Epoxy Resin Market Size, Share, Growth, Top Companies, Latest Trends in 2024 | Epoxy Resin Industry Size, Global Report, Forecast, 2032

The global epoxy resin market size was valued at USD 12.74 billion in 2023 and is projected to hit USD 21.37 billion by 2032, exhibiting a CAGR of 5.9% during the forecast period. Asia Pacific dominated the epoxy resin market with a market share of 68.76% in 2023. According to an analysis, epoxy resins have become sought-after across the end-use sectors, including coatings and composites. Industry players are investing in these resins for sealant and adhesive manufacturing. Some of the factors, such as durability and higher resistance, have augured well for the industry outlook.

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Market Overview
The recycled plastic market has witnessed substantial growth over the past few years, driven by an increasing focus on sustainability, environmental concerns, and stricter regulations on plastic waste management worldwide. Recycling plastic reduces pollution, conserves energy, and minimizes the burden on landfill sites. As a result, it plays a crucial role in promoting a circular economy. The market for recycled plastics spans various industries, including packaging, construction, automotive, and textiles, among others.

Report Coverage

The report focuses on quantitative and qualitative assessments to offer a holistic view of the global market. The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping. Further, a host of primary interviews has been conducted with opinion leaders, suppliers and other stakeholders. Primary data has been collated through emails, telephonic conversations and questionnaires. The secondary sources referred are press releases, SEC filings and websites.

Segmentation

Based on application, the market is segmented into electrical & electronics, paint & coatings, wind turbine & composites, adhesive & sealants, civil engineering and others.

In terms of geography, the industry is segregated into North America, Asia Pacific, Europe, the Middle East and Africa and Latin America.

Growth Drivers
Increasing Environmental Concerns: Growing awareness about the environmental hazards posed by plastic waste has led to an increased focus on recycling efforts worldwide. Consumers and businesses alike are shifting toward more sustainable products, thereby driving demand for recycled plastics.
Regulatory Support: Governmental policies and international agreements such as bans on single-use plastics and mandatory recycling targets are creating a favorable environment for the market.
Corporate Sustainability Initiatives: Many corporations are committing to reducing their environmental footprint by integrating recycled plastics into their supply chains. This has been a significant growth driver for the market, as companies increasingly adopt sustainable practices.
Technological Advancements: Innovations in recycling technology, such as chemical recycling and improvements in mechanical recycling processes, are enhancing the quality and cost-effectiveness of recycled plastics, making them more competitive with virgin materials.

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Regional Insights

Bullish Investments in Paints & Coatings to Foster Asia Pacific Market

The market dynamics of recycled plastics vary significantly across different regions.

North America: The region has a well-established recycling infrastructure, with strong government support for recycling initiatives. The United States is a key market in this region, driven by both regulatory pressure and consumer demand for sustainable packaging.
Europe: Europe leads the market in terms of environmental regulations, with countries like Germany, the UK, and France setting ambitious targets for recycling and waste reduction. The European Union's focus on a circular economy is a major factor driving growth in this region.
Asia-Pacific: The Asia-Pacific market is characterized by rapid industrialization and significant investments in recycling infrastructure. Countries like China, Japan, and India are key contributors, with increasing focus on recycling to curb pollution.
Latin America & Middle East and Africa: While these regions have significant potential, limited infrastructure and lack of regulatory frameworks can pose challenges to market growth.

Competitive Landscape

Stakeholders to Emphasize Product Portfolio Expansion to Tap Markets

Industry players are poised to focus on product launches, technological advancements, mergers & acquisitions and R&D activities during the assessment period. Current dynamics indicate industry participants will invest in geographical expansion.

Major Players Profiled in the Market Report:

Kukdo Chemical Co., Ltd. (South Korea)
Huntsman Corporation (U.S.)
Olin Corporation (U.S.)
Nan Ya Plastics Corporation (Taiwan)
Hexion Inc. (Westlake Chemicals) (U.S.)
Chang Chun Group (Taiwan)
Aditya Birla Chemicals (India)
Sika Group (Switzerland)
DIC Corporation (Japan)
China Petrochemical & Chemical Corporation (China)

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Future Outlook
The future of the recycled plastic market looks promising, with significant growth expected due to rising demand for environmentally friendly and sustainable materials. As global awareness of the negative impacts of plastic waste increases, further innovations and improvements in recycling processes are likely, offering new opportunities for expansion.

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This release was published on openPR.