Epoxy Resin Market Research Report - Global Forecast till 2030

Epoxy Resin Market: Information By Type (DGBEA, Novolac, DGBEF, Aliphatic, Glycidylamine, Others), By Technology (Solvent Cut Epoxy, Liquid Epoxy, Waterborne Epoxy, Others), By Application (Composites, Paints & Coatings, Grouts & Mortars, Adhesives, Electronic Encapsulation) and By End-Use (Aerospace, Automotive & Transportation, Building & Construction, Electrical & Electronics, Marine) - Forecast till 2030

ID: MRFR/CnM/1204-CR | February 2021 | Region: Global | 188 pages

Epoxy Market Overview

Epoxy Resin Market is projected to be worth USD 11.78 billion by 2028, registering a CAGR of 7.2% during the forecast period (2021 - 2028)., The market was valued at USD 6.89 billion in 2021.

More companies in more industries and more individuals have been using epoxy resin in recent years. The reasons for this are that epoxy resin doesn’t corrode when exposed to most chemicals. The same is true when it’s exposed to the elements. It doesn’t show the general wear and tear that most other materials on Earth do.

Epoxy resin is also very pliable and flexible. These are some of the reasons why transportation and other industries want to use epoxy resin.

COVID-19 analysis

Governments around the world realized this early on. That’s why they sought to impose lockdowns and quarantines. These were temporary since they didn’t really work in terms of stopping the spread of the virus. Many companies in many industries were forced to either shut down temporarily or dramatically scale back production.

The global epoxy resin industry was no exception. In fact, the fact that the raw materials needed to make epoxy resin have gone up considerably means that less epoxy resin is being produced. This is indirectly affecting its overall CAGR.

Competitive landscape

The global epoxy resin industry is highly fractured and competitive. This is mainly because the market is lucrative and there are few barriers to entry. This is enticing large companies (especially) to enter the industry with each passing year. That said, smaller and medium-sized companies are starting to enter the industry at unprecedented rates.

Companies can survive if they invest heavily in research and development. They can also enter into strategic partnerships with other companies and/or merge with/acquire other successful companies. Incidentally, these strategies can help these companies create a sustainable competitive advantage when entering new markets and solidifying their positions in existing markets.

Dow is a major player in the global epoxy resin industry. It managed to become an industry leader by investing heavily in research and development. Thus, it was able to create a sustainable competitive advantage by developing newer and better products with more innovative applications.

List of Companies

  • Aditya Birla Chemicals (India),

  • Kukdo Chemical Co., Ltd (South Korea),

  • Kolon Industries (South Korea), Inc,

  • Atul Ltd (India), Ciech S.A. (Poland),

  • Huntsman International Llc (U.S.),

  • China Petrochemical Corporation (China),

  • Nan Ya plastics corporation (Taiwan),

  • Hexion (U.S.),

  • Chang Chun Group (Taiwan),

  • Spolchemie (Czech Republic),

  • Olin Corporation (U.S.),

  • Macro Polymers (India),

  • Dow (U.S.)

Market dynamics 


Epoxy resin is a key material in most paints. This is what makes it thicker so that it sticks to the instrument that’s being used to paint a surface. However, paints are not so thick that they can’t be spread on surfaces at all! Also, epoxy resin makes the paints stronger, more durable, and less likely to be destroyed by corrosion.

Epoxy resins are also used as a top-coat, primer, and topcoat. There are two main reasons for this. The first is that epoxy resins protect materials from damage from the Sun’ ultraviolet rays. The second is that they make the objects and materials that they coat look nicer.


Most aircraft manufacturers now use epoxy resin in their aircraft. This is creating enormous opportunities for epoxy resin manufacturers to develop and market a new generation of products that are more effective, have more innovative uses, are safer for humans and animals to be around, and respect the environment.

The same is true in the Asia-Pacific region and the Middle East and North Africa region. There, the construction industries are taking off thanks to high economic growth. This is creating enormous incentives for epoxy resin manufacturers to invest heavily in research and development to develop and market products that are safe for human and domestic animals to use and be around and are friendly for the environment.


Epoxy resin is made out of raw materials that are essentially commodities. These commodities are subject to wide and daily variations in price. This drives up the cost of manufacturing epoxy resins and hence the final price of these products.


One of the biggest challenges that the global epoxy resin industry faces lies in continuing to develop lightweight materials that have a lower price point. There are already many alternative resins that manufacturers of defense planes and vehicles/equipment around the world can use. Most of these are just as effective as epoxy resins are and they cost a fraction of the price.

Cumulative growth analysis

The CAGR for the global epoxy resin industry is projected to be 7.2% during the years spanning 2021 to 2028. The global epoxy resin market value is projected to be USD 6.89 billion this year.

Technology analysis

Hexion Corporation is a major American player in the global epoxy resin industry. It has managed to become one of the industry leaders by investing heavily in research and development. This has allowed it to develop a new generation of epoxy resins which are easier on the environment, safer for humans and domestic animals, and have a wide variety of innovative uses and applications.

Segment overview

By type

The global epoxy resin industry can be grouped into the following sub-segments by type:


The DGBEF type had the largest global epoxy resin market share in 2018 largely because many industries use it intensively. Some of these industries include automotive and building and construction. The DGBEA sub-segment is projected to have the highest CAGR of all of the types of epoxy resin.

By technology

The global epoxy resin industry can be grouped into the following sub-segments by technology:

  • Waterborne epoxy

  • Liquid epoxy

The waterborne sub-segment is projected to have the greatest CAGR for the time period that this report covers. This is mainly because it can be used as a powder coating to both protect and enhance the appearances of the surfaces of many objects and items.

Liquid epoxy resin can be used in paints and coatings. it has the highest market share.

By end-user

The global epoxy resin industry can be grouped into the following sub-segments based on end-user.

  • Construction

Indeed, epoxy resin has a high CAGR in this sub-segment mainly because it can be used to strengthen the exteriors of buildings. The automotive industry also wants to use epoxy resin because it makes automobile parts and hence automobiles stronger, more durable, and hence, last longer. The construction of epoxy resin is expected to have a market value of USD 2,969.2 million by 2025.

Regional analysis

The global epoxy resin industry can be separated into the following regions:

  • North America

  • Asia-Pacific

  • The European Union

  • The Middle East and North Africa

The North American region mainly uses epoxy resin to make second-hand cars and to make used cars look and operate better. The North American region has the highest market share for these reasons. Many American and Canadian car manufacturers, especially, want to use epoxy resin as a topcoat on automobiles and other motor vehicles to make them look shinier, more attractive, more durable, stronger, last longer, and operate better. The result is a good-looking and safe motor vehicle.

The automotive industry Is growing dramatically in the Asia-Pacific region. This region may not have the largest market share but it has the highest CAGR. The reason for this is because Asians want to buy more cars as they become richer. The Asia-Pacific region (also thanks to Modi’s ‘Make in India’ campaigns for manufacturing) also has seen many more motor vehicles being manufactured in recent years. India is starting to take Japan’s, Taiwan’s, and South Korea’s lead in this regard.

The European Union is investing heavily in the construction of new infrastructure projects and the renovation of existing infrastructure, and its national aerospace industries (collectively!) This is creating much more of a demand for epoxy resin coatings that have good architectural applications.

The Middle East and North Africa region have economies that have posted respectable growth rates in terms of GDP and GNP. There is a huge demand for and growth in demand for various infrastructure projects throughout the region as the residents become wealthier and want to buy and drive cars and other motor vehicles around. Thus, epoxy resin is being used in many more construction projects and applications.

The Middle East and North Africa region is starting to venture into smart manufacturing. Some industries that it has been entering are the manufacture of electronics parts, automobile parts, and various types of aircraft.

The main reason for the high demand for epoxy resin in this region lies in the fact that epoxy resin is lightweight and many of the industries that it is entering into the need to make lightweight parts for lightweight products. These parts also need to be strong and durable because the products are expected to be strong and durable.

Recent Developments

  • October 2021- Azelis, a leading innovation service provider in the specialty chemicals and food ingredients industry, is happy to announce the latest distribution agreement with BASF or its resins range in Vietnam. The collaboration will be effective from November 1st, 2021 if BASF's portfolio of resin products allows Azelis to provide superior solutions for the CASE, printing and packaging markets. The collaborations boost the firm's lateral value chain by adding market-leading products in various market segments, as it extends the company's worldwide partnership with BASF into new territories. It develops upon the effective relationship among Azelis and BASF in the Americas, Turkey, New Zealand, and Australia.
    According to the CEO of Azelis Asia-Pacific, BASF is a leading market player globally, broadly known for its products' sustainable and innovative properties.

  • June 2021- Advanced Materials business Aditya Birla Group has planned to invest in rising business capacity by ~125 KTPA via a brownfield expansion at its Vilayat, Gujarat, India location. It will include specialty & standard epoxy products alongside curing agents. This is in addition to the present production facilities at Rayong – Thailand & Russelsheim - Germany. The Aditya Birla Group – Advanced Material business plays a vital part in growing & supporting the demand growth.

  • In September 2021, a manufacturer of specialty polymers casting, mold making, and coating applications for Polytek Development Corp. acquired Specialty Resin & Chemical. Polytek is a part of Arsenal Capital Partners Group.

  • Dec 2020 Sicomin Epoxy Systems has stated new marine collaboration and is creating a novel bio foaming epoxy. The firm's epoxy resins have been nominated for ENATA's high-performance Foiler motor yacht draft. The ENATA Foiler boasts an exclusive hydro-foiling system capable of hovering the yacht 1.5m above the surface of the water. The yacht is built of permeated carbon fibre and epoxy resin.

  • Dec 2020 Researchers have contained essential technology for epoxy sealing resources that are used to protect electronic parts, particularly semiconductors, from external ecological factors such as moisture, heat, and shock. The technology will aid South Korean chipmakers to end their dependency on Japanese products.

  • Nov 2020 Sika AG has further expanded its manufacturing capacity in the United Arab Emirates by contracting a novel manufacturing facility in Dubai. Sika is determined to enlarge its manufacturing facilities at the Dubai site to curtail delivery times, upsurge tractability in production, enhance cost structures, and decrease inventories. The locally manufactured epoxy resins are estimated to be an important component of Sika's flooring solutions. The location in Dubai was created in 2018 as a tactical distribution and sales center for the region. In addition to concrete admixtures, the epoxy resins will now be manufactured locally for the Target Market Flooring.

Report overview

The CAGR for the global epoxy resin industry is projected to be 7.2% for the time period that this report covers. The industry is expected to be worth USD 6.89 billion as of this year. The North American region may have the highest market share but the Asia-Pacific region has the highest CAGR.

Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2028: USD 11.78 billion
  • 2030 : Significant value
  •   CAGR   7.2% (2022–2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Type, Technology, End Use and Region
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors    Olin Corporation (US), Aditya Birla Chemicals (India), Kolon Industries (South Korea), Inc, Atul Ltd (India), Ciech S.A. (Poland), Huntsman International Llc (US)
      Key Market Opportunities   Growing Construction Industry Increasing R&D To Produce Bio-Based Epoxy Resin
      Key Market Drivers

  • Increasing Demand In Paints & Coatings.
  • Growing Demand For Epoxy-Based Composite.
  • Increasing Application In Aerospace

  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :

    Epoxy Resin Market is projected to be worth USD 11.78 billion by 2028

    Olin Corporation (US), Aditya Birla Chemicals (India), Kolon Industries (South Korea), Inc, Atul Ltd (India), Ciech S.A. (Poland), Huntsman International Llc (US)

    Building and construction industry is the leading segment, growing at a considerable CAGR to reach USD 2,696.2 Million till 2025, on account of increasing infrastructure development around the world.

    Global Epoxy Resin Market is expected to register a CAGR of 7.2% during forecast period of 2021 to 2028.

    The fact that it protects surfaces and sticks well. That’s why it’s being used in paints and coatings much more often.