Epoxy Resin Market To Hit Value .4 Billion By 2030 |Grand View Research, Inc.

Posted by Mrudula Karmarkar on September 15th, 2022

The global epoxy resin market size is expected to reach USD 22.4 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 7.3% over the forecast period. The growing demand for epoxy-based composites across end-use industries is expected to drive the market during the forecast period. Epoxy resins are used to manufacture composite materials that are used widely in load-bearing applications, such as automotive, aerospace, construction, oil & gas, and marine, owing to their high super adhesiveness and high mechanical &other properties. The demand for high-performance composites is expected to witness growth in the commercial airplane sector as well as emerging opportunities in various applications, such as wind turbines and pressure vessels.

However, the relatively high cost and labor-intensive production of advanced composites are anticipated to prevent these composites from penetrating high-volume and price-sensitive markets. Increasing demand for composites from the automotive and aerospace industries, particularly in Europe and North America, is expected to remain a key driving factor for the market. Increasing fuel prices coupled with the rapidly growing commercial aviation sector are expected to drive the product demand over the forecast period. The construction application segment is estimated to witness significant growth over the forecast period. In construction applications, epoxy resins are used as sealers, hardeners, grouts, mortars, and laminates for walls, roofs, and decks.

Properties, such as low water permeability, excellent cleaning material, and chemical resistance, good mechanical properties, low cure shrinkage, and excellent adhesion, and others are projected to fuel the demand for epoxy resins in construction applications. Increasing spending on infrastructure development and rising urban population coupled with favorable government initiatives for providing affordable houses to the masses are expected to contribute to the growth of the construction industry globally, thereby creating demand for epoxy resins. For instance, in March 2020, the U.S. government announced an investment worth USD 2 trillion as a part of the coronavirus response for the development of infrastructure including hospital buildings, roads, and other infrastructure.

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Increasing demand for 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 on 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.

Epoxy Resin Market Report Highlights

• In terms of revenue, the paints & coatings application segment accounted for a prominent share in 2021
• The construction application segment is projected to progress at a steady CAGR during the forecast period
• The rising awareness among the masses about the benefits of green buildings is further anticipated to fuel the growth of the construction industry globally
• This, in turn, is projected to lead to increasing product demand in construction applications over the forecast period
• Asia Pacific held the largest revenue share in 2021 due to a rise in the number of manufacturing facilities that boost construction activities, thereby, propelling the product demand
• Strategic partnerships & agreements, capacity expansions, and new product developments are the popular strategies adopted by most players in the global market
• For instance, in November 2020, Sika AG expanded its production facility based in Dubai, UAE for local production of epoxy resins for targeting the flooring market
• This helped the company increase its flexibility in production, optimize cost structures, shorten the delivery times, and reduce inventories

However, volatile prices of raw materials of epoxy resins are expected to hinder the market growth during the forecast period. In addition, the outbreak of the COVID-19 adversely impacted the product demand in various applications including paints & coatings, adhesives, wind turbines, and others owing to the stalled manufacturing activities, restrictions in supply & transportation, and economic slowdown across various nations in 2020. The recommencing industrial operation is projected to positively influence the product demand, thereby supporting the market growth in the years to come.

Companies in the market compete based on the quality of products offered. Leading market players compete based on their product development capabilities and new technologies used in product formulations. Established players, such as Huntsman International LLC, 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 the ARALDITE 2000 Adhesive core range consisting of three technologies, namely, epoxy, acrylic, and Polyurethane (PU), for helping businesses 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 Corp. Pvt. Ltd.
• Atul Ltd
• BASF SE
• Solvay
• Huntsman International LLC
• Kukdo Chemical Co., Ltd.
• Olin Corp.
• Sika AG
• Nan Ya Plastics Corp.
• Jiangsu Sanmu Group Co., Ltd.
• Jubail Chemical Industries LLC
• China Petrochemical & Chemical Corp. (SINOPEC)
• Hexion
• Kolon Industries, Inc.
• Techstorm