New York, July 14, 2022 (GLOBE NEWSWIRE) -- According to the United State Census Bureau (USCB), there were 1,695,000 privately-owned housing units annually as of May 2022, a 0.2 percent increase over the pace of 1,691,000 units in May 2021 in the U.S. In addition to that, there were 592,000 structures with 5 or more units as of May 2022. As the number of buildings increases the demand for epoxy resins is expected to rise. In addition to that, as the architecture industry was anticipated to rise by 2.2 percent annually for the past 5 years till 2020, the growth of the global epoxy resins market is expected to develop at a faster rate.
In its new research titled “Global Epoxy Resins Market”, Kenneth Research provided a brief overview of the market elements including growth drivers, restraint factors current market trends, and potential for future growth. The influence of COVID-19 and its effects on end-users are both thoroughly examined in the market research report, which covers the forecast period, i.e., 2022-2031. In addition, the research study examines the product portfolios and market expansion plans of the principal competitors.
In 2020, the world trade rate for petroleum resin was USD 6.4 billion which represents 0.36% of total world trade whereas, shipments of plastic resin reached a global total of over USD 653 billion in 2019. The statistics display a rising demand for epoxy resins worldwide. In addition to that, the demand for paints and coatings used in the manufacturing of automobiles and other durable goods, as well as industrial maintenance applications, is anticipated to increase rapidly which in turn is predicted to increase the product demand worldwide. Around 10 billion gallons of paint and coatings were sold on the world market in 2019. Additionally, the global imported value for paints and varnishes was USD 4,234,099 thousand in 2021 with an annual growth value of 15 percent from 2020 to 2021. In addition to the automotive, general industrial, coil, wood, aerospace, railing, and packaging coating markets, the construction industry is the key to market growth.
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The global epoxy resins market is expected to gather approximately USD 10 billion in revenue by 2031 with a growing CAGR of ~7% over the forecast period. The market is further fueled by increasing demand for lightweight composites in aerospace and wind turbine applications. According to the International Trade Centre (ITC) statistics, the global export value for glass-reinforced plastic (GRP) was USD 86,342,132 thousand in 2020 which got elevated to USD 100,317,547 thousand in 2021. The GRP, which is made out of epoxy resins, is used in aerospace, automotive, marine, and construction industries. Whereas in the wind turbine sector, a record of 16,836 megawatts (MW) of new utility-scale land-based wind power capacity was added in 2020, according to the 2021 edition of the Land-Based Wind Market Report, published by DOE’S Lawrence Berkeley National Laboratory. This amount equates to USD 24.6 billion in new wind power project investments. The market is anticipated to develop as a result of the noticeable increase in demand for epoxy resins in these markets.
The global epoxy resins market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. On the strength of rising industrialization and expanding infrastructure development, the market in the Asia Pacific region is anticipated to experience considerable expansion over the forecast period. Rising disposable income and consumer desire to spend money, as well as the easy availability of raw materials for the application of products based on the epoxy resin, are additional major factors anticipated to propel the market growth in the ensuing years. For instance, an essential economic indicator, China’s value-added industrial output increased by 9.6% in 2021, according to the statistics from the National Bureau of Statistics released on January 17. Also, the production of high-tech manufacturing and equipment manufacturing industries increased by 18.2 percent and 12.9 percent respectively, as the industrial structure continued to strengthen last year.
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Additionally, it is anticipated that increased demand for automotives from China and India, coupled with rising vehicle manufacturing, are expected to fuel the market expansion in the region over the forecast period. China produced more than 4,674,258 million commercial vehicles and over 21,407,962 million passenger automobiles in 2021, while India produced over 4 million vehicles. In addition, China is the largest producer of electronics in the world, which is proposed to be a significant factor in the expansion of the market.
On the other hand, on account of the rising rate of investments for construction, particularly in residential buildings, along with the growing availability of the product, the North American region is anticipated to experience a major share of the market growth over the forecast period. For instance, on a dry weight basis, resin production in the United States had risen from USD 121 billion pounds in 2019 to USD 123 billion pounds in 2021. Also, the most manufactured resin which is high-density polyethylene (HDPE) produced around 21 billion pounds in 2021. The rise in the demand for epoxy resins was accredited to the increase in investment in the construction sector. Additionally, according to the ITC statistics, the U.S. export value for glass-reinforced plastic (GRP) was USD 6,538,242 thousand in 2020 which got elevated to USD 7,803,762 thousand in 2021.
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The study further incorporates Y-O-Y Growth, demand & supply and forecasts future opportunities in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC[Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
The global epoxy resins market is segmented by physical form into solid, liquid, and solution, out of which, the solution segment is expected to hold the largest share over the forecast period. Owing to their increased chemical resistance capabilities, solution-based epoxy resins are in more demand in electrical and electronic applications, which is what has led to the growth of the segment. Electronic components made with epoxy resins are shielded against moisture, vibration, shock, overheating, strain, and contamination by goods. Transformers, coils, circuit boards, strain sensitive parts are a few electronic components made with resins. Transformer exports from the United States were worth USD 5,632,039 thousand in 2020 which had increased to USD 6,164,574 thousand in 2021. Epoxy resin consumption is anticipated to increase as the volume of exported goods increases. As a result, it is estimated to further drive the growth of the segment.
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The global epoxy resins market is segmented by application into paints & coatings, adhesives, composites, electronic encapsulation, and others. Amongst these, the adhesives segment is presumed to hold a notable share in the market over the forecast period. Epoxy resin is frequently used in adhesive applications. This is so that structural and technical adhesives can be made possible by epoxy’s strong qualities. Epoxy resin is frequently employed in the manufacturing of automobiles, snowboards, airplanes, and bicycles. For instance, the global export value of adhesives in 2020 was over USD 12 thousand, whereas, in 2021, the global export value escalated to over USD 14 thousand.
On the other hand, the paints & coatings segment also holds a major share in the market. Taking the paint industry into consideration, the enterprises that produce paint, printing inks, and wall covering business supply the construction, home renovation, printing, automotive, aerospace, and other advanced manufacturing sectors, which are worth over USD 356.19 billion to UK plc. 300,000 individuals work directly in the production, use, or application of coatings. Additionally, the value of the paint and coating industry’s sales in 2019 was USD 3.2 billion for 703 million liters, USD 300 million for 94,000 tonnes of printing ink, and USD 149 million for 39 million rolls of wall coverings. It is anticipated that the demand for paint and coatings in various manufacturing sectors will increase the demand for epoxy resins and hence fuel the growth of the segment.
The global epoxy resins market is further segmented by type and end-user.
Global Epoxy Resins Market, Segmentation by Type:
- Diglycidyl Ether Bisphenol A (DGBEA)
- Diglycidyl Ether Bisphenol F (DGBEF)
- Novolac
- Aliphatic
- Glycidylamine
- Others
Global Epoxy Resins Market, Segmentation by End-User:
- Building & Construction
- Transportation
- General Industrial
- Consumer Goods
- Wind Power
- Aerospace
- Marine
- Others
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Some of the prominent industry leaders in the global epoxy resins market that are included in our report are BASF SE, Dow, Hexion, Huntsman International LLC., KUKDO CHEMICAL CO., LTD., NAN YA PLASTICS CORPORATION, Olin Corporation, Covestro AG, Solvay, Techstorm, SABIC, DSM, and others.
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