India Epoxy Resin Market Analysis - Size and Forecast 2025-2029

India Epoxy Resin Market Size 2025-2029

The India epoxy resin market size is forecast to increase by USD 1.09 billion, at a CAGR of 8.3% between 2024 and 2029.

• The market is experiencing significant growth due to the expanding construction and infrastructure sector, particularly in North America. This trend is driven by the increasing demand for composite materials in civil engineering applications, such as bridge construction and flooring. Moreover, there is a shift towards eco-friendly and bio-based epoxy resins, as environmental and regulatory concerns become more prominent. In the industrial coatings segment, epoxy resins are widely used in wood coatings, ceramics, and fiber optics. Additionally, the increasing adoption of epoxy resins in various industries, including wind energy, shipbuilding, and electronics, is fueling market growth. Key applications include insulation, adhesive, and wind turbine blades.
• Furthermore, the rise of e-commerce and the increasing popularity of LED, smartphones, laptops, and gaming devices are driving demand in various consumer electronics. Emulsifiers, such as ethoxylates and vinyl esters, and epichlorohydrin are crucial raw materials in the production. The market is also influenced by the growing use in architectural coatings, fiber optics, and insulation for buildings. The Internet of Things (IoT) and renewable energy are emerging areas of opportunity for epoxy resin manufacturers.

What will be the Size of the market During the Forecast Period?

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• The market encompasses a wide range of applications, including adhesives, coatings, and composite materials. Key drivers propelling market growth include the demand for high-performance materials in various industries, such as automotive production and wind turbine manufacturing. Epoxy resins offer superior strength, durability, and resistance to environmental factors, making them ideal for these applications. In the coatings sector, these are extensively used in paints and coatings for architectural, industrial, marine, and transportation applications. The growing construction industry, particularly in emerging economies, is expected to boost demand in residential and commercial construction. Additionally, the automotive OEM and refinishing industries continue to utilize their strongness and chemical resistance.
• Beyond coatings, these are also essential in the production of adhesives and sealants, as well as in the manufacturing of composites using materials like bisphenol A-epichlorohydrin, vinyl esters, and phenolic resins. These composites find applications in various industries, including civil engineering and aerospace. The epoxy resin market is expected to expand further, with potential growth opportunities in the use in high-performance applications such as polycarbonates, polyurethanes, and bisphenol F (DGEBF) resins. Overall, the market is poised for continued growth, driven by the increasing demand for high-performance materials in various industries.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

• Application
  • Paints and coatings
  • Adhesives and sealants
  • Composites
  • Electronic components
  • Others
• End-user
  • Consumer goods
  • Building and construction
  • Wind energy
  • Others
• Product Type
  • Liquid
  • Solid
  • Solution
• Geography
  • India

By Application Insights

• The paints and coatings segment is estimated to witness significant growth during the forecast period.

The market is experiencing notable growth, primarily in the paints and coatings sector. Epoxy resins are highly sought-after in this application due to their superior durability, chemical resistance, and strong adhesion properties. These attributes make it an excellent choice for various coating applications, providing long-lasting protection and aesthetic appeal. The market is segmented based on application, highlighting the versatility in diverse coating types. In the protective coatings segment, epoxy resins are extensively used in marine, oil and gas, and heavy machinery industries. These coatings offer strong protection against corrosion, harsh chemicals, and extreme weather conditions, ensuring the longevity and dependability of equipment and structures.

Furthermore, epoxy resins find applications in architectural, automotive OEM and refinishing, industrial, and wind turbine blade manufacturing. Key industries like aerospace, electronics, and infrastructure also utilize it for their superior performance in binders, grouts and mortars, electronic encapsulation, and composites. Epoxy resins are derived from various raw materials, including bisphenol A (BPA), epichlorohydrin (ECH), and phenolic resins. The market's growth is driven by factors such as industrialization, digitalization, and the increasing demand for sustainable and eco-friendly resins derived from lignin, vegetable oil, rosin, tannin, and other bio-derived sources.

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Market Dynamics

Our India Epoxy Resin Market researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of India Epoxy Resin Market?

Growing construction and infrastructure sector is the key driver of the market.

• The market experiences significant growth due to the expanding construction and infrastructure sector. The market is driven by extensive infrastructure development and increasing demand for both commercial and residential real estate. India's infrastructure development is a primary catalyst for the market, with the Indian government increasing its capital investment outlay for infrastructure by 11.1% in the Interim Budget for 2024-25, reaching USD 133.86 billion. Beyond construction and infrastructure, the automotive sector is another significant market for epoxy resin in India. Epoxy resins are used extensively in vehicle production, including passenger vehicles, three-wheelers, and two-wheelers, for various applications such as adhesives, sealants, and reinforced polymer composites.
• Furthermore, the automotive OEMs and automotive refinishing industries also utilize epoxy resins for painting and coating applications. The industrial sector, particularly In the areas of electrical insulating materials, binders, and grouts & mortars, also contributes to the demand for epoxy resins in India. Additionally, the electronics devices sector, fiber optics coating, and wind turbine blades are other growing markets for epoxy resin in India. Technology advancements, digitalization, and the Internet of Things (IoT) are driving the demand for epoxy resins in various industries, including the aerospace industry and electric vehicles. Bio-derived epoxy resins, such as those derived from lignin, vegetable oil, rosin, and tannin, are gaining popularity due to their eco-friendly nature and potential to reduce reliance on petroleum sources.

What are the market trends shaping the India Epoxy Resin Market?

Shift toward bio-based and eco-friendly resins is the upcoming trend in the market.

• The market is witnessing a trend towards eco-friendly and bio-based resins due to growing environmental concerns and VOC regulations. This shift is reflected In the introduction of new bio-sourced monomer-based epoxy prepregs, such as Syensqo's MTM 49-3. This product, which includes a 30% bio-based content, is designed for structural applications In the automotive sector, including body panels, chassis components, and spoilers. Other renewable sources used in epoxy resin production include plant oils, lignin, vegetable oil, rosin, and tannin.
• This transition is also seen in various industries, including wind turbines, composites, grouts & mortars, electronic encapsulation, and infrastructure structures, among others. Epoxy resins are used in paints and coatings, adhesives and sealants, automotive production, and aerospace industries, among others. The market is further driven by technology advancements, digitalization, and the Internet of Things, which are increasing the demand for epoxy resins in electric vehicles and electronics devices. Epoxy resin technology is also used in industrialization, civil engineering, and electrical insulating materials as binders and for floor and metal applications.

What challenges does the India Epoxy Resin Market face during the growth?

Environmental and regulatory concerns are a key challenge affecting the market growth.

• The market faces environmental and regulatory challenges, with concerns over hazardous chemicals, high VOC emissions, and non-biodegradable waste. Strict regulations from the Central Pollution Control Board (CPCB) and the Ministry of Environment, Forest and Climate Change (MoEFCC) necessitate the development of eco-friendly alternatives and sustainable practices. Two significant issues are the presence of bisphenol-A (BPA) and epichlorohydrin in epoxy resins, which are potential endocrine disruptors and hazardous substances. BPA-based resins are widely used in food packaging, coatings, and adhesives. However, growing awareness of their health risks, including hormonal imbalances and reproductive issues, has led to increased regulatory scrutiny.
• Epichlorohydrin, used in the production of epoxy resins, is also a hazardous substance. In response, manufacturers are exploring alternatives such as bio-derived epoxy resins, which use renewable resources like lignin, vegetable oil, rosin, and tannin. Additionally, reactive water-based emulsifiers and alkylphenol ethoxylates-free (APE) alternatives are being adopted to reduce VOC emissions. The automotive, wind turbine, and infrastructure sectors are key markets for epoxy resins, with applications ranging from adhesives and sealants to reinforced polymer composites and grouts & mortars. Technology advancements, digitalization, and the increasing demand for electric vehicles (EVs) are also driving market growth. Epoxy resin technology is used in various industries, including automotive OEMs, automotive refinishing, marine coating, industrial coating, wood coating, coil coating, transportation coating, fiber optics coating, electronics encapsulation, and aerospace.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

3M Co. - The company offers epoxy resin such as 3M Scotch Weld epoxy adhesive 2216NS that maintains a strong bond under expansion, contraction, and limited movement while retaining good strength after environmental aging.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Aditya Birla Management Corp. Pvt. Ltd.
• Ashland Inc.
• Astral Ltd.
• Atul Ltd.
• BASF SE
• Daicel Corp.
• DuPont de Nemours Inc.
• Evonik Industries AG
• Hexion Inc.
• Huntsman Corp.
• Kukdo Chemical Co. Ltd.
• Macro Polymers Pvt. Ltd.
• Olin Corp.
• Pidilite Industries Ltd.
• Sika AG
• Solvay SA
• Westlake Corp.

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.

Research Analyst Overview

Epoxy resins are a type of thermosetting resin known for their exceptional properties, including high strength, excellent chemical resistance, and good thermal stability. These resins are widely used in various industries due to their versatility and ability to form strong bonds with different substrates. In this analysis, we delve into the dynamic epoxy resin market, focusing on its key applications, trends, and market drivers. The epoxy resin market encompasses a broad spectrum of industries, including construction, automotive, adhesives, wind energy, IT, telecom, paints and coatings, and civil engineering, among others. Epoxy resins find extensive use in residential and commercial construction as a binding agent for reinforced polymer composites, providing enhanced durability and resistance to environmental factors.

In the automotive sector, epoxy resins are employed in various applications, such as automotive production, automotive OEMs, and automotive refinishing. They are used as adhesives, sealants, and primers to ensure superior bonding and protection against corrosion and UV radiation. Epoxy resins also play a crucial role In the production of reinforced polymer composites used in vehicle manufacturing, particularly In the production of passenger vehicles, three-wheelers, and two-wheelers. The wind energy sector is another significant consumer of epoxy resins, with their use primarily focused on the manufacturing of wind turbine blades. Epoxy resins provide the necessary strength and durability to withstand the harsh environmental conditions encountered in wind turbine applications.

In the IT and telecom industries, epoxy resins are utilized as binders In the production of electronic encapsulation materials. They offer excellent insulating properties and provide protection against moisture and other environmental factors, ensuring the longevity and reliability of electronic devices. The paints and coatings industry is another major consumer of epoxy resins. Epoxy resins are used in various types of coatings, including industrial, marine, and transportation coatings. Their high chemical resistance and excellent adhesion properties make them an ideal choice for protecting surfaces from various environmental factors and wear and tear. The infrastructure structure sector and the electronics devices sector are also significant consumers of epoxy resins.

In the infrastructure structure sector, epoxy resins are used in the production of grouts and mortars, providing enhanced bonding and durability. In the electronics devices sector, epoxy resins are used as binders In the production of electronic components and as encapsulation materials for semiconductors. The automobile sector, aerospace industry association, and various other industries are continually investing in epoxy resin technology to drive innovation and improve efficiency. Industrialization, electric vehicles, and the increasing use of bio-derived epoxy resins are some of the key trends shaping the market. Bio-derived epoxy resins, such as those derived from vegetable oil, lignin, rosin, and tannin, are gaining popularity due to their eco-friendliness and reduced environmental impact.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2025 and 2029
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across India
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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