The main factor influencing to the growth of the global epoxy resin market is boosting application of epoxy resin in the paints and coatings industry owing to its high corrosion resistance and strong adhesion. In the automotive industry, epoxy resin is broadly used as a coating on account of its high mechanical strength, high thermal resistance, and strong adhesion to metals. These characteristics accelerate the protection of car bodywork from corrosion and other major damages, which further increases the service life of the vehicle. In the year 2015, about 27,600 tons of epoxy resin were used in Europe per year during the manufacturing stage, of which 22,500 tons were for passenger cars. It is anticipated that all cars in Europe jointly make around 510,000 tons of epoxy resin. Additionally, epoxy resin finds application as marine coatings and holds a significant share of the marine industry. These resin are used as a primer, tie-coat, as well as topcoat (for preventing UV corrosion and decorative purposes). In Europe, about 51,000 tons of BPA-based epoxy resin are used yearly in the construction of ships. Moreover, each new ship constructed is likely to use around 24 tons of BPA-based epoxy resin which is expected to boost the growth of the epoxy resin market in the coming years. These resin are also used in ship maintenance and repairs of multiple parts including ballast tanks, decks, underwater hulls, topsides, cargo tanks or holds, and superstructures. Epoxy resin either react with several co-reactants like phenols, amines, thiols, or with themselves in the presence of catalysts. It has superior mechanical properties and exhibits higher thermal and chemical resistance compared to other types of resin. Further, factor such as increasing demand for epoxy-based composites in the automotive & transportation industry and constant growth in the construction industry is pushing the market. Additionally, the rising demand for epoxy-based composites in the automotive and aerospace industries is also expected to boost the global market growth. In addition, the rising construction activities in the evolving economies of Asia-Pacific and the Middle East & Africa market is further projected to create immense opportunities for the epoxy resin producers during the forecast period. However, volatile raw material prices of epoxy resin are expected to hamper the global market growth during the review period. The rising demand for epoxy-based composite materials in the manufacturing of automobiles and aircraft is likely to fuel the growth of the global epoxy resin market during the assessment period. The rising demand for premium-quality multifunctional materials in aeronautics requires the formulation and production of advanced nanostructured composites with excellent mechanical properties. Additionally, the increasing need to enhance the efficiency of commercial and military aircraft has resulted in the introduction of high-performance structural materials, which are light in weight. Composite materials play a vital role in aircraft components owing to their excellent strength and high stiffness-to-density ratio. These materials comprise high-strength stiff fibres in a tough resin matrix. In addition, the stringent Corporate Average Fuel Economy (CAFE) standards influenced the automobile manufacturers to seek for an immediate solution to reduce the greenhouse emissions and increase the fuel economy. These challenges result in the need to develop a vehicle that is safe, functional with low emission, and economical. The Global Epoxy Resin Market is expected to register a CAGR of 5.38% to attain a value of USD 7,699.6 Million by the year 2025. Epoxy resin is a family of oligomeric material that can be further reacted with curing agents to form thermoset polymer exhibiting a high degree of chemical and corrosion resistance. It is a flexible thermosetting resin that refers to a type of reactive prepolymer and polymer, containing epoxide groups
Geographically, the Global Epoxy Resin Market has been segmented into different regions like North America including US & Canada, Europe including Germany, France, UK, Italy, Russia, Spain, The Netherlands, Belgium, Poland and Rest of Europe. Asia-Pacific including China, Japan, India, South Korea, Australia & New Zealand, Thailand, Malaysia, Indonesia and Rest of Asia-Pacific, Latin America including Brazil, Mexico, Argentina and Rest of Latin America, Middle East & Africa including Turkey, UAE, Saudi Arabia, Israel, North Africa and Rest of Middle East & Africa. The US is the leading market for second-hand cars and hence the demand for epoxy resin in the production of automotive refinish coatings is anticipated to quicken the regional market growth during the forecast period. The demand for epoxy resin in the production of paints used in the automotive industry is growing in Asia-Pacific owing to the increase in production of automobiles and disposable income in the region. The development of the European market is powered by the growing aerospace industry and infrastructure development, which is anticipated to improve the demand for architectural coatings in the region. In the Middle East & Africa, the increase in the number of infrastructure projects is driving the demand for epoxy resin in construction applications. Moreover, the high production of electronic components, automobile parts, and aircraft are driving the demand for epoxy resin in the manufacturing of combined materials that are light in weight.
Global Epoxy Resin Market has been segmented by Type, technology, application, end-use and region. By type the market has been segmented into DGBEF, DGBEA, Novolac, Glycidylamine, Aliphatic and Others. Among these, the Diglycidil Ether of Bisphenol-F (DGBEF) segment held major share of the market in the year 2018, due to its increasing use in the production of materials to be used in a number of industries such as automotive and building & construction. DGBEA is also projected to witness substantial growth during the forecast period. By technology the market has been segmented into Liquid Epoxy, Waterborne Epoxy, Solvent Cut Epoxy and Others. The liquid epoxy resin held largest market share owing to increasing application in paints & coatings. Waterborne epoxy is estimated to be fastest-growing segment of the global epoxy resin market due to its increasing use in powder coating applications. By application the market has been segmented into Paints & Coatings, Composites, Adhesives, Electronic Encapsulation, Grouts & Mortars and Others. By end use the market has been segmented into Automotive & Transportation, Building & Construction, Electrical & Electronics, Marine, Aerospace and Others. Building & construction industry is the leading segment, growing at a significant CAGR to attain USD 2,696.2 Million till the year 2025, on account of increasing infrastructure advancement around the world. The automotive industry is another substantial segment in the global epoxy resin market, which is growing at the greatest CAGR due to rising use of epoxy resin-based materials for manufacturing parts of automobiles. By region the market has been segmented into different regions like North America including US & Canada, Europe including Germany, France, UK, Italy, Russia, Spain, The Netherlands, Belgium, Poland and Rest of Europe. Asia-Pacific including China, Japan, India, South Korea, Australia & New Zealand, Thailand, Malaysia, Indonesia and Rest of Asia-Pacific, Latin America including Brazil, Mexico, Argentina and Rest of Latin America, Middle East & Africa including Turkey, UAE, Saudi Arabia, Israel, North Africa and Rest of Middle East & Africa.
The proposed spectators in the Global Epoxy Resin Market are huge corporates, SMEs, distributors and wholesalers, Investors and trade experts, Governments, associations and industrial bodies, etc. The major companies functioning in the Global Epoxy Resin Market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global Epoxy Resin Market are Epoxy resin manufacturers, Retailers, distributors, and wholesalers, Governments, associations, and industrial bodies, Investors and trade experts. Aditya Birla Chemicals (India), Atul Ltd (India), Ciech S.A. (Poland), Huntsman International Llc (US), Kukdo Chemical Co., Ltd (South Korea), Chang Chun Group (Taiwan), Macro Polymers (India), and Dow (US), Kolon Industries (South Korea), Inc, Spolchemie (Czech Republic), Nan Ya plastics corporation (Taiwan), China Petrochemical Corporation (China),Hexion (US) and Olin Corporation (US) are some of prominent players operating in the global epoxy resin market.
Frequently Asked Questions
- By product type
- By End User/Applications
- By Technology
- By Region