The Global Epoxy Resin Market was estimated at USD 7.91 billion in the year 2020, and is expected to reach USD 11.50 billion by 2027. The market is growing with a CAGR of 5.5%, in the forecast period (2017-2027). Increasing consumption and demand from end-user industries such as Aerospace, Automotive & Transportation, Building & Construction, Electrical & Electronics, and Marine has significantly contributed to the growth of this market. The use of epoxy resin has risen in recent years. The epoxy resin market demand has also grown on account of its chemical and corrosion resistance property as compared with other resins. Other factors such as the growing demand for epoxy-based composites in sectors such as the automotive and transportation industry, wind energy, and construction industry has also worked in favor of epoxy resins.
The Epoxy Resin market is also growing on account of new emerging applications. The market of Epoxy Resin is highly interlinked and dependant on critical raw materials like epichlorohydrin (ECH) and bisphenol-A. The properties of the cured epoxy resins are dependant on a chemical process called curing or hardening.
The research report analyses the ecosystem of Epoxy Resin and categorizes the Epoxy Resin Market to forecast the revenues and analyse the trends in each of the following below mentioned market segments.
The unique insights provided by this report also includes the following:
In terms of product type, the liquid epoxy resin segment is estimated to be the largest segment during the forecast period
Solid epoxy resin is expected to be the fastest-growing segment in the overall epoxy resin market on account of growing usage in powder coating applications. The liquid epoxy resin segment accounts for the largest share of the overall epoxy resin market on account of its wide range of applications. Liquid epoxy resins find applications in coatings, civil engineering, composites, adhesives, electronics, electrical castings, and fibers.
By Application, the Paints & Coatings application is expected to be the largest segment
The Paints & coatings segment dominated the Epoxy Resin market in terms of revenue in 2019. The Epoxy Resin market is driven by the growing paints and coating industries. The Epoxy Resins are extensively used in paints & coatings as they enable fast drying and quickly and also provide a protective, tough coating with excellent hardness. The aerospace sector is the fastest-growing application on account of the increasing usage of epoxy-based composites.
The growth in construction and manufacturing also favors the Epoxy Resin market growth indirectly. In the manufacture of composites the epoxy resins used as a tie-coat, primer, and topcoat to avoid U.V. corrosion and decorative purposes. Increasing demand for lightweight materials that offer superior performance from the automotive and aviation industry is further expected to propel the growth of the epoxy resin market.
The Asia Pacific is expected to be the largest segment in the forecast period
Asia Pacific region accounted for the largest share of the Epoxy Resin market followed by North America and Europe. Asia Pacific region is also expected to be the fastest-growing region on account presence of a large number of emerging economies. The North America region is also projected to witness a higher product demand in the coming years on account of increasing consumption in end-user industries. The growing usage of wind turbines for power generation in North America due to increasing environmental concern towards depletion of conventional energy sources is expected to affect favor the growth of the epoxy resin market in North America. Wind turbines use composites that require epoxy resins to manufacture.
The demand in the Asia Pacific region is primarily driven on account of demand from end-user industries such as Aerospace, Automotive & Transportation, Building & Construction, Electrical & Electronics, and Marine. The Asia Pacific region is growing on account of rising urbanization, rising disposable income, and government initiatives, and a rise in residential and commercial construction projects. Key Epoxy Resin markets in Asia- Pacific include China, Japan, India, South Korea, Thailand, and Indonesia.
Epoxy Resin Market Report Provides an in-depth analysis of Market Dynamics:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.