Zion Market Research estimates that the Epoxy Resin Market will bring in over $14.7 billion by 2028, with a 6.8% growth rate for the period from 2022 to 2028, making it one of the fastest-growing industries in the world. Epoxy resin’s rapid growth in the paints and coatings industry during the next six years can also be attributed to an increase in product penetration. In addition, epoxy resins have a wide range of uses in two-pack polyamide compositions. Films made from this process also contain high levels of abrasion resistance, adhesion, and flexibility in addition to chemical resistance. Because of their low molecular mass, epoxy resins in solid form are in high demand, which will help drive the market’s expansion. Hardeners made of solid epoxy resins will open up new markets for epoxy resin. It is expected that the epoxy resin market would grow significantly as a result of the growing popularity and use of the product in the construction of residential structures.
The Epoxy Resin Industry’s Growth and Trends
As a result of its qualities, epoxy resin is utilized to make composite materials that are widely employed in load-bearing applications such as automobiles and airplanes as well as in construction and oil and gas. Commercial airplanes are likely to drive the market for high-performance composites. Wind turbines and pressure vessels, for example, are promising new applications that will help fuel the market’s expansion.
It is expected that the high cost and labor-intensive manufacture of advanced composites would limit their use in large-volume and price-sensitive applications. Automotive and aerospace demand for composites is projected to be a significant driver in the market, especially in Europe and North America. Product demand is predicted to increase throughout the projection period due to rising fuel prices and an expanding commercial aviation industry.
The building industry is expected to increase rapidly in the next years. As sealers, hardeners, grouts, and mortars, as well as laminates for roofs, walls, and decks, epoxy resin is utilized in a variety of building applications. Minimal water permeability, great cleaning material, chemical resistance, outstanding mechanical qualities, low cure shrinkage, and excellent adhesion are expected to drive product demand in the building market..
Global demand for construction products is predicted to rise as a result of increased infrastructure investment, an increasing urban population, and supportive government measures to build more affordable homes for the general public. US government proposed a USD 2 trillion investment for infrastructure development in March 2020 as part of the reaction to the coronavirus – including hospital buildings and highways – and other infrastructure. In addition, it is expected that growing public awareness of the advantages of green buildings would stimulate worldwide construction sector growth. For this reason, demand for construction products is expected to rise throughout the projection period.
During the period from 2022 to 2028, the Epoxy Resin Market will be dominated by the Asia-Pacific region.
Increasing construction activity in Asia Pacific, along with increasing product penetration in the automotive sector in South Korea, Malaysia, China, Japan, and India, are driving epoxy resin market growth during the next six years in the Asia-Pacific region. Access to raw resources has also contributed to the expansion of the regional market’s size. Expansion in the Asian epoxy resin sector will be aided by an increase in chemical company formations and an increase in the number of manufacturing units established in the subcontinent. Regional market trends will be fueled by booming building industries in countries like China, as well as permissive government laws regarding the usage of epoxy resin in numerous industries.
List of Key Players of Epoxy Resin Market:
- The Dow Chemical Company
- BASF SE
- Huntsman Corporation
- Nan Ya Plastic Corporation
- Sika AG
- Baling Petrochemical Company Limited
- Kukdo Chemical Co.Ltd.
- Ashland Global Specialty Chemicals Inc.
- Nama Chemicals
- Cytec Industries Incorporated
- Du Pont
- The 3M Company
- Spol Chemie.
Global Epoxy Resin Market is segmented as follows:
Epoxy Resin Market: By Application Outlook (2022-2028)
- Paints & Coatings
- Wind Energy
- Electrical & Electronics
Epoxy Resin Market: By Region Outlook (2022-2028)
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa