Paints and Coatings Application Accounts For 37% of the Global Market for Epoxy Resins: Fact.MR Analysis

According to Fact.MR, a market research and competitive intelligence service, the worldwide epoxy resins market is expected to grow at a 6.9 percent CAGR from 2022 to 2031.

Over the forecast period, demand for epoxy resins is expected to be driven by rising need for lightweight, high-strength materials in the automotive and construction sectors, as well as rising demand for high-performance materials in the wind power and aerospace industries.

The rise of the coating additives industry is one of the primary factors propelling epoxy resin sales. Because of its attractive properties, epoxy coatings are used in a wide range of applications. Epoxy resins are becoming used in maritime applications and are perfect for prepping wooden vessels.

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Furthermore, initiatives taken in the automobile sector to reduce carbon emissions are propelling the market ahead. Epoxy resin adhesives are increasingly being used to reduce vehicle weight while simultaneously boosting security, lifespan, and performance.

Other factors driving market development include increased usage of epoxy resins in the creation of thermosets to create light and durable materials, expanding use of bio-based epoxy resins in the aviation sector, and rising demand for packaging in the food & beverage industry.

Key Takeaways from Market Study
• Global epoxy resins market to reach valuation of US$ 21.87 billion by 2031.
• Market in Asia Pacific projected to increase at CAGR of 7% over forecast period.
• Market in China accounts for 40% share of global market.
• Paints & coatings expected to rise at CAGR of 6.5% from 2022 to 2031.

Which key factor is driving the need for epoxy resins?

To reduce the environmental effect of petroleum-based resins, bio-based epoxy resins have been developed. Lignin, vegetable oils, rosins, tannins, and other biomaterials are utilised to replace a part of the petrochemicals, ranging from 20% to 50%.

These materials decrease the need for (bisphenol A) BPA, which is hazardous and must be handled with care. Bio-based resins have several uses, including coating materials, adhesives, composites, and other crosslinked materials.

Which region has the highest demand for epoxy resins?
The Asia Pacific market was valued at US$ 6 billion in 2020 and is predicted to grow at a CAGR of 7% over the forecast period. Increasing demand in application industries such as construction and automotive, as well as the presence of large scale producers supported by abundant raw materials, are driving regional market expansion.

The growth of the Asia Pacific epoxy resins sector will be assisted by an increase in the number of chemical businesses, growing population and per capita income, and an increase in the number of manufacturing facilities.

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Key Segments Covered in Epoxy Resins Industry Research
Epoxy Resins Market 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

Epoxy Resins Market by Application :
• Paints & Coatings
• Wind Energy
• Composites
• Construction
• Electrical & Electronics
• Adhesives
• Others (Vinyl Gloves, Metal Protection, Handbags, Eyeglasses, and Plastic Tooling)

Key Companies Profiled
• NAMA Chemicals
• DuPont
• 3M Company
• Kukdo Chemical Ltd.
• The Dow Chemical Company
• BASF SE
• Hunstman Corporation

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Winning Strategy
Key manufacturers are focused on product quality, product development capabilities, and new technologies employed in product formulations. Established players are investing in the development of new and sophisticated resin formulations that will provide them with a competitive advantage.

For instance,
• In 2021, the acquisition of Royal DSM's Resins & Functional Materials business (RFM) by Covestro was accomplished. Covestro will be able to increase its offering of biodegradable coating resins as a result of this acquisition.

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