Global epoxy resins market analysis and insights
The global Epoxy Resins market estimated at US$13.35 billion in the year 2022 is now projected to grow at a CAGR of 6.44% and reach US$19.41 billion by 2028. The market is anticipated to experience significant growth due to the increasing demand for epoxy-based composites across various industries. These composites, made from epoxy resins, are widely used in load-bearing applications such as automotive, aerospace, construction, oil & gas, and marine industries. This is primarily because of their exceptional adhesive properties, high mechanical strength, and other desirable characteristics. The commercial airplane sector is expected to drive the demand for high-performance composites, while emerging opportunities in applications like wind turbines and pressure vessels will also contribute to market growth.
However, the cost and labor-intensive nature of producing advanced composites may hinder their widespread adoption in high-volume and price-sensitive markets. Nevertheless, the market is likely to be propelled by the increasing demand for composites in the automotive and aerospace sectors, particularly in Europe and North America. Rising fuel prices and the rapid growth of the commercial aviation industry will further drive the demand for epoxy-based composites in the coming years. Additionally, the construction application segment is expected to witness significant growth, where epoxy resins are utilized as sealers, hardeners, grouts, mortars, and laminates for walls, roofs, and decks.
The demand for epoxy resins in construction applications will be fueled by their beneficial properties, including low water permeability, excellent cleaning material, chemical resistance, good mechanical strength, low cure shrinkage, and strong adhesion. The global growth of the construction industry, driven by increased infrastructure development and a rising urban population, coupled with favorable government initiatives to provide affordable housing, will contribute to the demand for epoxy resins.
Epoxy resins regional market insights
North American epoxy resins market is expected to grow significantly over the forecast period 2022-2028. This can be attributed to the significant demand for high-performance epoxy resins from various end-use industries. United States contributed around 82% of the total North American epoxy resins market. It is estimated to have a market value of US$3.14 billion in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 5.59% and 3.86% respectively over the 2022-2028 period.
Asia Pacific epoxy resins market is anticipated to witness an upsurge owing to the presence of a large number of paints & coatings, adhesive, and composite manufacturers in the region in order to meet the growing regional demand. Further, the region is the largest consumer of paints & coatings, and adhesives that to be with low per-capita consumption compared to developed nations, thereby manufacturers find huge potential in the regional economies, as a result, opening or expanding their manufacturing facilities in the region. China is expected to dominate the Asia-Pacific market and reach a market size of US$4.71 billion by 2028.
Within Europe, Germany, France, Italy and the U.K. are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 4.56% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.
Key players
Key players profiled in the report include 3M Company; Adhesives Technology Corp.; Aditya Birla Chemicals (India) Limited; Alchemie Ltd.; Asahi Kasei Corporation; Ashland Global Holdings Inc.; Atul Ltd.; BASF SE; Chang Chun Plastics Co. LTD.; Ciech; Cytec Solvay Group; DIC Corporation; Epic Resins; Evonik Industries AG; Huntsman Corporation; Jiangsu Sanmu Group Corporation; KoreKote Advanced Epoxy Systems; Kukdo Chemical Co. Ltd.; LEUNA-Harze GmbH; Mitsui Chemicals Inc.; Nan Ya Plastics Corporation; Nano-Tech Srl; Olin Corporation; RBC Industries Inc.; Reichhold Inc.; Resoltech SAS; Robnor Resins Ltd.; Sicomin Epoxy Systems; SIR Industriale SpA; Spolchemie A.S.; Sumitomo Bakelite Co. Ltd. and Westlake Epoxy, among others.
Competitive Landscape
June 22, 2023 – With the incorporation of Intec, Briolf completes its third acquisition in the last 18 months and intends to strengthen its position at the European level. Quantitatively, the incorporation of Intec into Briolf means integrating a team of nearly 40 people, as well as a turnover of almost EUR 13 million by the end of 2022.
June 19, 2023 – Grasim Industries, the flagship firm of the Aditya Birla Group, will start work on a chlorinated polyvinyl chloride (CPVC) resin-manufacturing plant with Lubrizol India Limited in the later part of 2023, it said in a regulatory filing on Monday. This will be the world’s largest single-site CPVC plant, producing 100,000 metric tons (MT) of resin. CPVC is a thermoplastic material essential for many industries, used in water delivery pipes and industrial liquid handling.
Epoxy resins market scope
- By type
- DGBEA
- DGBEF
- Novolac epoxy resins
- Aliphatic epoxy resin
- Cycloaliphatic epoxy resins
- Others
- By form
- Liquid
- Solid
- Solution
- Flim
- By application
- Paints and coatings
- Adhesives and sealants
- Composites and wind turbine
- Laminates
- Mold making and tooling
- Others
- By industry vertical
- Building and construction
- Automotive
- Electrical and electronics
- Aerospace and defense
- Marine
- Consumer goods
- Energy
- Others
- By Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
| Report Attribute | Details |
| No. of Pages | 247 |
| Published | June-2023 |
| Forecast Period | 2022-2028 |
| Estimated Market Size in 2022 | US$13.35 billion |
| Forecasted Market Size by 2028 | US$19.41 billion |
| CAGR | 6.44% |
| Regions Covered | North America, South America, Europe, Asia Pacific, Middle East and Africa |
| Companies Mentioned | aerinox-inc; Alfa Aesar; BASF SE; Bosal; Cataler Corporation; Clariant; CORMETECH, Inc.; Corning Incorporated; DCL International Inc; Evonik Industries AG; Heraeus Holding GmbH; Johnson Matthey; Nett Technologies, Inc.; NGK Insulators, Ltd.; Shell Global; Solvay SA; Tenneco; Topsoe; Umicore SA and Zeolyst International, among others., among others. |
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
Research Methodology
