The global epoxy resin market size was valued at USD 12.84 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. Increasing demand from the paints & coatings sector is anticipated to significantly drive industry growth during the forecast period. Moreover, growing construction spending, particularly in residential construction, in North America and Western Europe will support industry growth. The rapid growth in global manufacturing activities is also 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 demand for epoxy resins globally. Asia Pacific has been the leading consumer of epoxy resins, supported by the high demand from China and India. Infrastructure development along with increasing automotive production has fueled the demand for paints & coatings in this region. Increasing disposable income levels and willingness to spend are also expected to drive market growth over the coming years. In the recent past, global automotive production increased rapidly due to the rising demand from the middle-income population and rising disposable income across emerging nations, such as China, India, Brazil, and Vietnam.
The rise in automotive demand propelled the consumption of paints & coatings across the automotive industry, thereby fueling the demand for epoxy resins. However, volatile raw material prices are expected to hamper the industry growth during the forecast period. In addition, the COVID-19 pandemic had a negative impact on the product demand in various applications, including paints & coatings, adhesives, wind turbines, and others, owing to stalled manufacturing activities, restrictions in supply & transportation, and economic slowdown across the globe in 2020. However, recommencing industrial operations will have a positive impact on product demand in the coming years.
The paints and coatings application segment led the industry and accounted for more than 37.4% of the revenue share in 2022. 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 (VOC) content. Epoxy resin-based paints & coatings are used to coat the 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, rapid industrialization, increasing government infrastructure spending, and rising Foreign Direct Investments (FDIs), especially in Asia Pacific, will contribute to product demand, thereby fueling market growth.
The Asia Pacific region dominated the global industry in 2022 and accounted for the largest share of more than 59.54% of the overall revenue. Rising construction activities and growing demand from the automotive sector in emerging countries, such as India, Japan, and South Korea, are expected to drive the regional market over the forecast period. Furthermore, the easy availability of raw materials has provided huge opportunities for the use of epoxy resin-based products in various end-use sectors. China dominated the Asia Pacific regional market in 2022. The rising number of infrastructure development projects and the rapidly growing manufacturing industry are expected to drive market growth in the country.
The construction market in China is likely to outperform other Southeast Asian countries, owing to government initiatives and funding to enhance its development. For instance, according to the National Development and Reform Commission (NDRC) in 2019, the Chinese government 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 to invest around USD 1.4 trillion in a digital infrastructure public spending program.
Industry players compete on basis of 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: epoxy, acrylic, and polyurethane, for helping businesses to 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 Corporation
Sika AG
Nan Ya Plastics Corp.
Jiangsu Sanmu Group Co., Ltd.
Jubail Chemical Industries LLC
China Petrochemical & Chemical Corporation (SINOPEC)
Hexion
Kolon Industries, Inc.
Techstorm
Nagase & Co., Ltd.
Report Attribute |
Details |
Market size value in 2023 |
USD 13.69 billion |
Revenue forecast in 2030 |
USD 22.48 billion |
Growth rate |
CAGR of 7.3% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2019 - 2021 |
Forecast period |
2023 - 2030 |
Quantitative units |
Volume in Kilotons, Revenue in USD million/billion, and CAGR from 2023 to 2030 |
Report coverage |
Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Application, region |
Region scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country insights |
U.S.; Germany; France; U.K.; China; India; Japan; Taiwan; South Korea |
Key companies profiled |
3M; Aditya Birla Management Corp. Pvt.; Ltd.; Atul Ltd.; BASF SE; Solvay; Huntsman International LLC; Kukdo Chemical Co., Ltd.; Olin Corporation; 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. |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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 the purpose of this study, Grand View Research has segmented the global epoxy resin market report on the basis of 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
b. The global epoxy resin market size was estimated at USD 12.84 billion in 2022 and is expected to reach USD 13.69 billion in 2023.
b. The global epoxy resin market is expected to grow at a compound annual growth rate of 7.3% from 2023 to 2030 to reach USD 22.48 billion by 2030.
b. The paints & coatings segment dominated the epoxy resin market with a share of more than 37.4% in 2022. This is attributable to the growing rising demand for floor coatings, protective coatings, architectural & decorative coatings, marine coatings, and powder coatings.
b. Some key players operating in the epoxy resin market include 3M, Aditya Birla Management Corporation Pvt. Ltd., Atul Ltd, BASF SE, Solvay, Huntsman International LLC, KUKDO CHEMICAL CO., LTD., Olin Corporation, Sika AG, NAN YA PLASTICS CORPORATION.
b. Key factors that are driving the epoxy resin market growth include rising demand from the automotive and industrial applications on account of superior heat resistance as compared to its counterparts.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for COVID-19 as a key market contributor.