EPOXY RESIN MARKET ANALYSIS

Epoxy Resin MarketSize and Trends

The Global Epoxy Resin Market was valued at US$ 42.03 Bn 2022, exhibiting a CAGR of 6.5% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 69.69 Bn by 2030. Epoxy resin is a polymer produced by the copolymerization of an epoxide with a compound that consists of two hydroxyl groups. Epoxy resin is a high-performance resin that has excellent properties such as high thermal stability, resistance to corrosion, high mechanical strength, durability, and superior adhesion. Epoxy resin is majorly used across the adhesive, paints and coatings, and electronic encapsulation applications.

Global Epoxy Resin Market- Impact of Coronavirus (Covid-19) Pandemic

COVID-19. Additionally, because epoxy resin is widely utilised in the automotive industry, the paint and coating industry, and other industries, all of which are severely hampered by the existing pandemic, the demand for epoxy resin was hampered by the ongoing pandemic epidemic. For a brief period, up to the final quarter of 2020, this is anticipated to slow the market's growth for epoxy resin.

Global Epoxy Resin Market - Drivers

Growing production of automobiles around the globe

The growing demand for paints and coating is a prime factor fuelling the market growth of the global epoxy resin market. Epoxy resin-based products exhibit quick dry properties and provides excellent coatings for the construction industry. Epoxy resin-based paints are widely used across concrete floor paint, floor paint, and epoxy primers. They will protect steel in the atmosphere from rusting by preventing oxygen and water from reaching the surface. These coatings are used in primers for improving adhesion to automotive and marine components. Thus, the growing demand for paints and coatings is expected to foster the market growth. For instance, 23rd December 2020 – Kukdo Chemicals India announced the completion of its epoxy manufacturing plant at Gujarat. The production capacity of this epoxy plant is 40,000 tons per annum. After China, the company has strategically established its second overseas unit in India to capture the growing domestic demand and offer optimized epoxy solutions to consumers

Figure 1. Global Epoxy Resin Market, By Application, 2022 

Global Epoxy Resin Market - Trends

Increasing production capacity of modifiers

Shifting preferences of manufacturers toward increasing the production capacity of modifiers for epoxy resins are expected to fuel the market growth.

Global Epoxy Resin Market - Regional Insights

Among regions, Asia Pacific dominated the global epoxy resin market in 2022, reporting 62% market share, in terms of revenue, followed by Europe and North America, respectively.

Figure 2. Global Epoxy Resin Market, By Region, 2022