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Epoxy Resin: Building Blocks of Advanced Material Science
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According to The Business Research Company's, The epoxy resin market size has grown strongly in recent years. It will grow from $11.65 billion in 2023 to $12.72 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to construction boom, automotive sector growth, electronics manufacturing, infrastructure development, stringent environmental standards.
The epoxy resin market size is expected to see strong growth in the next few years. It will grow to $17.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to advanced electronics, biocompatible materials, circular economy initiatives, globalization and trade, electric vehicles (EVs) surge. Major trends in the forecast period include renewable energy technologies, emerging applications in 3D printing, growing demand in wind energy sector, rising popularity of waterborne epoxy resins, increased usage in electronics and electrical applications.
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Market Drivers and Trends:
The rising demand for epoxy resin from the automotive industry is expected to propel the growth of the epoxy resin market. The automotive industry refers to the design, manufacturing, and selling of motor vehicles that uses epoxy resin to paint the body of automobiles. The use of epoxy resin as a protective coating extends the life of automobiles. According to the Organization Internationale des Constructeurs d'Automobiles (OICA), a France-based international trade organization, in 2021, automobile production increased globally by 3%, from 77.8 million produced in 2020 to 80.14 million in 2021. An increase in the production of automobiles increases the need for epoxy resins. Therefore, the rising demand for the automotive industry drives the epoxy resin market.
Product innovation is a key trend gaining popularity in the epoxy resin market going forward. Major companies operating in the epoxy resin market are focused on product innovations to strengthen their position in the market. For instance, in April 2022, Hexion Inc., a USA-based chemical manufacturer that develops chemical materials and performance resins, launched the products EPON LY Resin 1810 and EPIKURE LY Curing Agent 3801. These chemicals are used to minimize the yellowing of epoxy coating on household and commercial surfaces to improve performance, cure, lessen air emissions, and increase surface strength.
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Major Key Players of the Market:
China Petroleum & Chemical Corporation (Sinopec), Badische Anilin- und Sodafabrik, The Dow Chemical Company, Mitsubishi Chemical Corporation, Minnesota Mining and Manufacturing Company, Evonik Industries AG, Covestro AG, Westlake Epoxy LLC, DuPont de Nemours Inc., NAN YA PLASTICS CORPORATION, Solvay S.A., Sika AG, Olin Corporation, Huntsman International LLC, Atul Ltd, Daicel Corporation, Hexion Inc., Ashland Global Holdings Inc., Jiangsu Sanmu Group Co. Ltd., Allnex Belgium SA/NV, NAMA Chemicals, Kukdo Chemical Co. Ltd., Magnolia Epoxy, Mapei S.p.A., DIC India Limited, SPOLCHEMIE - Chemické závody a.s., Kemipex FZE, Aditya Birla Chemicals (India) Limited, Scott Bader Company Ltd., Chang Chun Plastics Co. Ltd., Aliancys AG
Epoxy Resin Market 2024 Key Insights:
• The epoxy resin market size is expected to see strong growth in the next few years. It will grow to $17.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Automotive Industry's Demand Boosts Epoxy Resin Market Growth
•
• Asia-Pacific was the largest region in the epoxy resin market in 2023
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