Epoxide Global Market Report 2024

The epoxide market size has grown strongly in recent years. It will grow from $70.08 billion in 2023 to $74.3 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth observed in the historical period can be attributed to factors such as industrial applications, advancements in material science, growth in construction and infrastructure, expansion of the automotive sector, and the boom in consumer electronics.

The epoxide market size is expected to see strong growth in the next few years. It will grow to $95.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be attributed to the surge in electric vehicles (EVs), the use of biocompatible materials, a focus on infrastructure resilience, advancements in electronics manufacturing, and initiatives promoting a circular economy. Major trends expected in the forecast period include the adoption of renewable energy technologies, the utilization of biobased epoxides, applications in high-performance sectors, continuous technological advancements, and an increase in collaborations and partnerships.

The anticipated increase in demand for soap and related products is poised to drive the growth of the epoxide market in the future. Soap, characterized as a salt of fatty acid, is a key ingredient in various cleansing and lubricating products. Soap products, including detergents and gels, are widely used for washing and cleaning purposes. Ethylene epoxide serves as a fundamental material in soap manufacturing, contributing to elevated potential hydrogen (pH) levels in the soap formulation. For example, global trade data from 2021, as reported by The Observatory of Economic Complexity (OEC), a Brazil-based data visualization website, indicated a $2.3 billion market for Soaps for purposes other than toilet soap. China led as the top exporter with $603 million, while the United States emerged as the leading importer with $322 million. Despite a -12.2% export growth between 2020 and 2021, Soaps for purposes other than toilet soap, solid maintained a 0.011% share of world trade, highlighting sustained international demand for these products. Consequently, the increased demand for soap and soap products is a driving force behind the growth of the epoxide market.

The anticipated growth in urbanization and infrastructure development is poised to drive the expansion of the epoxy market. Urbanization, defined as the concentration of the population in urban areas, results in the growth and enlargement of cities. Concurrently, infrastructure development involves constructing essential facilities and systems to support economic and social activities within a region. The epoxy market plays a crucial role in advancing both urbanization and infrastructure development by supplying versatile materials essential for constructing durable and high-performance structures. This contribution significantly aids in the physical and economic growth of urban environments. As an illustration, in April 2023, The World Bank, a group of five international organizations based in the US that provide loans and grants to developing countries, reported that, as of 2021, over 50% of the world's population resides in urban areas. Projections indicate that this figure is expected to reach 68% by 2050. This underscores the increasing demand for epoxy in construction and infrastructure development to meet the evolving needs of urban expansion. Hence, the simultaneous growth of urbanization and infrastructure development serves as a driving force for the epoxy market.

Product innovation stands out as a prominent trend gaining traction in the epoxide market. Leading companies in the epoxide sector are focusing on improving their product offerings, such as developing styrene-free pure and green epoxy resins. These innovations aim to provide extended service life, simultaneously reducing the carbon footprint and enhancing environmental friendliness in the production process. As an illustration, in October 2022, Bossong SPA, an Italian manufacturer specializing in mechanical and chemical anchors, introduced E-Plus, an innovative bi-component styrene-free pure epoxy resin. E-Plus is earthquake-resistant and serves as a green chemical anchor, meeting the requirements of the construction industry while actively minimizing environmental impact. Notably, it boasts a prolonged 100-year service life, which is twice that of standard resins, along with fire resistance. Its versatility allows usage with wood, masonry, and concrete in various temperatures due to its non-shrinking properties. This example underscores the industry's commitment to advancing product innovation for enhanced performance and sustainability in the epoxide market.

Prominent companies in the epoxide market are directing their efforts towards product launches, particularly in the realm of thermally conductive epoxy product lines, to cater to the evolving demands of various industries. These product lines are specifically formulated to efficiently transfer heat while retaining the bonding and sealing attributes inherent in traditional epoxy formulations. An example of this trend is observed in the actions of G6 Materials, a US-based company specializing in advanced materials and composites for industrial applications. In September 2023, G6 Materials introduced its innovative thermally conductive epoxy product line, featuring G6E-TSHV and G6E-TSAL. These products boast high thermal conductivity, non-electrically conductive properties, and a low viscosity option. The introduction of this product line addresses a diverse range of industry needs, providing enhanced epoxy solutions for applications requiring efficient heat transfer, electrical insulation, easy flow, and wetting characteristics. This strategic product launch contributes to the expansion and advancement of the epoxide market.

In September 2021, Cargill Inc., a US-based agri-business manufacturer, completed the acquisition of Arkema’s epoxides business for $39 million. This strategic move provides Cargill Inc. with ownership of Arkema’s epoxides facility situated in Minnesota, USA, along with comprehensive production capabilities in bio-based plasticizers and polyols. The acquisition positions Cargill to offer nature-derived alternatives to conventional petroleum-based additives to its industrial customers. Arkema, a France-based company, specializes in providing various specialty chemicals, including epoxides.

Major companies operating in the epoxide market report are Exxon Mobil Corporation, BASF SE, Badische Anilin- und SodaFabrik, Dow Inc., Huntsman International LLC, LG Chem Ltd., 3M Company, Wanhua Industrial Group Co. Ltd., Covestro AG, Solvay SA, Nan Ya Plastics Corporation, Eastman Chemical Company, Olin Corporation, LANXESS Deutschland GmbH, Lubrizol Corporation, Daelim Co. Ltd., Daicel Corporation, ADEKA CORPORATION, Evonik Industries AG, Hexion, Ashland Global Holdings Inc., UPC Technology Corporation, KUKDO CHEMICAL CO. LTD., Mapei S.p.A., Atul Ltd., Dymax Corporation, Galata Chemicals Galata Chemicals LLC, INEOS Capital Limited, H.B. Fuller Construction Products Inc., Chang Chun Plastics Co. Ltd., Jiangsu Sanmu Group, Techstorm Advanced Materials.

North America was the largest region in the epoxide market in 2023. Asia-Pacific is expected to be the fastest-growing region in the epoxide market during the forecast period. The regions covered in the epoxide market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the epoxide market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of epoxides include ethylene oxide and propylene oxide. Ethylene oxide finds application in the production of various compounds, including solvents, antifreeze, detergents, adhesives, polyurethane foam, and medications. It is a straightforward epoxide characterized by a cyclic ester structure, appearing as an organic colorless gas with a ring composed of carbon, hydrogen, and oxygen. The components of ethylene oxide encompass epoxies and hardeners, which play essential roles in coated fabric, wire and cable manufacturing, flooring and wall coverings, film and sheet production, medical devices, consumer goods, and various other applications.

The epoxides market research report is one of a series of new reports that provides epoxides market statistics, including epoxides industry global market size, regional shares, competitors with an epoxides market share, detailed epoxides market segments, market trends and opportunities, and any further data you may need to thrive in the epoxides industry. This epoxide market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The epoxide market consists of sales of phenoxybenzene and 2-methoxy-2-methylpropane (MTBE). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.