Epoxy Resin Market Size, Share & Trends Analysis Report By Application (Adhesives, Electrical & Electronics, Paints & Coatings, Wind Turbines, Composites, Construction), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global epoxy resin market size was valued at USD 22.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. Increasing demand for paints & coatings is anticipated to significantly drive the market growth during the forecast period. Increasing demand for epoxy resins is attributed to the growing construction spending, particularly on residential construction, especially in North America and Western Europe. The rapid growth in global manufacturing activities is expected to fuel the demand for paints & coatings used in the production of motor vehicles and other durable goods, as well as industrial maintenance applications. This is expected to boost the product demand globally.

Asia Pacific has been the leading consumer of epoxy resins, fueled by increasing demand from China and India. Infrastructure development along with increasing automotive production has fueled paints & coatings demand in the region. Increasing disposable income and willingness to spend more is expected to drive the market over the coming years. In the recent past, global automotive production increased rapidly due to the growing demand from middle-class families and rising disposable income across emerging nations, such as China, India, Brazil, Vietnam, and others. The rise in automotive demand propelled the consumption of paints & coatings across the automotive industry, thereby fueling the product demand.

However, volatile prices of raw materials of epoxy resins are expected to hinder the market growth during the forecast period. In addition, the outbreak of the COVID-19 adversely impacted the product demand in various applications including paints & coatings, adhesives, wind turbines, and others owing to the stalled manufacturing activities, restrictions in supply & transportation, and economic slowdown across various nations in 2020. The recommencing industrial operation is projected to positively influence the product demand, thereby supporting the market growth in the years to come.

Application Insights

The paints and coatings application segment dominated the market and accounted for more than 37.0% revenue share in 2021. Epoxy resin-based paints & coatings are widely utilized in residential & commercial buildings, shipbuilding industries, automotive, and wastewater treatment plants among others owing to their excellent resistance to stains, cracks, extreme temperatures, blistering, and chemicals. They offer excellent adhesion, high anti-corrosion performance, and have low Volatile Organic Compounds (VOCs) content. Epoxy resin-based paints & coatings are used to coat interior and exterior surfaces of commercial, residential, institutional, and industrial buildings.

The application of these paints & coatings not only increases the aesthetic appeal of surfaces but also protects them from extreme temperatures and UV radiation, without them getting peeled, faded, or cracked. Emerging regions, such as Asia Pacific and Middle East & Africa, are witnessing significant growth in their non-residential sectors, including IT, telecom, and retail, resulting in an increased demand for paints & coatings. In addition, ongoing industrialization, increasing government infrastructure spending, and rising Foreign Direct Investments (FDI), especially in Asia Pacific, is expected to contribute to the demand for epoxy resin-based paints & coatings, thereby fueling the growth of the market during the forecast period.

Regional Insights

The Asia Pacific region dominated the global market and accounted for the largest share of more than 61.0% of the overall revenue in 2021. The rising number of construction activities and increasing demand from the automotive sector in emerging countries, such as India, Japan, and South Korea, are expected to drive the market over the forecast period. In addition, the easy availability of raw materials has provided a great opportunity for the use of epoxy resin-based products in various end-use sectors. China dominated the Asia Pacific regional market in 2021.

The rising number of infrastructure development projects and the rapidly growing manufacturing industry are the key factors expected to drive the market over the forecast period. The construction market of the country is likely to outperform other Southeast Asian countries owing to government initiatives and funding to retain its development. For instance, according to the National Development and Reform Commission (NDRC), in 2019, The government of China approved 26 infrastructure projects with a total expected investment of USD 142 billion. Similarly, in 2020, the Communist Party of China announced that the government is planning around USD1.4 trillion for a digital infrastructure public spending program.

Key Companies & Market Share Insights

Companies in the market compete based on the quality of products offered. Leading market players compete based on their product development capabilities and new technologies used in product formulations. Established players, such as Huntsman International LLC, are investing in the development of innovative and sustainable solutions for formulating new and advanced resins that give them an edge over their competitors. For instance, in September 2020, Huntsman International LLC launched the ARALDITE 2000 Adhesive core range consisting of three technologies, namely, epoxy, acrylic, and Polyurethane (PU), for helping businesses maximize their productivity by covering up to 80% of all bonding needs. Some of the prominent players in the global epoxy resin market include:

• 3M

• Aditya Birla Management Corp. Pvt. Ltd.

• Atul Ltd

• BASF SE

• Solvay

• Huntsman International LLC

• Kukdo Chemical Co., Ltd.

• Olin Corp.

• Sika AG

• Nan Ya Plastics Corp.

• Jiangsu Sanmu Group Co., Ltd.

• Jubail Chemical Industries LLC

• China Petrochemical & Chemical Corp. (SINOPEC)

• Hexion

• Kolon Industries, Inc.

• Techstorm

• NAGASE & Co., Ltd.

Epoxy Resin Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the global epoxy resin market report based on application and region:

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Paints & Coatings

  • Wind Turbines

  • Composites

  • Construction

  • Electrical & Electronics

  • Adhesives

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • Taiwan

    • South Korea

  • Central & South America

  • Middle East & Africa