Epoxy Resin Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Epoxy Resin Category Overview

The epoxy resins category is expected to grow at a CAGR of 7.3% from 2023 to 2030. The industry is being driven significantly by the rising demand from the paints & coatings sector. In addition, the category is also being supported by the growth of investments in the construction sector, particularly residential construction in Western Europe and North America. Furthermore, the continuous growth of manufacturing activities across the globe is also anticipated to fuel the demand for paints & coatings which are utilized in the production of automobiles and several other durable goods, as well as industrial maintenance applications.

Technological developments in the formulations of epoxy resins has led to the production of resins with enhanced quality such as better thermal strength, improved chemical resistance and higher mechanical strength. These advancements enable epoxy resins to suit the changing needs of electronics, automotive and aerospace sectors. The processing and output of products made with epoxy resin have increased due to the development of new curing technologies, including curing agents that are efficient and quick. Epoxy resins can now be applied in more time-sensitive industries due to their faster curing times and enhanced curing properties.

The category for epoxy resin is highly fragmented and competitive because the industry is lucrative and the requirement for entering the market is low, which is enticing huge firms to enter the market with each passing year. Therefore, an unprecedented number of small and medium-sized enterprises are starting to enter the market. Key market players are continuously focussing on research & development in order to offer end-user industries the most efficient and cost-effective solutions. In addition, the key players are continuously implementing various growth strategies like partnerships & collaborations, mergers & acquisitions, and innovations to maintain a competitive edge.

Raw material cost, labor cost, and transportation cost are the major key cost components of this category. Businesses, generally use a cost-plus pricing model where the price of the can is determined by adding a markup on the total cost of production. This model is in use due to the high level of competition and relatively low-profit margins. Price of epoxy resin is dependent on the cost and availability of raw materials such as epichlorohydrin (ECH), bisphenol A (BPA) and certain curing agents. Any increase or decrease in the cost of these raw materials can affect the profitability of epoxy resin manufacturers and fluctuate the production cost, thus, affecting the pricing of the resin as well. Price changes can be caused by market volatility, supply chain disruptions and other factors, making it difficult for manufacturers to maintain their pricing strategies.

The global industry is dominated by the Asia-Pacific region as the leading consumer of epoxy resins, registering higher demand from nations like India and China. Rising demand for paints & coatings along with ongoing infrastructural development projects is fuelling the demand in this region. The regional market is also anticipated to be driven by the increasing disposable income and people’s willingness to spend more. Recent years have witnessed a sharp rise in global automotive manufacturing as a result of increased demand from the middle-income population and rising disposable income in emerging economies such as India, Vietnam, Brazil and China 

Epoxy resin Procurement Intelligence Report Scope