Epoxy Resin Market Set to Reach USD 15 Billion by 2030, Growing at a CAGR of 7%

Epoxy Resin Market Set to Reach USD 15 Billion by 2030, Growing at a CAGR of 7%

According to Next Move Strategy Consulting, the global epoxy resin market, is projected to grow significantly, reaching USD 15 billion by 2030, at a compound annual growth rate (CAGR) of 7% during the forecast period from by 2030. The demand for epoxy resin is being driven by its diverse industrial applications and superior properties such as flexibility, toughness, and resistance to chemicals and heat.

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Market Overview:

Epoxy resin, also known as polyepoxides, is a versatile class of reactive polymers with epoxide groups, which can react with various co-reactants, including amines, phenols, and thiols. These resins are widely used in numerous applications such as adhesives, coatings, and composites, particularly in automotive, electronics, and construction sectors. Epoxy resins are valued for their mechanical strength, adhesion to metals, and excellent heat resistance.

Despite their benefits, the non-biodegradable and non-recyclable nature of epoxy resins, coupled with their potential health hazards (such as respiratory problems and skin irritation), presents challenges to market growth. However, the development of bio-based epoxy resins derived from renewable materials offers a promising solution to these concerns and presents lucrative opportunities for market expansion.

Key Market Drivers:

  • Automotive Industry Growth: Epoxy resins play a crucial role in protecting car bodywork from corrosion and other damage, driving demand in the automotive sector.
  • Electronics Industry: Epoxy resin is widely used for coating and encapsulating electrical components, driving growth in the electronics industry.
  • Urbanization and Construction: The rising construction activities and demand for durable coatings in furniture and paints are contributing to market growth.
  • Advances in Biobased Epoxies: Increasing demand for eco-friendly alternatives is fueling growth in the biobased epoxy resin market.

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Market Segmentation:

  • By Type: The epoxy resin market is categorized into Diglycidyl Ether Bisphenol A (DGBEA), Diglycidyl Ether Bisphenol F (DGBEF), Novolac, Aliphatic, Glycidylamine, and others.
  • By Form: The market is segmented into solid, liquid, and solution forms.
  • By Application: Key applications include paints & coatings, adhesives, composites, electronic encapsulation, and others.
  • By End User: Major industries using epoxy resin include building & construction, transportation, electrical & electronics, general industrial, consumer goods, wind power, aerospace, and marine.
  • By Geography: The market is analyzed across regions such as North America, Europe, Asia-Pacific, and Rest of the World (ROW), with Asia-Pacific expected to continue its dominance.

Regional Insights:

Asia-Pacific is the leading region in the epoxy resin market, with China being the largest exporter of electronic equipment. This demand for epoxy resins is bolstered by its use in coating and adhesives for electronic components. In addition, North America is witnessing increased adoption of epoxy resins, particularly in the aerospace and wind power sectors, where they are used in spacecraft fabrication and wind turbine manufacturing.

Competitive Landscape:

The epoxy resin market features a competitive landscape with key players including BASF SE, Solvay SA, Aditya Birla Group, Atul Ltd., Dow Inc., Hexion Inc., Huntsman Corporation, Kukdo Chemicals Co. Ltd., Nan Ya Plastics Corporation, Olin Corporation, and Techstorm Advanced Materials. These companies are focusing on expanding their production capacities and investing in the development of new epoxy formulations to strengthen their market position.

For instance:

  • Solvay introduced Reactsurf 0092, a non-ionic reactive water-based emulsifier for industrial coatings.
  • Aditya Birla Group expanded its epoxy business capacity by ~125 KTPA through a brownfield expansion in India.

Conclusion:

The epoxy resin market is poised for significant growth, driven by advancements in technology, the increasing demand from various industries, and the rising preference for bio-based alternatives. With strong growth prospects across key regions, the market is expected to continue expanding, presenting lucrative opportunities for both established players and new entrants.

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About Next Move Strategy Consulting:

Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicates as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

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