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Epoxy Resin Market Is Likely to Experience a Massive Growth in Near Future
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Factors driving the growth of the global epoxy resin market include increasing demand for lightweight composites, rising R&D activities in epoxy resin technology, and growing adoption of epoxy resin in the energy sector. However, fluctuations in raw material prices pose a challenge to market growth. The introduction of bio-based epoxy resin is expected to create lucrative opportunities in the industry.
The COVID-19 pandemic led to a decline in epoxy resin demand across industries such as consumer goods, aerospace, marine, and transportation. However, the market has begun to recover rapidly.
The global epoxy resin market is segmented by form, type, application, end-user industry, and region. The liquid segment accounted for approximately three-fifths of the total market revenue in 2020 and is expected to remain dominant by 2030. The solid segment is projected to witness the fastest CAGR of 7.2% during the forecast period.
In terms of application, the paints & coatings segment held more than one-fourth of the total market revenue in 2020 and is anticipated to dominate by 2030. The adhesive & sealants segment is expected to register the fastest CAGR of 7.4% throughout the forecast period.
Regionally, the Asia-Pacific market held the largest share in 2020, capturing around half of the global market. The LAMEA (Latin America, Middle East, and Africa) region is expected to exhibit the fastest CAGR of 8.6% during the forecast period.
Key players in the global epoxy resin market include BASF SE, Dow Inc., Hexion, Huntsman Corporation, Kukdo Chemicals Co., Ltd, Nan Ya Plastics Corporation, Atul Ltd, Olin Corporation, Techstorm Advanced Materials, and Solvay SA. These players have implemented various strategies such as partnerships, expansions, collaborations, and joint ventures to strengthen their foothold in the industry.
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