The global Epoxy Resin Market was valued at US$ 42.03 Bn in 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.
Driver
Rising demand for paints and coatings
One of the main factors driving the global epoxy resin market is the rising demand for paints and coatings. Products made from epoxy resin dry quickly and provide the building sector superior finishes. Concrete floor paint, floor paint, and epoxy primers employ paints to increase the adherence of automotive and marine components, these coatings are included into primers. Therefore, it is anticipated that the rising demand for paints and coatings would support the expansion of the global epoxy resin market.
Market Opportunities
The rising demand for bio-based components
Entropy Resins, Greenpoxy, and Resin Studies Bio Epoxy have commercially manufactured bio-based resins that include 20- 50bio-based factors, according on the epoxy resin system. Because of the rising need for continuity in epoxy resin end- use sectors, the occasion for bio-based products can help to grow over the cast period .Epoxy resin manufacturers are increasing their output capacity to grow and capitalize on the revenue prospects in the aviation and construction industries. To fulfil the demands of clients and consumers in the aviation and construction sectors. This is obvious since epoxy resins improve the durability of coating and paint compositions.
Market Restraints
Raw Material Pricing Volatility to Restrict the Market Growth
Epoxies are manufactured from petroleum-based raw materials, such as BPA & ECH. Thus, fluctuation in crude oil prices significantly affects the prices of these raw materials and further the costs of epoxy resins. The fluctuating prices affect the profit margin and it negatively impacts the small scaled manufacturers. Moreover, the stringent regulations on volatile organic compounds led manufacturers to keep product quality up to a certain level. This, in turn, additionally costs the manufacturers in terms of skilled manpower & updated technologies. During COVID-19, the changed supply-demand scenario followed by lesser production has led to increased raw material prices in 2021. As a result, leading manufacturers announced a significant increase in epoxy prices in 2021.
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Key Takeaways:
- On the basis of application, paints and coatings dominated the global epoxy resin market in 2019 with around 42% of market share in terms of revenue, followed by electronics and electrical and adhesives, respectively
- New product launches, merger and acquisitions, strategic partnerships, expansion, and research and development activities in the global epoxy resins market are the key strategies adopted by market players. For instance, in February 2019, Kaneka Corporation announced its plans to expand the production facilities of modifiers for epoxy resins at the place Takasago manufacturing site. Kaneka Corporation intends to expand its business by doubling its production capacity with the investment of around 16000Mn. Kaneka Corp (Kaneka) is a chemical manufacturing company. Its product offerings include polyvinyl chloride, caustic soda, hydrochloric acid, flexible polyvinyl chloride (PVC) compounds, and rigid PVC compounds, paste PVC and chlorinated PVC.
Market Trends
Epoxy resins are used as binders for coating applications
Epoxy resins are used as binders for coating applications to enhance the durability of coatings for floor and metal applications. Epoxy resins help in the development of several properties in coatings, such as strength, durability, and chemical resistance. Their properties and abilities of quick-drying, toughness, excellent adhesion, good curing, abrasion resistance, and excellent water resistivity make it suitable for providing protection to metals and other surfaces. The growing construction industry is expected to augment growth of the paints and coatings industry, which will further drive growth of the epoxy resin market. In Europe, the German government made an announcement regarding its plan to construct around 1.5 million housing units by the end of 2021.
Competitive Section:
Key Companies
- BASF SE
- Huntsman Corporation
- The Dow Chemical Company
- 3M Company
- DuPont
- Aditya Birla Chemicals Ltd (Thailand)
- Momentive Specialty Chemicals Inc.
- Nan Ya Plastics Corporation
- Kukdo Chemical Ltd.
- NAMA Chemicals
