NEW YORK : The global epoxy resins market size stood at US$ 11.22 Bn in 2021. Sales of epoxy resins are anticipated to reach US$ 21.87 Bn in 2031 and exhibit a CAGR of 6.9% in the forthcoming years from 2022 to 2031.
High demand for paints and coatings across the globe owing to their usage in durable goods and motor vehicles is expected to drive growth. Rapid expansion of manufacturing activities is also set to push the usage of paints and coatings for industrial maintenance applications.
Increasing number of residential construction activities worldwide backed by rising population is likely to propel the need for paints and coatings. Excellent resistance to chemicals, stains, and blistering of epoxy resin-based paints and coatings is expected to drive their usage in the residential construction sector.
These are also used in wastewater treatment plants, automotive, and shipbuilding industries because of their ability to resist extreme temperatures and prevent cracks. At the same time, these provide high anti-corrosion performance and good adhesion.
Moreover, demand for innovative paints and coatings is set to surge in developing regions, such as Asia Pacific due to the expansion of non-residential sectors. Rising government spending on infrastructure development in India and China is projected to boost growth.
In Middle East and Africa, increasing foreign direct investments (FDI) and rising construction of commercial buildings in Turkey and the U.A.E. are anticipated to propel growth. Increasing production of automotive owing to high disposable income of the middle-class population is another major factor that would aid growth.
Besides, high demand for lightweight components in wind turbine and aerospace applications is likely to bolster the need for epoxy resins. Key automotive manufacturers are also expected to use lightweight composite materials such as epoxy resins to cater to the surging demand for flexibility.
Key Takeaways:
- By application, the paints and coatings segment is expected to procure about 37% of share and showcase growth at a CAGR of 6.5% in the forecast period.
- Asia Pacific epoxy resins market is projected to rise at a CAGR of 7% through 2031.
- China epoxy resins market is likely to record high growth by generating 40% of revenue share by 2031.
- Demand for epoxy resins in the U.S. is anticipated to grow at a rapid pace owing to the rising usage of electrical and electronic equipment.
- In 2021, the global epoxy resins market reached US$ 11.22 Bn on the back of their growing application in electronic encapsulation.
Growth Drivers:
- Increasing usage of epoxy resins in paints & coatings for their superior protective and mechanical properties is anticipated to drive growth.
- High demand for epoxy resins stoked by the rising construction spending is expected to bolster growth.
Restraints:
- Volatile prices of raw materials required for the production of epoxy resins may hamper their demand.
- Epoxy resins emit an unpleasant and a toxic odor that can trigger asthma in people who are already suffering from breathing problems.
Competitive Landscape:
The global epoxy resins market is highly competitive with the presence of various large- and small-scale enterprises. The majority of these companies are competing with each other on the basis of the quality of products offered.
They are increasingly focusing on developing new technologies and products to cater to the high demand from various end-use industries. Meanwhile, a few other key players are striving to develop sustainable solutions to keep up with emission standards implemented by regulatory bodies.
For instance,
- In May 2022, Hexcel, a public industrial materials company based in the U.S., introduced a new product range that combines natural fiber reinforcements with resin systems made of bio-derived resin content. The company aims to provide new material solutions for wind energy, marine, winter sports, and automotive applications.
- In May 2022: Engineered Composite Solutions (ECS) headquartered in Aberdeen, unveiled its latest composite repair system for the energy sector. It is an eco-friendly epoxy system that is manufactured from 70% plant oil.
Key Companies Profiled by Fact.MR
- NAMA Chemicals
- DuPont
- 3M Company
- Kukdo Chemical Ltd.
- The Dow Chemical Company
- BASF SE
- Huntsman Corporation
More Valuable Insights on Epoxy Resins Market
In the latest study, Fact.MR offers a 360-degree view of the global epoxy resins market for the forecast period of 2022 to 2031. This report also provides key factors such as recent developments and growth drivers influencing the sales in epoxy resins market through detailed segmentation as follows:
By Raw Material:
- DGBEA (Bisphenol A and ECH)
- DGBEF (Bisphenol F and ECH)
- Novolac (Formaldehyde and Phenols)
- Aliphatic (Aliphatic Alcohols)
- Glycidylamine (Aromatic Amines and ECH)
- Other Raw Materials
By Application:
- Paints & Coatings
- Wind Energy
- Composites
- Construction
- Electrical & Electronics
- Adhesives
- Others (Vinyl Gloves, Metal Protection, Handbags, Eyeglasses, and Plastic Tooling)
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
