Epoxy Resin Market Size, Share & Trends Analysis Report By Application (Construction, Paints & Coatings, Electrical & Electronics, Adhesives), By Region (Asia Pacific, North America), And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the epoxy resin market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for epoxy resin market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of epoxy resin market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Epoxy Resin Market Categorization:

The epoxy resin market was categorized into four segments, namely application (Paints & Coatings, Wind Turbines, Composites, Construction, Electrical & Electronics, Adhesives), and regions (North America, Europe, Asia Pacific, Central & South Americaa, Middle East & Africa).

Segment Market Methodology:

The epoxy resin market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The epoxy resin market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nine countries, namely, the U.S.; Germany; France; U.K.; China; India; Japan; Taiwan; South Korea

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Epoxy resin market companies & financials:

The epoxy resin market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• 3M Company: The company was formerly known as Minnesota Mining and Manufacturing Company and was founded in 1902. It is a multinational conglomerate with a diversified product portfolio. The company offers products to industries such as Automotive, Commercial Solutions, Consumer Markets, Design & Construction, Electronics, Energy, Health Care, Safety, Transportation, and others. It offers products such as Abrasives; Adhesives, Sealants & Fillers, Advanced Materials, Automotive Parts & Hardware, Building Materials, Cleaning Supplies, Coatings, Compounds & Polishes, Electronics Components, Films & Sheeting, Filtration & Separation, Lubricants, and others. It provides epoxy resins through its advanced materials and coatings product segment. The company distributes its products across the globe through direct distribution. It also operates a wide network of wholesalers, retailers, distributors, and dealers. The company employed a workforce of 94,987 personnel as of December 2020 across all its manufacturing facilities, sales offices, and distribution centers.

• Aditya Birla Management Corporation Pvt. Ltd.: The company has its businesses in various industry sectors such as carbon black, cement, fashion, financial services, insulators, mining, metals, research & development, telecom, textiles, trading, and chemicals. It manufactures epoxy resins through Aditya Birla Chemicals, which is a part of Aditya Birla Group’s chemicals business. The group’s chemical business has manufacturing plants located in India, Thailand, and Germany. It has five production units located in Thailand for the manufacturing of epoxy resins in the entire ASEAN region. Through its chemical business, the company offers products such as Advanced Materials, Agribusiness, Chlor-alkali, Chlorine Derivatives, Fluorides, Insulators, Peroxides, Phosphates, and Viscose Filament Yarn. Its chemical business serves industries such as Coating & Construction, Composites, Fashion, Food, Industrial, Plastics, and Water. The company’s chemical business manufactures products such as epoxy resins, chlor-alkali, Phosphates & Sulphites, and Epichlorohydrin. Aditya Birla Chemical manufactures epoxy resins in solid, liquid, solutions, and blends & multifunctional forms, and markets them under Epotec and CeTePox brands. The group’s companies are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

• Atul Ltd: The company manufactures resorcinol, vat dyes & sulfur black dyes, para anisic aldehyde, para cresol, para anisic alcohol, epoxy resins & hardeners, dapsone, clodinafop propargyl, sulfonylurea, indoxacarb, and others. It has various business segments including aromatics, bulk chemicals & intermediates, crop protection bulk actives, crop protection retail, pharmaceuticals, polymer performance materials, and others. The company provides its services to industries including agriculture, automobile, composites, construction, cosmetics, electrical & electronics, home care, horticulture, paints & coatings, paper, personal care, pharmaceuticals, sports & leisure, textile, tire, and wind energy. Its product portfolio includes 4-chlororesorcinol, anisole, chlorosulphonic acid, reactive dyes, dye intermediates, azoic colorants, fungicides, insecticides, herbicides, amino acid derivatives, phosgene derivatives, sulphones, epoxy resins, curing agents, ally carproate, and others. The company manufactures epoxy resins through its polymer performance materials business segment.

• BASF SE: The company operates through six business segments, namely chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. Products offered by the company find use in industries such as agriculture, construction, pharmaceuticals, energy & power, home care & nutrition, automotive & transportation, rubber & plastics, leather & textiles, and personal care & hygiene. The materials business segment includes performance materials and monomers. The performance materials segment is further classified into plastics. Its plastics product portfolio includes performance polymers, plastic additives, and polyamides & intermediates, which find use in automotive & transportation, construction, electrical & electronics, and consumer goods industries.

• Solvay: The company provides specialty polymers, composite materials, Coatis, Soda Ash, Peroxides, and solutions including Novecare, Technology Solutions, and Aroma. Its product portfolio includes amines, Calcium & Magnesium Derivatives, Fluorine Derivatives, Mining chemicals, Polymers, Rare Earths & Metal Compounds, Sulfur Derivatives, Surfactants, Barium & Strontium Derivatives, and others. The company provides its products to markets including Automotive, Aerospace, Advanced, Electrical & Electronics, Energy Solutions, Food, Healthcare, Industrial Applications, and Transportation. It provides epoxy resins through its composites and process materials which come in the chemical categories of the product.

• Huntsman International LLC: The company’s businesses are segmented into advanced materials, polyurethanes, performance products, pigments, and textiles. It offers products that cater to a host of industries such as plastics, textiles, automotive, aviation, construction, electronics, paints & coatings, healthcare, footwear, agriculture, furniture, detergent, appliances, and packaging. The company’s products range from amines, carbonates, ethylene oxide to glycols, maleic anhydride, and surfactants. Its product range has been broadly segmented into performance products, advanced materials, pigments, polyurethanes, and textiles. The company caters its products and solutions to end-use industries such as additives, agrochemicals, materials, energy, home & personal care, and processing chemicals. It manufactures over 2,000 specialty chemicals with 35 licensed process technologies. The company has 75 manufacturing & research facilities globally.

• KUKDO CHEMICAL CO., LTD.: The company has eight business segments including epoxy resins, hardener, composite systems, polyurethane, electrical & electronics materials, advanced materials, acrylate, and reactive diluent. Its product portfolio includes Epoxy Resin, Reactive Diluent, Polyamide Hardener, Polyamine Hardener, Phenalkamine Resin, Hardening Accelerator, Phenol Novolac, BPA Novolac, Ortho Cresol Novolac, Bisphenol-F, Heavy Electric Materials, and others. The company provides its products for applications in paints & coatings, IT & electronics materials, and composites.

• Olin Corporation: The company has three business segments, namely Chlor Alkali Products & Vinyls, Epoxy, and Winchester. Its product portfolio includes caustic soda, ethylene dichloride, vinyl chloride monomer, carbon tetrachloride, perchloroethylene, trichloroethylene, sporting ammunition, reloading components, small caliber military ammunition, and others.

• Sika AG: Sika is a specialty chemical company that focuses on the development and production of products for sealing, bonding, reinforcing, damping, and protecting in the building sector and motor vehicle industry. The company offers construction and industry solutions. Its construction solutions include cement additives, grouting, industrial coatings, waterproofing systems, rigid bonding, joint sealing, construction adhesives, floor systems, roof systems, and others. The company’s industry solutions are applied for industries such as automotive, transportation, marine, building, components, textiles & consumables, appliances & equipment, renewable energy, automotive aftermarket, and advanced resins. It provides epoxy resins through its advanced resins industry solutions.

• NAN YA PLASTICS CORPORATION: The company operates through four major segments, namely plastic processing, electronic material, polyester, and petrochemicals. It manufactures chemicals, textiles, faux leather, plastics, petrochemicals, machinery, and switch gears, which find applications across transportation, industrial equipment, household goods, electronics, and construction. The company also manufactures polyester fibers and copper-clad laminates of electronic materials. It provides epoxy resins in its composite materials. The company conducts research and development activities for process improvement, environmental chemicals, optoelectronic materials, testing and calibration of electronics materials, specialty chemicals, and polymers. It also provides electromechanical engineering services. The company has manufacturing plants across Taiwan and branches in Hsinkang, Mailiao, and Taipei. It has an operational presence in China, Indonesia, and the U.S.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Epoxy Resin Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2019 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Epoxy Resin Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.