GVR Report cover Epoxy Resin Market Size, Share & Trends Report

Epoxy Resin Market Size, Share & Trends Analysis Report By Application (Paints & Coatings, Construction), By Region (APAC, North America, Europe), And Segment Forecasts, 2021 - 2028

  • Published Date: Nov, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-171-9
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 80

Report Overview

The global epoxy resin market size was valued at USD 11.62 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028. Increasing demand from 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 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.

U.S. epoxy resin market size, by application, 2018 - 2028 (USD Billion)

Asia Pacific has been the leading consumer of epoxy resins, fueled by increasing demand from China and India. Infrastructure development along with growing automotive production has fueled paints & coatings demand in the region. Rising disposable income and willingness to spend are expected to drive the market over the coming years.

In the recent past, global automotive production increased rapidly due to growing demand, especially in 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 market growth during the forecast period.

In addition, the COVID-19 pandemic negatively impacted the demand for epoxy resin in various applications including paints & coatings, adhesives, wind turbines, and others owing to the stalled manufacturing activities, restriction in supply and transportation, and economic slowdown across the globe in 2020. However, the recommencing industrial operation is projected to positively influence the product demand in the coming years.

Application Insights

The paints and coatings application segment led the market and accounted for more than 37% of the global revenue share in 2020. Epoxy resin-based paints & coatings are widely utilized in residential & commercial buildings, shipbuilding industries, automotive, and wastewater treatment plants among other applications 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.

They 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 radiations, without them getting peeled, faded, or cracked.

Global epoxy resin market share, by application, 2020 (%)

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 and high government infrastructure spending &Foreign Direct Investments (FDIs), especially in Asia Pacific, are expected to contribute to the product demand, thereby fueling the segment growth during the forecast period.

Regional Insights

Asia Pacific dominated the market in 2020 accounting for the largest revenue share of over 59%. 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 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 APAC regional market in 2020. The increasing number of infrastructure development projects and the growing manufacturing industry are expected to drive the market growth over the forecast period. China’s construction market 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, China government approved 26 infrastructure projects with a total expected investment of USD 142 billion. In 2020, the Communist Party of China announced that government is will invest around USD1.4 trillion for a digital infrastructure public spending program.

Key Companies & Market Share Insights

Key players operating in the market compete based on the quality of products offered, product development capabilities, and new technologies used in product formulations. Established players 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 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 Corporation Pvt. Ltd.

  • Atul Ltd.

  • BASF SE

  • Solvay

  • Huntsman International LLC

  • Kukdo Chemical Co., Ltd.

  • Olin Corp.

  • Sika AG

  • Nan Ya Plastics Corp.

Epoxy Resin Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 22.94 billion

Revenue forecast in 2028

USD 19.55 billion

Growth rate

CAGR of 6.7% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Volume in kilotons, revenue in USD million/billion, and CAGR from 2021 to 2028

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; France; U.K.; China; India; Japan; Taiwan; South Korea

Key companies profiled

3M; Aditya Birla Management Corporation Pvt. Ltd.; Atul Ltd.; BASF SE; Solvay; Huntsman International LLC;Kukdo Chemical Co., Ltd.; Olin Corp.; Sika AG;Nan Ya Plastics Corp.

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


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 2017 to 2028. 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, 2017 - 2028)

    • Paints & Coatings

    • Wind Turbines

    • Composites

    • Construction

    • Electrical & Electronics

    • Adhesives

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

    • Europe

      • Germany

      • France

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

      • Taiwan

      • South Korea

    • Central & South America

    • Middle East & Africa

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