Epoxy resin is a thermosetting polymer formed by copolymerization of an epoxide with another compound having two hydroxyl groups. It is majorly used for non-reinforced applications such as paints & coatings, adhesives, and composites. Currently, vehicle manufacturers adopt lightweight composite materials to meet the demand for increased design freedom, flexibility, high strength, and reduced vehicle weight. “Epoxy Resin Market by Type (Diglycidyl Ether Bisphenol A (DGBEA), Diglycidyl Ether Bisphenol F (DGBEF), Novolac, Aliphatic, Glycidylamine, and Others), Physical Form (Solid, Liquid, and Solution), Application (Paints & Coatings, Adhesives, Composites, Electronic Encapsulation, and Others), and EndUser (Building & Construction, Transportation, General Industrial, Consumer Goods, Wind Power, Aerospace, Marine, and Others):
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the global epoxy resin market was estimated at $8.9 billion in 2020 and is expected to hit $16.6 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in demand for lightweight composites, increase in R&D activities associated with the epoxy resin technology, and surge in response toward epoxy resin from the energy sector drive the growth of the global epoxy resin market. On the other hand, fluctuations in raw material prices restrain the growth to some extent. However, introduction of bio-based epoxy resin is anticipated to create lucrative opportunities in the industry.
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Covid-19 Scenario-
There was a steep decline in demand for epoxy resin in industries such as consumer goods, aerospace, marine, and transportation, which impacted the global epoxy resin market negatively.
Nevertheless, the market has started recovering at a swift pace.
The global epoxy resin market is analyzed across form, type, application, end-user industry, and region. Based on form, the liquid segment contributed to around three-fifths of the total market revenue in 2020, and is projected to lead the trail by 2030. The solid segment, on the other hand, would exhibit the fastest CAGR of 7.2% during the forecast period.
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By application, the paints & coatings segment accounted for more than one-fourth of the total market revenue in 2020, and is expected to dominate by 2030. The adhesive & sealants segment, however, would showcase the fastest CAGR of 7.4% throughout the forecast period.
Based on region, the market across Asia-Pacific held the major share in 2020, garnering around half of the global market. The LAMEA region, simultaneously, would manifest the fastest CAGR of 8.6% throughout the forecast period.
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Epoxy resins are used to protect the solar panels from a variations of temperatures. Epoxies are cheap, easy to apply, and less labor-intensive. Epoxy thermosets are utilized for making the blades more durable due to its high creep resistance and high tensile strength. Mixing of epoxy resins with various toughening agents and using them on the blades have shown positive results toward making the blades corrosion resistant and fatigue-proof due to which demand for epoxy resins has increased from wind energy industry. However, the fluctuations in the cost of raw materials affect the production cost of epoxy resin, which can impact the growth of the market during the forecast period.
The key market players analyzed in the global epoxy resin market report include BASF SE, Dow, Inc, Hexion, Huntsman Corporation, LLC, Kukdo Chemicals Co., Ltd, Nan Ya Plastics Corporation, Atul Ltd, Olin Corporation, Techstorm Advanced Materials, and Solvay SA. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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