The flexible epoxy resin (FER) market was estimated at USD 540.5 million in 2020 and projected to reach USD 1,076.15 million by 2030, at a CAGR of 7.19% during the forecast period (2022-2030).
The global flexible epoxy resin market is projected to register healthy growth during the forecast period, 2022–2030. The market was valued at USD 599.53 million in 2021 and is projected to register a CAGR of 7.19% to reach USD 1,076.15 million by the end of 2030.
Flexible epoxy resins, also known as polyepoxides, are reactive prepolymers and polymers containing epoxide. Epoxy functional groups are also known as epoxy functional groups. To achieve high mechanical, thermal, and chemical properties, flexible epoxy resins can be reacted (cross-linked) with themselves via catalytic homopolymerisation, or with a variety of co-reactants such as polyfunctional amines, acids (and acid anhydrides), phenols, alcohols, and thiols. These co-reactants are often referred to as hardeners or curatives, and the cross-linking reaction is referred to as curing. These cured flexible epoxy resins composites have a wide range of applications in paints and coatings, electrical & electronics, automotive, and other fields. For example, composites are used as encapsulates for semiconductor materials, surface coatings, adhesives, painting materials, and other materials.
COVID-19 Impact on the Thermoformed Plastics Market:
The outbreak has significantly impacted the chemicals & materials supply chains, international trade, and manufacturing operations worldwide. Flexible epoxy resin production declined amidst the COVID-19 pandemic as market players had to shut production facilities or operate the facilities below the optimal production capacities to avoid the spread of the novel coronavirus. Additionally, the variable costs of raw materials owing to supply disruptions due to border and trade restrictions have impacted the production of flexible epoxy resin industry. However, some large market players have continued operations at their production facilities. Furthermore, downturns in the European and Asian Pacific, particularly Chinese, Latin American, or other world economies, increases in interest rates, and unfavorable currency fluctuations have affected the flexible epoxy resin market.
The outbreak caused a huge impact on the supply of raw materials. The global COVID crisis badly hit the chemical industry, which affected the price margins of raw materials and end products. Thus, the outbreak has resulted in the disruption of the supply-demand of raw materials, which affected the production of chemicals to a huge extent.
COVID-19 has impacted the sales of flexible epoxy resin market globally. The paints & coating industry, which constitutes the highest share of the flexible epoxy resin market, has halted globally, impacting the market. The manufacturers cannot run down their products to the application industries due to a reduction in logistics. On the other hand, the suppliers are back to business, and distribution channels have re-opened. The sales & distribution channel comprises distributors, retailers, wholesalers, and e-commerce merchants who have signed long-term agreements with the manufacturer to ensure the final product's availability at different locations as and when required.
BY End-Use Industry
The global flexible epoxy resin market has been studied for following regions—North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these, Asia-Pacific dominated the market with a market share of 48.76% by volume, accounting for USD 267.97 Million in 2021; it is expected to register the highest CAGR of 7.81% by value from 2022 to 2030. Europe was the second largest with a share of 24.56% by volume in 2021, sized at USD 163.35 million; it is projected to exhibit a CAGR of 7.29% by value.
The existence of sizable flexible epoxy resin industry in the region is likely to make the Asia-Pacific region the largest expanding market for flexible epoxy resin market globally. The flexible epoxy resin market is also anticipated to grow throughout the forecast period because of rising government investments in infrastructure development in developing nations like China and India. Because of the high demand for flexible epoxy resin for construction and electronical, Europe has been actively monitoring the Asia-Pacific market. The growing demand for the product from a variety of end-use sectors, including building and construction, electrical and electronics, and automotive, is what drives the North American market. The Latin America and Middle East & Africa regions are showing consistent growth during the forecast period. Finally, due to technological developments and the rising demand for automotive in these countries, it is anticipated that the markets in the Middle East and Africa and Latin America would experience considerable growth over the projection period.
The global flexible epoxy resin market is characterized by the presence of many regional, and local vendors. The market is highly competitive with all the players competing to gain maximum market share. The increasing flexible epoxy resin demand in end-use industry for epoxy-based composites boosting the sales flexible epoxy resin is the key driver of the market. The vendors compete based on cost, product quality, and mainly on availability of the products according to the geographies. It is crucial for the vendors to provide cost-effective and high-quality flexible epoxy resin to compete in the market. The competitive scenario is fragmented between the tier-1, tier-2, and tier-3 companies, while tier-1 and tier-2 companies in the market hold over 60% the global flexible epoxy resin market share.
The growth of market participants depends on market and economic conditions, government regulations and industry developments. Therefore, players should focus on expanding their production capacity to meet demand and improve their services. DIC Corporation, Olin Corporation, Hexion, Kukdo Chemical Limited, Aditya Birla Chemicals, Huntsman International LLC, Emerald Performance Materials, Resoltech, Epoxonic, Cardolite Corporation Spolchemie, Atul Limited, Conren Limited, Intertronics and Mereco Technologies are the major players in today's market . We compete on quality, price and availability. These players are mainly focused on developing flexible epoxy resins. International players dominate the market, but there are also modest regional and local players with smaller market shares. International players with a global presence with established production facilities or sales offices are increasing their presence in key regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The global flexible epoxy resin market has been segmented into type, application, end-use industry and region. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global nickel hydroxide emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: USD 1,076.15 million|
|CAGR||7.19 %CAGR (2019-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End-Use Industry|
|Geographies Covered||North America ,Europe, Asia-Pacific,South America, Middle East ,Africa|
|Key Vendors||DIC Corporation, Olin Corporation, Hexion, Kukdo Chemical Limited, Aditya Birla Chemicals, Huntsman International LLC, Emerald Performance Materials, Resoltech, Epoxonic, Cardolite Corporation Spolchemie, Atul Limited, Conren Limited, Intertronics and Mereco Technologies|
|Key Market Opportunities||• Increasing prevalence of flexible epoxy resin in electrical & electronics goods production|
|Key Market Drivers||• Growing paints & coatings market • Increasing flexible epoxy demand in construction industry • Rising demand from the automotive industry|
The global flexible epoxy resin market would register a growth of 7.19 %.
Potential health issues