Epoxy resins are thermosetting resins having excellent adhesion properties and chemical resistance. They are extensively used in protective coatings, electrical insulations, laminates, adhesives and composites owing to their high strength and heat resistance properties. Epoxy resins find widespread applications in paints and coatings, construction, wind energy, aerospace, marine and others. The growing demand for lightweight and durable materials from end use industries is propelling the growth of the epoxy resin market.
The Global Epoxy Resin Market was valued at US$ 42.03 Bn 2022, exhibiting a CAGR of 6.5% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 69.69 Bn by 2030.
Key Takeaways
Key players operating in the Epoxy Resin market are BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, DuPont, Aditya Birla Chemicals Ltd (Thailand), Momentive Specialty Chemicals Inc, Nan Ya Plastics Corporation, Kukdo Chemical Ltd., and NAMA Chemicals
The key opportunities in the epoxy resin market include increasing demand from the wind energy industry owing to stringent regulations regarding emission levels and focus toward renewable energy sources. Rising demand for epoxy resins from aerospace and defense sectors due to lightweight and high strength properties of composites will further create growth opportunities. Technological advancements in developing bio-based epoxy resins made from plant-based materials like soy, corn and vegetable oils will drive the market growth.
Market drivers
Epoxy Resin Market Growth construction activities across both commercial and residential sectors are fueling the demand for epoxy resins in flooring and coatings applications. Rapid industrialization and infrastructural development in emerging nations of Asia Pacific and Latin America regions are propelling the market growth. Rising automotive production coupled with stringent regulations regarding vehicle weight and fuel emission are boosting the consumption of epoxy resin composites in the automobile industry. Increasing spending on infrastructure projects worldwide especially in wind and solar energy sectors will accelerate the epoxy resin market revenue over the forecast period.
Current Challenges in Epoxy Resin Market
The Epoxy Resin Market is currently facing several challenges like rising prices of raw materials, stringent environmental regulations regarding VOC emissions, and availability of substitutes. Raw material prices have been fluctuating rapidly over the past year. Environmental regulations around the world are also getting stricter owing to VOC emissions from epoxy resins. Substitute materials like polyurethane are also gaining popularity.
SWOT Analysis
Strength: Easy to use and high bonding strength of epoxy resins make them a popular choice. Their excellent chemical and heat resistance also strengthen their market position.
Weakness: Epoxy resins release VOCs which are hazardous air pollutants. They can also cause skin irritation in humans.
Opportunity: Growing end-user industries like construction, transportation, and wind energy offer new areas of application. Also, eco-friendly green epoxy resins have scope for market expansion.
Threats: Stringent environmental regulations pose compliance challenges. Alternatives like polyurethane could gain preference due to their lower VOC emissions.
Geographical Regions
The Asia Pacific region accounts for the largest share of the global epoxy resin market in terms of value. This is driven by high demand from the construction and infrastructure industries in China, India, and other developing Asian countries. North America is another major consumer owing to usage in applications such as coatings, composites, and adhesives.
The epoxy resin market in Middle East & Africa region is witnessing the fastest growth and the trend is expected to continue during the forecast period. This growth can be attributed to ongoing infrastructure development projects and increasing coatings usage in the GCC countries. Government initiatives to diversify economies are also boosting market demand.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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