Epoxy Resin Market Outlook and Epoxy Resin's Industrial Applications

Published On: December 2022

The collection of reactive prepolymers and polymers known as epoxy resins, commonly referred to as polyepoxides, include epoxide groups. Epoxy is another term for the epoxide functional group as a whole. Oxirane is the epoxide group's IUPAC name. Epoxy resins can react (cross-link) with various co-reactants, such as polyfunctional amines, acids (including acid anhydrides), phenols, alcohols, and thiols, as well as with themselves through catalytic homopolymerization (usually called mercaptans). The cross-linking reaction is frequently referred to as curing, and these co-reactants are frequently referred to as hardeners or curatives. Epoxy resin is well known for its strong adhesive qualities, making it a versatile product used in many industries. Epoxy resin is used for various things, such as electrical components, metal coatings, composites, and electronics (for example, for chips on board).

According to the epoxy resin market outlook, the epoxy resin market is expected to reach USD 12.3 billion by 2030, with a CAGR of 7.20% during the forecast period (2021 - 2030).

Two-part epoxy coatings, which use less energy than heat-cured powder coatings, were created for heavy-duty application on metal substrates. These technologies offer a hard, protective coating that is very strong. One part epoxy coatings are formed as an emulsion in water and can be cleaned off without solvents.

Epoxy coatings are widely utilized in automotive and industrial applications since they are more heat resistant than latex-based and alkyd-based paints. Due to UV exposure, epoxy paints have a propensity to degrade, often known as "chalking out." Epoxy coatings have also been employed in situations involving drinking water.

Epoxy resins protect the solar panels from variations in temperatures. Epoxies are of low cost, easy to apply, and less labor-intensive. Epoxy thermosets make the blades more durable due to their high creep resistance and high tensile strength. Mixing epoxy resins with various toughening elements and using them on the blades have shown positive results toward making the blades corrosion-resistant and fatigue-proof, because of which demand for epoxy resins has increased from the wind energy industry. However, the fluctuations in the raw material cost affect the manufacturing cost of epoxy resin, which can impact the market's growth during the forecast period.

This "plastic tooling" generally improves efficiency, lowers total costs, or reduces lead times for many industrial processes by replacing metal, wood, and other conventional materials. Epoxies are also used to create composite or fiber-reinforced products.

Although they are more expensive than polyester and vinyl ester resins, they typically produce stronger and more temperature-resistant thermoset polymer matrix composite parts. Granite epoxy is used as machine bedding to reduce vibrations.

Hardware stores often sell epoxies in a pack that includes separate resin and hardener, which must be properly mixed before use. They are also supplied at boat stores as repair resins for maritime purposes. Since epoxies degrade when exposed to UV radiation, they usually are not utilized in a boat's exterior layer. They are typically used during boat repair and assembly and then over-coated with conventional or two-part polyurethane paint or marine varnishes that provide UV protection.

The market demand is also anticipated to rise due to epoxy resin's high-performance characteristics as a composite adhesive.

Based on the epoxy resin market analysis, it is anticipated to expand at a promising CAGR throughout the assessment period. However, the bio-based epoxy resins' lower tensile strength and malleability than those made from fossil fuels can be a significant disadvantage. As a result, using these items may not gain wider support in a world willing to adopt sustainable materials at the expense of productivity and efficiency. However, research is ongoing to develop bio-based epoxy resins with high tensile strength, which would help to overcome the current limitations.

Epoxy resins made from biomaterials have the potential to help create a circular economy, states the epoxy resin market analysis.

By form, the liquid division dominated the epoxy resin industry in terms of volume and value in 2020 and is projected to continue its dominance during the forecast period. Liquid epoxy resins are stable for an extended period at room temperature and possess superior properties such as dimensional stability during cure, chemical inertness, chemical resistance, durability, and superior adhesion.

By application, the paint and coating segment dominated the epoxy resin industry in terms of volume and value in 2020 and is projected to continue its dominance during the forecast period.