New York, United States, March 06, 2024 (GLOBE NEWSWIRE) -- Epoxy resin is made by copolymerizing an epoxide with two hydroxyls. In many industrial contexts, these resins stand out for their corrosion resistance, toughness, chemical resistance, and moisture resistance, as well as their thermal stability, mechanical strength, durability, and adhesion. Epoxy resins are used in adhesives, paints, composites, and electronics.
Epoxy resin is widely used in wind turbines. This development in wind turbine installations has created several opportunities for epoxy resins, which are used to make wind turbine rotors. Epoxy's strength-to-weight ratio, lightness, and durability make it suitable for turbine blades. Epoxy resins were originally created for turbine blades but are now used in composites and adhesives for wind rotor blades.
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Global Epoxy Resin Market: Drivers
Construction And Aviation Growth Drive Epoxy Resin Demand
According to Straits Research, “The global epoxy resin market size was valued at USD 11.83 Billion in 2021 and is predicted to reach USD 21.65 billion by 2030, increasing at a CAGR of 6.93% from 2022 to 2030.” As demand for epoxy resins from the paints and coatings sector rises, the global construction industry drives the market indirectly. Epoxy resins are in high demand because they stabilize paint and coating compositions. After recovering from the 2020 disaster, the construction sector, especially in growing regions like Asia Pacific and Latin America, is likely to grow in the next years. This tendency should assist the epoxy resin market. Increased use of epoxy resins in the aviation industry has bolstered the global market. Epoxy resins are robust and heat-resistant.
The aircraft industry uses epoxy resins to minimize weight and save fuel. In the foreseeable future, aviation and aerospace will demand more epoxy resins. Private space exploration and aviation enterprises are projected to boost the epoxy resins market.
Increasing Bio-Polyepoxides Use
Biodegradable epoxy resins reduce environmental damage caused by petroleum-based resins. Biomaterials such as lignin, vegetable oils, rosins, and tannins replace some petrochemicals. Biomaterials replace 20-50% of petrochemicals.
These materials reduce the need for harmful BPA. Biological resins can be used to make coatings, adhesives, composites, and crosslinked materials.
During the projection period, bio-based epoxy resins should be in high demand. This expansion will be driven by a need for ecologically friendly practices across end-use sectors.
Global Epoxy Resin Market: Key Future Opportunities
Sustainable Coating Resins Offer Profit
Epoxy resin-integrated products can be employed in wind energy, electronics, and consumer goods; therefore, manufacturers are confident in their capacity to generate money. Epoxy resin makers are looking for a way to differentiate apart from the competition. Companies are merging to take advantage of growth in sustainable coating resins.
Manufacturers are expanding product lines to take advantage of new value-adding applications like metal protection, plastic tooling, and automotive lightweight composites. They're investing much in R&D to create highly flexible epoxy resins for multiple industries. Epoxy resins are commonly used in airplanes, boats, and cars.
Regional Overview of Global Epoxy Resin Market
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa make up the global epoxy resin market.
Asia-Pacific accounted for almost 60% of worldwide revenue in 2021. This region was dominant. Over the projected period, the market is expected to be driven by factors including the growing number of building projects and demand from the automotive sector in developing nations like India, Japan, and South Korea. Epoxy resin-based goods can be used in many industries because raw materials are readily available. This has helped design these items.
China remained Asia's top competitor in 2021. Growing infrastructure projects and the industrial industry are expected to drive the market over the forecast period. Because the government is spending funding to maintain the country's development, the building market is expected to surpass that of other Southeast Asian countries.
The Indian government is launching a series of large-scale residential projects. India has invested $1400 billion in infrastructure; 2,734 of 5,956 Smart Cities Mission projects were completed by June 2021. The residential sector is projected to boost the epoxy resins market in Asia-Pacific.
Key Highlights
- By Application, the Global Epoxy Resin Market is segmented into Adhesives, Electrical & Electronics, Paints & Coatings, Wind Turbines, Composites, Construction, and Others. The application of paints and coatings was the most lucrative section of the market in 2021, accounting for more than 40 percent of total revenue.
- By Region or Geography, the Global Epoxy Resin Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. At over 60% of worldwide sales in 2021, the Asia Pacific region will continue to dominate the market in the years to come.
Major Players in Global Epoxy Resin Market
List of major competitor companies in the Epoxy Resin Market across the globe are:
- Huntsman International LLC
- 3M
- China Petrochemical & Chemical Corp. (SINOPEC)
- Aditya Birla Management Corp. Pvt. Ltd.
- BASF SE
- NAGASE & Co., Ltd.
- Solvay
- Kolon Industries, Inc.
- Techstorm
- Kukdo Chemical Co., Ltd.
- Olin Corp.
- Jubail Chemical Industries LLC
- Nan Ya Plastics Corp.
- Jiangsu Sanmu Group Co., Ltd.
- Hexion
Recent Developments
- June 2022 - In Thailand and other Southeast Asian nations, 3M had entered into a contract to sell its rights to the Neoplast™ and Neobun™ brands as well as related assets, including the manufacturing equipment at its Ladlumkaew, Thailand, facility, to Selic Corp Public Company Limited (Selic), a business that specialises in bonding innovation for a variety of industries.
- May 2022 - The old $1.2 billion senior unsecured revolving credit facility, which is set to expire in May 2023, has been replaced by a new sustainability-linked, senior unsecured credit facility, according to a statement from Huntsman Corporation, which is the parent company of Huntsman International LLC.
Global Epoxy Resin Market: Segmentation
By Application
- Adhesives
- Electrical & Electronics
- Paints & Coatings
- Wind Turbines
- Composites
- Construction
- Others
By Geography
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
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