New York, US, May 27, 2022 (GLOBE NEWSWIRE) -- Epoxy Resin Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Epoxy Resin Market Information by Type, Technology, End User, and Region - Forecast till 2030”, the market is estimated to grow at a 7.20% CAGR to reach USD 12.3 Billion by 2030.
Market Synopsis
Most paints contain epoxy resin as a key component. It's what thickens it to adhere to the instrument being used to paint a surface. On the other hand, paints aren't so thick that they can't be smeared over surfaces. Epoxy resin makes the colors more robust, lasting, and less susceptible to corrosion. Epoxy resins can also be used as priming, topcoat, and topcoat. This is due to two key factors. The first is that improve the appearance of the things and materials they coat. The second is that epoxy resins protect items from UV radiation from the sun.
Epoxy resin is a thermosetting polymer made by copolymerizing an epoxide with a molecule with two hydroxyl groups. Corrosion resistance, remarkable toughness, chemical and moisture resistance, high thermal stability, outstanding mechanical strength, prolonged durability, and exceptional adhesion are among the features that make these resins stand out in various industrial applications. Epoxy resins are used in multiple sectors, including adhesives, paints and coatings composites, and electronic encapsulation.
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Report Scope:
| Report Attribute/Metric | Details |
| 2030 Market Size | USD 12.3 Billion |
| CAGR | 7.20% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Technology, End Use and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing Demand In Paints & Coatings. |
| Growing Demand For Epoxy-Based Composite. | |
| Increasing Application In Aerospace |
Market Competitive Landscape:
The notable players in the epoxy resin market are:
- Kolon Industries, Inc (South Korea)
- Atul Ltd (India)
- Ciech S.A. (Poland)
- Chang Chun Group (Taiwan)
- Macro Polymers (India)
- Dow (U.S.)
- Spolchemie (Czech Republic)
- Olin Corporation (U.S.)
- Huntsman International Llc (U.S.)
- China Petrochemical Corporation (China)
- Nan Ya plastics corporation (Taiwan)
- Aditya Birla Chemicals (India)
- Kukdo Chemical Co., Ltd (South Korea)
- Hexion (U.S.)
Market USP Covered:
Market Drivers:
The global epoxy resin market is currently being driven by increased demand from end-use industries and a surge in lightweight materials in aerospace and wind turbine applications. Carmakers are using lightweight composite materials to address the requirement for adaptability, good strength, design flexibility, and lower vehicle weight. Epoxy resins also provide better mechanical performance in wind turbine blades, notably tensile and flexural strength. As a result, market growth is likely to be aided by the broad adoption of this resin in the renewable energy industry. Due to urbanization, amplified affluence, and a spike in technology-intensive activities, end-use sectors are increasing, boosting global demand for epoxy resins.
Market Restraints:
Epoxy resin is created from commodity-grade raw ingredients. These commodities are subject to daily price fluctuations. As a result, the cost of producing epoxy resins rises, as does the total amount of these items. One of the most significant difficulties facing the worldwide epoxy resin business is continuing to create lightweight, low-cost products. Alternative resins are already available to defense aviation and vehicle/equipment producers worldwide. Most of these are just as efficacious as epoxy resins at a fraction of the cost.
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COVID 19 Analysis
The investment in the market witnessed a downturn in the early stages of the pandemic. The epoxy resin market is hugely fragmented and competitive on a global scale. This is due to the profitable nature of the sector and the lack of entry obstacles. With each passing year, this is attracting large firms, particularly into the industry. On the other hand, small and medium-sized businesses are rapidly entering the industry. Companies that invest extensively in research and development can survive, which was evident during the pandemic. Many companies also formed strategic alliances with other businesses and merged with or purchased other successful companies. In addition, these methods helped significantly survive the COVID-189s setbacks and assisted these businesses in gaining a long-term competitive edge when entering new markets or consolidating their positions in existing ones.
Market Segmentation
By Type
The DGBEF type has the most significant global epoxy resin market share, owing to its widespread use in numerous industries. Automotive and construction are two of these industries. Of all the varieties of epoxy resin, the DGBEA sub-segment is expected to have the most significant CAGR.
By Technology
The waterborne sub-segment is expected to have the highest CAGR for the period covered by this analysis. This is because it may be used as a powder coating to protect and enhance the appearance of numerous objects and goods' surfaces. Paints and varnishes can contain liquid epoxy resin. It holds the largest share of the market.
By End-User
Epoxy resin has a substantial CAGR in the construction sub-segment, owing to its ability to strengthen building exteriors. The automotive sector also desires epoxy resin since it makes automobile parts more vital, more robust, and therefore last longer.
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Regional Insights
Epoxy resin is primarily utilized in the North American region to create used automobiles and improve their appearance and functionality. For these reasons, the North American region has the largest market share. Many automobile and other motor vehicle manufacturers, particularly in the United States and Canada, desire to employ epoxy resin as a top coat to make them look brighter, more appealing, robust, potent, last longer, and work better. The end result is a stylish and safe automobile. In the Asia-Pacific area, the automotive sector is rapidly expanding. Although this region does not have the highest market share, it has the fastest-growing CAGR. The European Union is heavily investing in new infrastructure investments and the rehabilitation of existing infrastructure, as well as ts national aerospace industries, which, creating
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