Epoxy Resin Global Market Report 2024

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 observed in the historical period can be attributed to a construction boom, growth in the automotive sector, advancements in electronics manufacturing, infrastructure development, and adherence to 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 anticipated growth in the forecast period can be attributed to factors such as advancements in advanced electronics, the utilization of biocompatible materials, initiatives promoting a circular economy, globalization and trade, and the surge in electric vehicles (EVs). Major trends expected in the forecast period include the adoption of renewable energy technologies, emerging applications in 3D printing, a growing demand in the wind energy sector, the rising popularity of waterborne epoxy resins, and increased usage in electronics and electrical applications.

The growth of the epoxy resin market is anticipated to be fueled by the surging demand from the automotive sector. The term "automotive industry" encompasses the processes of designing, manufacturing, and marketing motor vehicles, wherein epoxy resin is utilized for painting the vehicle bodies. The application of epoxy resin as a protective coating plays a crucial role in enhancing the longevity of automobiles. According to the Organization Internationale des Constructeurs d'Automobiles (OICA), an international trade organization based in France, global automobile production witnessed a 3% increase in 2021, rising from 77.8 million units in 2020 to 80.14 million units in 2021. The uptick in automobile production directly correlates with an elevated demand for epoxy resins. Consequently, the growing needs of the automotive industry act as a driving force for the epoxy resin market.

The epoxy resin market is anticipated to experience growth propelled by the expansion in the aerospace sector. The aerospace sector encompasses a diverse industry focused on the design, development, manufacturing, and maintenance of both aircraft and spacecraft. Epoxy resins play a crucial role in this sector as they are combined with materials such as carbon fiber, fiberglass, or other high-strength fibers to produce lightweight yet exceptionally strong and stiff structural components for aerospace applications. For example, data from the Aerospace Industries Association, a US-based trade association, reveals that in 2021, the aerospace industry achieved a total sales revenue of $892 billion, marking a 2.1% increase from the previous year, 2020. Furthermore, exports in the Aerospace and Defense (A&D) industry experienced an 11.2% increase in 2021, reaching a total value of $100.4 billion. Consequently, the expansion in the aerospace sector serves as a driving force for the epoxy resin market.

The epoxy resin market is witnessing a prominent trend towards product innovation. Major players in the epoxy resin market are strategically emphasizing product innovations as a means to fortify their market positions. A notable example is Hexion Inc., a chemical manufacturer based in the USA, which specializes in the development of chemical materials and performance resins. In April 2022, the company introduced EPON LY Resin 1810 and EPIKURE LY Curing Agent 3801. These newly launched products are designed to mitigate the yellowing of epoxy coatings on both household and commercial surfaces. The objective is to enhance overall performance, curing properties, reduce air emissions, and bolster surface strength.

Leading companies in the epoxy resin market are actively engaged in the development of innovative solutions, particularly focusing on the utilization of epoxy-based resin technology. This technology involves incorporating epoxy resins as the primary component in formulating a variety of materials and products. A case in point is Toray Composite Materials America, Inc., a composite materials manufacturer based in the United States. In July 2021, the company introduced the 'Epoxy-based 2700 Prepreg System,' showcasing patented high-performance resin technology specifically designed for upcoming aerospace initiatives. This technology is adept at meeting the stringent structural design requirements of the aerospace industry and enables the cost-effective and large-scale production of high-quality composite parts.

In a deal valued at $250 million, Huntsman Corporation, a chemical manufacturing company headquartered in the USA specializing in the development and marketing of specialty chemicals, acquired Gabriel Performance Products LLC in January 2021. This strategic acquisition is aimed at broadening Huntsman Corporation's portfolio of specialty chemical products and enhancing its customer base and market presence in North America. Gabriel Performance Products LLC, based in the USA, is a chemical company focused on the manufacturing of resin coatings and composites.

Major companies operating in the epoxy resin market report are 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.

Asia-Pacific was the largest region in the epoxy resin market in 2023. The regions covered in the epoxy resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the epoxy resin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary applications of epoxides include paints and coatings, composites, adhesives and sealants, as well as various other applications. Paints and coatings are extensively utilized in commercial and industrial structures, such as in electrical, automotive, and marine settings, owing to their mechanical and protective properties. They contribute to enhancing concrete floors and provide resistance to stains, cracks, and high temperatures. In the realm of paints and coatings, the process involves the use of polymer suspensions mixed with color pigments to achieve both an aesthetic appearance and surface safety. These materials are available in different physical forms, including liquid, solid, and solution. Various types of epoxides, such as DGBEA (bisphenol A and ECH), DGBEF (bisphenol F and ECH), Novolac (formaldehyde and phenols), Aliphatic (aliphatic alcohols), Glycidylamine (aromatic amines and ECH), and other types, find application in this sector. Epoxides are utilized across diverse end-users, including building and construction, automotive, large and heavy vehicles, railroads, general industrial applications, consumer goods (including sporting equipment), wind power, aerospace, marine industries, and various other end uses.

The epoxy resin market research report is one of a series of new reports that provides epoxy resin market statistics, including epoxy resin industry global market size, regional shares, competitors with an epoxy resin market share, detailed epoxy resin market segments, market trends and opportunities, and any further data you may need to thrive in the epoxy resin industry. This epoxy resin 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 epoxy resin market consists of sales of glycidyl or non-glycidyl epoxy resin. 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.