Epoxy Resin Market Performance: Evaluating Key Metrics and Future Growth Potential

The global epoxy resin market size was estimated at USD 11.25 billion in 2023 and is expected to grow at a CAGR of 6.3% from 2024 to 2030. Increasing demand for paints and coatings is anticipated to drive market growth significantly during the forecast period. Increasing demand for epoxy resins is attributed to growing spending on construction, particularly residential construction, especially in North America and Western Europe. The rapid growth in global manufacturing activities is expected to fuel the demand for paints & coatings used in the production of motor vehicles and other durable goods, as well as industrial maintenance applications. This is expected to boost the demand for epoxy resins globally.

Asia Pacific has been the leading consumer of epoxy resins, fueled by increasing demand from China and India. Infrastructure development, along with increasing automotive production, has fueled paints & coatings demand in the region. Increasing disposable income and willingness to spend are expected to drive the market over the coming years.

Gather more insights about the market drivers, restrains and growth of the Global Epoxy Resin Market

In the recent past, global automotive production increased rapidly due to growing demand from middle-class families and rising disposable income across emerging nations such as China, India, Brazil, Vietnam, and others. The rise in automotive demand propelled the consumption of paints & coatings across the automotive industry, thereby fueling the demand for epoxy resins. However, volatile raw material price of epoxy resin is expected to restrain the market growth during the forecast period.

In addition, the outbreak of COVID-19 negatively impacted the demand for epoxy resin in various applications, including paints & coatings, adhesives, wind turbines, and others, owing to the stalled manufacturing activities, restrictions in supply and transportation, and economic slowdown across the globe in 2020. Moreover, the recommencing industrial operation is projected to positively influence the market demand in the coming years.

Application Insights

The paints & coatings application segment led the market and accounted for a 37.41% revenue share in 2023. Epoxy resin-based paints & coatings are widely utilized in residential & commercial buildings, shipbuilding industries, automotive, and wastewater treatment plants, among others, owing to their excellent resistance to stains, cracks, extreme temperatures, blistering, and chemicals. They offer excellent adhesion, high anti-corrosion performance, and have low volatile organic compounds content. They are used to coat interior and exterior surfaces of commercial, residential, institutional, and industrial buildings. The application of these paints & coatings not only increases the aesthetic appeal of surfaces but also protects them from soaking rains, freezing winters, blistering summers, and UV radiation without them getting peeled, faded, or cracked.

Construction application is expected to grow at the fastest CAGR of 7.3%. In construction, epoxy resins are used as sealers, hardeners, grouts, mortars, and laminates for walls, roofs, and decks. Low water permeability, excellent cleaning material and chemical resistance, good mechanical properties, low cure shrinkage, and excellent adhesion are some of the properties that fuel the demand for epoxy resins in construction applications.

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Region Insights

The epoxy resin market in North America is poised to grow over the forecast period owing to the rapid construction and infrastructure development in the U.S. and Mexico. The construction industry in the region is expected to witness significant growth over the coming years, owing to the high demand for non-residential construction projects, such as hospitals, commercial buildings, and colleges.

Key Epoxy Resin Company Insights

Key companies are adopting several organic and inorganic growth strategies, such as new product development, mergers & acquisitions, and joint ventures, to maintain and expand their market share.

Key Epoxy Resin Companies:

The following are the leading companies in the epoxy resin market. These companies collectively hold the largest market share and dictate industry trends.

· 3M

· Aditya Birla Management Corporation Pvt. Ltd.

· Atul Ltd

· BASF SE

· Solvay

· Huntsman International LLC

· KUKDO CHEMICAL CO., LTD.

· Olin Corporation

· Sika AG

· NAN YA PLASTICS CORPORATION

· Jiangsu Sanmu Group Co., Ltd.

· Jubail Chemical Industries LLC