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The epoxy resin market size is forecast to increase by USD 5.18 billion at a CAGR of 6.75% between 2023 and 2028. The epoxy resin market is experiencing substantial growth due to the increasing demand in various industries. In the automotive sector, the use of epoxy resins in painting and coating applications is on the rise, driven by the growing production of vehicles. Additionally, the consumer electronics industry is witnessing significant expansion, leading to an increased need for epoxy resins in manufacturing components and printed circuit boards. Furthermore, the aerospace industry's demand for epoxy resins is increasing due to their high strength, durability, and resistance to harsh environments. These factors collectively contribute to the robust growth of the epoxy resin market.
The market share growth by the paints and coatings segment will be significant during the forecast period. Epoxy resin-based paints and coatings have applications in construction, shipbuilding, automotive, infrastructure, and home appliances, among others. They provide high thermal stability as well as resistance to high-temperature conditions. Hence, the demand for epoxy resin-based paints and coatings is expected to grow during the forecast period owing to their wide range of applications.
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The paints and coatings segment showed a gradual increase in the market share of 6.43 billion in 2018. Some of the main advantages of epoxy resin-based paints and coatings are application to the exterior surfaces of metals, weather resistance, longevity, reliability for concrete surfaces, chemical resistance, and ultraviolet- and temperature-resistant properties. These coatings are preferred in containment systems, including wastewater treatment tanks and commercial swimming pools. Thus, increasing the use of epoxy resin-based coatings is expected to drive the growth of the paints and coatings segment during the forecast period.
The consumer goods?segment will account for the largest share of this segment.?In consumer goods, epoxy resins are used in paints and coatings for outdoor parts of refrigerators, air conditioners, kitchen appliances, and others. Epoxy resin-based paints and coatings are used to avoid external damage by rust and scratches. Moreover, epoxy-resin is used in various sports equipment as well, such as ball sports equipment, adventure sports equipment, fitness equipment, and golf equipment. Furthermore, the increasing use of epoxy-resin in the manufacturing of sports equipment and rising demand for sports apparatus are expected to drive the demand for epoxy resin, which will fuel the growth of the consumer goods segment in the global market during the forecast period.
APAC is estimated to contribute 60% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The demand for paints and coatings, adhesives and sealants, electronic products, and others is expected to increase in the region owing to the growth of the commercial and residential construction sector and the increasing investments in infrastructure development. Economic growth, the emerging middle class, and the growth of the automobile sector will also fuel the demand for paints and coatings. Increased focus on development, rapid industrialization, and the flourishing housing and construction sector, especially in China and India, are anticipated to drive the growth of the market in APAC. India is also focusing on strengthening its infrastructure; it has witnessed a reform in its legal and fiscal system due to the increase in foreign capital inflows, strengthening its economic condition. This can pave the way for improved and better infrastructure throughout the country. Thus, such factors are expected to drive the growth of the market in APAC during the forecast period.
The escalating demand for epoxy resins within the paints and coatings sector, driven by the automotive industry's needs, reflects a broader trend across various end-use segments. Regulatory and sustainability mandates further propel this demand, fostering a shift towards environmentally friendly formulations. Technological advancements in epoxy resin formulations ensure enhanced mechanical strength, chemical resistance, and thermal stability, meeting the stringent requirements of industries such as aerospace and construction. The paints & coatings sector faces regulatory & sustainability mandates, necessitating innovation in materials such as Bisphenol Based Resin, Epoxy Phenol Novolac Based Resin, and Cycloaliphatic Epoxy Based Resin across liquid, semi-solid, and solid grades.
Additionally, with increasing construction spending and automotive production, particularly in regions with a growing middle-income population like India and China, the demand for epoxy resin-based coatings is set to soar. These coatings find applications not only in automotive OEMs but also in shipbuilding industries, wastewater treatment plants, and the IT sector. Moreover, the focus on reducing Volatile Organic Compounds (VOC) emissions and protecting against UV radiation underscores the importance of epoxy-resins as a preferred thermosetting copolymer, including variants such as Epoxy Phenol Novolac and Cycloaliphatic Epoxy. Liquid and semi-solid grades cater to diverse application needs, ensuring versatility and performance across industries.
Increasing demand for paints and coatings in the automotive industry is notably driving the market growth. Paints and coatings are used for several applications in the automotive industry due to their easy availability, high durability, superior gloss, and cost-effectiveness. Epoxy resin-based coatings provide high thermal stability and are resistant to fire and high temperatures. Automotive OEMs generally prefer waterborne coatings.
Additionally, in developing countries such as India and China, the growing purchasing power of consumers will encourage commuters in urban areas to purchase vehicles. This, in turn, will drive the growth of the automotive industry in these countries. Such factors will increase the demand for paints and coatings, which is expected to propel the growth of the market during the forecast period.
Increasing focus on bio-based and eco-friendly resins is the primary trend shaping market growth. The surging demand for bio-based resins correlates with evolving market trends and analysis, driven by the rise of renewable resources and bio-based raw materials like starch and crop derivatives. Bio-based resins are highly used for the production of bioplastics. The use of bioplastics in several applications, such as packaging and domestic goods, has compelled plastics manufacturers to lower their overdependence on petroleum-based plastics.
Additionally, raw materials required to produce bio-based resins are renewable in origin, and the supply is abundant globally compared with petroleum- and fossil-based raw materials. Furthermore, new bio-based resins that reduce greenhouse gas emissions (GHG) are preferred, but the processes and products should also be time and cost-effective. This is expected to boost the research and development activities in the global market during the forecast period.
Health issues associated with the use of epoxy resin is a challenge that affects market growth. The most common reaction is skin inflammation. Continuous contact of skin with resins can lead to chronic contact dermatitis, which is milder but long-lasting. Inhaling concentrated epoxy vapors for a long period can irritate the respiratory tract. Exposing sensitive skin areas, such as the eyelids, to highly concentrated epoxy vapors may cause irritation, itching, and swelling.
Moreover, the most common side effects of repeated exposure to unhealthy epoxy chemicals are asthma, skin allergies, and irritations of the eyes, nose, and throat. There is no proper antidote available for epoxy sensitization, but medicine can heal symptoms sometimes. Therefore, the number of health issues associated with the use of epoxy resin can become a major challenge, which may impede market growth during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.
The market analysis and report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Aditya Birla Management Corp. Pvt. Ltd., Atul Ltd., Chang Chun Group, China Petrochemical Corp., Daicel Corp., DuPont de Nemours Inc., Hexion Inc., Huntsman International LLC, Kolon Industries Inc., Kukdo Chemical Co. Ltd., Nagase and Co. Ltd., NAMA Chemicals Co., Nan Ya Plastic Corp., Olin Corp., RAG Stiftung, Sika AG, SIR INDUSTRIALE S.P.A., Solvay SA, and Spolchemie AS
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth and forecasting by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends from 2018-2028.
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The market is witnessing robust growth driven by demand for epoxy resins across various end-use segments. As technological advancements continue, diverse epoxy resin formulations are developed to meet specific requirements, such as mechanical strength in industries like aerospace and electronics. Innovations in curing technologies and curing agents improve processing efficiency and productivity, reducing curing times and expanding application possibilities. Despite challenges like market volatility and supply chain disruptions, the market remains profitable, with a focus on optimizing production costs.
Moreover, the epoxy resins find extensive applications in paints & coatings, offering superior adhesion and mechanical properties for protective coatings against corrosion, abrasion, and weathering on metal substrates like steel structures, pipelines, and storage tanks. They also enhance the appearance and durability of flooring, furniture, and decorative items in building & construction. The market is characterized by competition and ongoing activities like new product launches, mergers & acquisitions, and expansions to cater to the growing end-use industry demands. With a focus on aesthetics and bonding capabilities for wood and stone, epoxy resins continue to play a vital role in various sectors, from aerospace/aircraft and marine to general industrial and paints & coatings.
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Epoxy Resin Market Scope |
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Report Coverage |
Details |
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Page number |
183 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.75% |
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Market Growth 2024-2028 |
USD 5.18 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.29 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 60% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., Aditya Birla Management Corp. Pvt. Ltd., Atul Ltd., Chang Chun Group, China Petrochemical Corp., Daicel Corp., DuPont de Nemours Inc., Hexion Inc., Huntsman International LLC, Kolon Industries Inc., Kukdo Chemical Co. Ltd., Nagase and Co. Ltd., NAMA Chemicals Co., Nan Ya Plastic Corp., Olin Corp., RAG Stiftung, Sika AG, SIR INDUSTRIALE S.P.A., Solvay SA, and Spolchemie AS |
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Market dynamics |
Parent market analysis, Market growth analysis inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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