The Epoxy Resin market is estimated to be valued at US$ 44.76 Bn 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 resin is a thermosetting polymer material that exhibits excellent mechanical, electrical, and adhesive properties. It is primarily used in adhesives, coatings, paints, and composites industries. In the construction sector, epoxy is commonly used for flooring, waterproof sealants, joint sealants, and bonding materials for construction uses owing to its strength, water resistance, and chemical resistance.
Market Dynamics:
Rising demand from construction sector: Epoxy resin demand is witnessing strong growth owing to increasing infrastructure development and construction activities across the globe. Epoxy resins are becoming the material of choice for various applications in the construction industry such as floor coatings, joint sealants, concrete reinforcement, waterproofing adhesives, metal coatings, etc.Epoxy floors and sealants offer high strength, durability, and chemical resistance required for industrial and commercial construction.
Adoption in composites industry: Composites end-use industry is one of the major consumers of epoxy resin owing to high mechanical strength, adhesion to other materials, and dimensional stability provided by epoxies in composites. Epoxy-based composites are gaining immense importance in the aerospace, automotive, wind energy, industrial equipment manufacturing, and other sectors. This rising demand from the composites segment is fueling the market growth.
SWOT Analysis
Strength: Epoxy resins provide high mechanical strength, chemical and heat resistance which makes it suitable for applications requiring durability. Epoxy resins also offer excellent adhesion properties for bonding different materials. Further, availability of epoxy resins from various sources at competitive prices makes it an affordable option.
Weakness: Epoxy resins emit toxic fumes when undergoing polymerization process at high temperatures which can be harmful if inhaled. Further, several epoxy formulations contain Bisphenol-A (BPA) which is considered toxic.
Opportunity: Growing infrastructure development and repair activities across regions offer significant opportunities for epoxy resin demand. Further, rising consumption of light weight composites in automotive and aerospace industries also provides new avenues.
Threats: Stringent environmental regulations regarding VOC emissions during epoxy curing poses challenges. Further, availability of alternatives such as polyurethane and acrylic resins with lower emissions can threaten market share of epoxy resins.
Key Takeaways
The Global Epoxy Resin Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing construction activities globally. Rapid urbanization and industrialization in developing nations is driving demand for infrastructure development including buildings, roads and bridges where epoxy resins are used.
Regional analysis Asia Pacific dominates the global epoxy resin market and is expected to continue its dominance, exhibiting highest CAGR over the forecast period. This can be attributed rapid infrastructure development and presence of robust manufacturing sector in countries such as China and India. Furthermore, North America and Europe also offer lucrative growth opportunities owing to presence of major end use 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. Key players are focusing on capacity expansion and new product launches catering to diverse end use applications.
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