by Projected to bolster construction and transportation sectors, the global Epoxy Resin Market is estimated to be valued at US$ 44.76 Bn or billion in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Epoxy resins are thermosetting polymers that cure or solidify irreversibly when cured under the action of heat or catalyst. They are cold-setting and hardening resins. Key advantages of epoxy resins include high strength, excellent chemical & heat resistance and good adhesion properties. In the construction sector, epoxy resins are used in protective flooring, protective and marine coatings and sealants. They provide longevity and durability in harsh conditions. In transportation, epoxy resins are used in various components, battery packs, engine components due to their strength and thermal resistance properties. Epoxy adhesives perform well in wet or oily environments and provide reliable, durable bonds. Composites find use in pressure vessels, turbine blades and consumer durable goods due to impact and corrosion resistance of epoxy resin matrix.
Market key trends:
One of the major trends in the epoxy resin market is a rising preference for bio-based epoxy resins. With growing environmental concerns, manufacturers are focusing on developing plant-derived and biodegradable epoxy resins. Soybean, plant oils and bamboo are being used to manufacture bio-epoxy resins. Their production is more sustainable compared to petroleum-based epoxy resins. Another key trend is a rising demand for water-based epoxy coatings especially from construction and automotive refinish sectors due to low VOCs and faster curing at ambient temperatures. Modified epoxy resin formulations offering high strength, flexibility and UV resistance are gaining popularity in aerospace composites. Nanotechnology is being utilized to enhance mechanical and barrier properties of
Porter’s Analysis
Threat of new entrants: The Global Epoxy Resin Market Size requires large capital investments to set up production facilities. Additionally, established players enjoy economies of scale putting new entrants at a disadvantage.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, switching costs increases buyer dependence on existing suppliers.
Bargaining power of suppliers: Major players control the supply of key raw materials increasing their bargaining power over buyers. Supplier power is further enhanced by differentiated products.
Threat of new substitutes: Alternatives like polyurethane resin and phenolic resin pose a medium threat as they offer viable substitutes for specific applications at lower costs.
Competitive rivalry: The Epoxy Resin market is highly competitive with major multinational companies competing on price and quality.
Key Takeaways
The global epoxy resin market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing demand from the wind energy industry. The construction industry is also driving market growth through its rising demand for protective coatings.
Regional analysis: Asia Pacific dominates the global epoxy resin market and is expected to grow at the fastest rate during the forecast period. Expanding construction and infrastructure development activities in China and India are major demand generators in the region. North America and Europe are also significant markets driven by the aerospace and automotive industries.
Key players operating in the Epoxy Resin market are BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, DuPont, Aditya Birla Chemicals Ltd, Momentive Specialty Chemicals Inc, Nan Ya Plastics Corporation, Kukdo Chemical Ltd., and NAMA Chemicals. Key players are focusing on new product development and capacity expansion strategies to gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
