromatic amines & ECH)
- By Application
- Paints & Coatings
- Adhesives & sealants
- Electronic Encapsulation & Others
- By End Use Industry
- Building &construction
- General industrial
- Consumer goods
- Wind energy