Global Epoxy Resin Market Overview
The epoxy resin market size was valued at USD 12.5 Billion in 2021. The epoxy resin industry is projected to grow from USD 13.2 billion in 2022 to USD 21.7 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.41% during the forecast period (2024 - 2030). According to the market report, the growing demand for epoxy resin in a paint & coating application, along with the growing end-use industry, is driving the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Epoxy Resin Market Trends
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Growing demand for paint & coating in various end-use industries is flourishing the demand for epoxy resins, representing one of the major factors in the global market growth.
Epoxy resin-based paints & coatings are widely utilized in architecture, automotive OEMs, automotive refinishing, marine coating, industrial coating, wood coating, coil coating, transportation coating, fiber optics coating, and more. The paint & coating helps are used to coat the interior and exterior surfaces of any object and protect from extreme temperature, UV radiation, cracks, stain, chemicals, and blistering. Epoxy resin-based paints & coatings have low Volatile Organic Compounds (VOCs) content and offer high anti-corrosion resistance and excellent adhesion.
Owing this these factors it is utilized in all most all sectors such as residential, commercial & infrastructure structure, healthcare, electronics devices, shipbuilding industries, automotive & transportation, industrial, and wastewater treatment plants among others. The rise in the growth of the end-use industry will eventually raise the demand for paint & coating. Thus, growing businesses will eventually expand the market size during the forecast period.
Figure 1: Paint & Coating Market share by Region (Value share)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
According to epoxy resin market dynamics, the demand for consumer goods such as smartphones, wireless entertainment devices, gaming consoles, and others is increasing owing to advancements in technology and its need in day-to-day activity. For instance, as per Invest India, the global electronic devices market is valued at around USD 2.9 trillion in 2020 and is expected to grow in coming years owing to the rise in digitalization and the internet of things. Thus, rise in demand for electronic devices and consumer goods, the demand for paint & coatings, and the market will grow eventually during the forecast period.
Additionally, the rise in the aerospace and defense industry is accelerating market growth. For instance, according to the Aerospace Industry Association, the U.S. aerospace industry sales has been increased by 2.1% and the export market increased by 11.2% in 2021. The rise in the growth of the aerospace & defense industry will increase the demand for paint & coating during product development & maintenance of aircraft, fighter jets, and others. Thus, growing businesses will eventually expand the market size during the forecast period.
However, there have been significant advances in epoxy resin technology to cater to the demand. The advancement in epoxy resin technology along with increasing government spending, the rise in industrialization, and growing Foreign Direct Investments (FDI), especially in emerging economies are likely to anticipate the growth of epoxy resin market revenue during the forecast period.
Epoxy Resin Market Segment Insights
Epoxy Resin Type Insights
The epoxy resin market segmentation, based on epoxy resin type, includes DGBEA, novolac, DGBEF, aliphatic, glycidylamine, and others. The DGBEA type of epoxy resin segment held the majority share in 2021, contributing to around ~35-40% concerning the global epoxy resin market revenue. This is primarily owing to the surge in demand for automotive and other end-use industries globally will eventually raise the demand for epoxy resin, thereby expanding the epoxy resin industry. For instance, as per the International Organization of Motor Vehicle Manufacturers, the automotive industry has grown by 3% in 2021 with an increased production capacity of 80,145,988 units. The growing adoption of electric vehicles and the rise in demand for vehicles is accelerating the growth of epoxy resins during the forecast period.
In November 2021, Solvay has launched an alkylphenol ethoxylates-free (APE) and non-ionic reactive water-based emulsifier Reactsurf 0092, for solid epoxy resins mainly for use in industrial coatings and paints or binders.
Epoxy Resin Technology Insights
The market, based on technology, is segmented into solvent-cut epoxy, liquid epoxy, waterborne epoxy, and others. The liquid epoxy segment dominated the epoxy resin industry in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the rapid industrialization and rise in demand for consumer electronics, flourishing the market during the forecast period. The liquid epoxy resin has been used for years as it possesses superior quality and has strong resistance power to corrosion, chemical, heat, and others. Hence, the growing application of liquid epoxy technology in various end-use industries will positively impact the market.
In June 2022, Swancor, Taiwan based company, introduced two new products, CleaVER and EzCiclo, to provide a new solution to wind turbine blades using recycle and reuse process. EzCiclo is a recyclable and reusable thermosetting epoxy resin that can be recycled and degraded via the CleaVER technology using carbon or glass fiber reinforcement.
Epoxy Resin Application Insights
The market, based on application, is segmented into composites, paints & coatings, grouts & mortars, adhesives, electronic encapsulation, and others. The paint & coatings segment dominated the epoxy resin industry in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the high demand for environment-friendly coating products along with the rising end-use industry flourishing the market during the forecast period.
Figure 1: Epoxy Resin Market, by Application, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
In May 2022, Hexcel has introduced a new product HexPly Nature Range to provide a sustainable solution for industrial, automotive, winter sports, marine, and wind energy applications. The product is formed in combination with bio-derived epoxy resin content with natural fiber reinforcements to create material solutions.
Epoxy Resin End-Use Industry Insights
Based on End-Use Industry, the global epoxy resin industry has been segmented as aerospace, automotive & transportation, building & construction, electrical & electronics, marine, and others. According to the market research, the electrical & electronics segment held the largest segment share in 2021, owing to the rapid adoption of advanced epoxy resin in electronics products such as smart home appliances, smartphones, gaming devices, laptops, and other demands are increasing with the growing economy & population.
The fastest-growing segment in the epoxy resin industry is aerospace owing to the rapid adoption of advanced epoxy resin products and the surge in the production of aircraft, jets, and others. According to the market forecast, there will be a surge in demand for epoxy resin due to these factors eventually boosting the market.
In March 2020, Sicomin, a Bio-based epoxy resins supplier launched a series of epoxy resin products SGi 128 suited for Gelcoat application in the automotive, wind energy, civil engineering, and marine sectors.
Epoxy Resin Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. According to market statistics, the Asia-Pacific epoxy resin market accounted for USD 3,62Â billion in 2021 and is expected to exhibit a 7% CAGR during the study period. As per market data, this growth is attributed to the rising demand for consumer goods, along with the rising population and growing industrialization across the region.
For instance, China's epoxy resin market is the fastest growing market as China is one of the largest consumer electronics markets in the Asia-Pacific region. The rise in technology transitions, such as the rollout of 5G networks and IoT accelerating the growth of electronic products and others. For instance, as per American Coating Association, china holds 28% of the market share in terms of revenue in the global paints & coating market in 2021. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.
Furthermore, the major countries studied are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Epoxy Resin Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The North American epoxy resin market is expected to register a CAGR of 6.1% from 2022 to 2030. This is due to the rise in automotive, growing industrialization, and rapid demand for electronic goods. Moreover, the U.S epoxy resin market held the largest share, and the Canadian epoxy resin market was the fastest-growing market in the North American region
Europe epoxy resin market accounts for the significant share due to the availability of highly configured electronic devices, developed industries, and rising demand for electric vehicles. Further, the Germany epoxy resin market held the largest market share, and the UK epoxy resin market was the fastest-growing market in the European region.
Epoxy Resin Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the epoxy resin market grow even more. Market major players are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers & acquisitions, increased investments, and collaboration with other organizations. According to the market competitive landscape, players in the epoxy resin industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the global epoxy resin industry to benefit clients and expand the epoxy resin market sector is manufacturing locally to reduce operating costs. In February 2022, Westlake Chemical Corporation has entered into a definitive agreement with Hexion Inc. to acquire Hexion’s global epoxy business for approximately $1.2 billion. The acquisition is expected to support the company to achieve the business’s long-term market development.
Key Companies in the Epoxy Resin market includes
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China Petrochemical & Chemical Corp. (SINOPEC)
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Aditya Birla Chemicals (India)
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Kolon Industries Inc (South Korea)
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Atul Ltd (India)
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Ciech S.A. (Poland)
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Huntsman International Llc (U.S.)
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Nan Ya plastics corporation (Taiwan)
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Chang Chun Group (Taiwan)
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Spolchemie (Czech Republic)
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Olin Corporation (U.S.)
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Macro Polymers (India)
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Dow (U.S.) among others
Epoxy Resin Industry Developments
September 2022: Solvay has launched LTM 350, a next-generation carbon fiber epoxy prepreg tooling material. It is designed to deliver significant time and cost savings for the industrial, automotive, aerospace, and race car market.
July 2022: DIC Corporation acquired Guangdong TOD New Materials Co., Ltd. (also known as, Guandong Frontier New Materials Co., Ltd.), a Chinese coating resins manufacturer. The acquisition will support its expansion plan in the Asian market.May 2023: The demand for epoxy resins in wind turbine manufacturing increased. The growing focus on renewable energy sources led to a rise in wind turbine installations globally. Epoxy resins play a vital role in wind turbine blade construction due to their lightweight, high strength, and excellent adhesion properties. This trend is expected to continue, positively impacting the epoxy resin market
Epoxy Resin Market Segmentation
Epoxy Resin Type Outlook
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DGBEA
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Novolac
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DGBEF
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Aliphatic
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Glycidylamine
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Others
Epoxy Resin Technology Outlook
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Solvent Cut Epoxy
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Liquid Epoxy
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Waterborne Epoxy
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Others
Epoxy Resin Application Outlook
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Composites
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Paints & Coatings
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Grouts & Mortars
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Adhesives
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Electronic Encapsulation
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Others
Epoxy Resin End-Use Industry Outlook
Epoxy Resin Regional Outlook
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North America
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Europe
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Germany
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France
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UK
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Italy
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Russia
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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South Korea
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Australia & New Zealand
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Rest of Asia-Pacific
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Latin America
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Mexico
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Brazil
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Argentina
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Rest of Latin America
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Middle East & Africa
| Report Attribute/Metric |
Details |
| Market Size 2021 |
USD 12.5 billion |
| Market Size 2022 |
USD 13.2 billion |
| Market Size 2030 |
USD 21.7 billion |
| Compound Annual Growth Rate (CAGR) |
6.41% (2024-2030) |
| Base Year |
2021 |
| Forecast Period |
2024-2030 |
| Historical Data |
2018 & 2020 |
| Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Technology, Application, End-Use Industry, and Region |
| Geographies Covered |
North America, Europe, Asia-Pacific, and the Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
China Petrochemical & Chemical Corp. (SINOPEC), Aditya Birla Chemicals (India), Kolon Industries Inc (South Korea), Atul Ltd (India), Ciech S.A. (Poland), Huntsman International Llc (U.S.), Nan Ya plastics corporation (Taiwan), Chang Chun Group (Taiwan), Spolchemie (Czech Republic), Olin Corporation (U.S.), Macro Polymers (India), and Dow (U.S.) |
| Key Market Opportunities |
The rise in demand for an environment-friendly product along with the growing automotive industry is accelerating the demand for epoxy resin |
| Key Market Dynamics |
Rising digitalization is increasing the demand for consumer electronics A surge in electric vehicle demand |
Epoxy Resin Market Highlights:
Frequently Asked Questions (FAQ) :
Epoxy Resin Market is projected to be worth USD 12.5 billion by 2021
The epoxy resin market is projected to grow at a 6.41% CAGR between 2024-2030
Asia-Pacific is projected to dominate the epoxy resin market
China Petrochemical & Chemical Corp. (SINOPEC), Aditya Birla Chemicals (India), Kolon Industries Inc (South Korea), Atul Ltd (India), Ciech S.A. (Poland), Huntsman International Llc (U.S.), Nan Ya plastics corporation (Taiwan), Chang Chun Group (Taiwan), Spolchemie (Czech Republic), Olin Corporation (U.S.), Macro Polymers (India), and Dow (U.S.)
The fact that it protects surfaces and sticks well. That’s why it’s being used in paints and coatings much more often.
