EPOXY RESIN MARKET ANALYSIS

The Global Epoxy Resin Market was valued at US$ 42.03 Bn 2022, exhibiting a CAGR of 6.5% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 69.69 Bn by 2030. Epoxy resin is a polymer produced by the copolymerization of an epoxide with a compound that consists of two hydroxyl groups. Epoxy resin is a high-performance resin that has excellent properties such as high thermal stability, resistance to corrosion, high mechanical strength, durability, and superior adhesion. Epoxy resin is majorly used across the adhesive, paints and coatings, and electronic encapsulation applications.

Global Epoxy Resin Market- Impact of Coronavirus (Covid-19) Pandemic

COVID-19. Additionally, because epoxy resin is widely utilised in the automotive industry, the paint and coating industry, and other industries, all of which are severely hampered by the existing pandemic, the demand for epoxy resin was hampered by the ongoing pandemic epidemic. For a brief period, up to the final quarter of 2020, this is anticipated to slow the market's growth for epoxy resin.

Global Epoxy Resin Market - Drivers

Growing production of automobiles around the globe

The growing demand for paints and coating is a prime factor fuelling the market growth of the global epoxy resin market. Epoxy resin-based products exhibit quick dry properties and provides excellent coatings for the construction industry. Epoxy resin-based paints are widely used across concrete floor paint, floor paint, and epoxy primers. They will protect steel in the atmosphere from rusting by preventing oxygen and water from reaching the surface. These coatings are used in primers for improving adhesion to automotive and marine components. Thus, the growing demand for paints and coatings is expected to foster the market growth. For instance, 23rd December 2020 – Kukdo Chemicals India announced the completion of its epoxy manufacturing plant at Gujarat. The production capacity of this epoxy plant is 40,000 tons per annum. After China, the company has strategically established its second overseas unit in India to capture the growing domestic demand and offer optimized epoxy solutions to consumers

Figure 1. Global Epoxy Resin Market, By Application, 2022 

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Global Epoxy Resin Market - Restraints

Health-related concerns associated with epoxy resins

The market expansion is being constrained by the health risks connected with epoxy resin flooring, which generate harmful fumes that can irritate the eyes and lungs. Moreover, exposure to these fumes may cause breathing problems in asthmatic people. This factor is expected to hinder the market growth of global epoxy resin market.  They may even generate a mist or dust in the air we breathe or come into touch with our skin. The most common effects of overexposure to unhealthy epoxy chemicals are skin allergies, asthma, and irritations of the eyes, nose, and throat.

 Global Epoxy Resin Market - Segmentation

On the basis of application, in 2022, the paints and coatings segment accounted for the largest market share of 43.0% in terms of value. Paint and coatings often mean the same,  a coating, meanwhile, has a more business-like ring to it. A paint's two main purposes are to preserve the item and to embellish it with a particular colour or texture. A painting may be utilised as interior decoration in homes.

Global Epoxy Resin Market - Opportunities

Increasing use of epoxy resins in the automobile industries

The expanding use of epoxy resins in the maritime, marine, automotive, paint, and other sectors for preserving submarine hulls, topsides, ballast tanks, and cargo tanks. Since the 1980s, epoxy resins have been utilised in vehicle coatings. Their chemical characteristics include heat resistance, metal adhesion, and mechanical strength. These characteristics make it easier to prevent automotive bodywork against corrosion and other issues, often doubling a car's lifespan.

Global Epoxy Resin Market - Trends

Increasing production capacity of modifiers

Shifting preferences of manufacturers toward increasing the production capacity of modifiers for epoxy resins are expected to fuel the market growth.

Global Epoxy Resin Market - Regional Insights

Among regions, Asia Pacific dominated the global epoxy resin market in 2022, reporting 62% market share, in terms of revenue, followed by Europe and North America, respectively.

Figure 2. Global Epoxy Resin Market, By Region, 2022

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Global Epoxy Resin Market - Key Developments

• In 2020, Kudos Chemicals established its epoxy manufacturing plant in Gujarat, India. This epoxy factory has an annual capacity of 40,000 tonnes. Following the success of its first overseas factory in China, the firm has successfully opened its second overseas facility in India to fulfil domestic consumption as well as provide consumers with the best epoxy solutions.
• In March 2020, the U.S. government announced an investment of US$ 2 trillion, as a part of the coronavirus response for the development of including hospital buildings, roads, and others
• In September 2020, Huntsman International LLC launched the ARALDITE 2000 Adhesive core range consisting of three technologies, epoxy, acrylic, and Polyurethane (PU), for helping businesses maximize their productivity by covering up to 80% of all bonding needs. Huntsman International LLC operates as a chemical manufacturing company. The Company manufactures and markets specialty and commodity chemicals, as well as produces polyurethanes, propylene oxides, surfactants, epoxy adhesives, aerospace composites, and electrical insulating materials.

 Global Epoxy Resin Market - Key Players

The major players operating in the global epoxy resin market include BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, DuPont, Aditya Birla Chemicals Ltd (Thailand), Momentive Specialty Chemicals Inc., Nan Yak Plastics Corporation, Kudos Chemical Ltd., and NAMA Chemicals.

*Definition: Epoxy resin is a polymer produced by copolymerization of an epoxide with a compound that consists of two hydroxyl groups. Epoxy resin is high-performance resin that have excellent properties such as high thermal stability, resistance to corrosion, high mechanical strength, durability, and superior adhesion. Epoxy resin is majorly used across adhesive, paints &coatings, and electronic encapsulation applications.