Epoxy Resin Market is Estimated to Witness High Growth Owing to Increasing Demand from Construction Industry
Epoxy resin is a thermosetting polymer that cures or hardens after mixing it with a curing agent or hardener. It has excellent adhesion properties and can form a strong bond with most substrates including metals, concrete, wood, etc. It is mainly used in paints & coatings, adhesives, composites sectors. Epoxy resins have advantages such as corrosion resistance, good chemical & heat resistance suitable for applications in industrial floors, electrical insulations in motors & generators, wind turbine blades.
The global Epoxy Resin Market is estimated to be valued at US$ 51.57 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from the construction industry is one of the major drivers propelling the growth of the epoxy resin market. Epoxy resins are widely used in industrial flooring in commercial buildings, factories, and warehouses due to their excellent mechanical & chemical properties. They provide non-slippery, strong, and durable flooring that can withstand heavy loads and chemical spills. Epoxy flooring drastically reduces maintenance cost and downtime. In emerging economies large infrastructure projects related to roads, railways, and construction are currently underway which is expected to drive the market growth of epoxy resins during the forecast period. Furthermore, epoxy resins have thermal and electrical insulation properties which make them suitable for applications in wind turbine blades and electrical equipment manufacturing.
SWOT Analysis
Strength: Epoxy resin has excellent adhesion properties which makes it suitable for applications requiring high bonding strength such as construction, automotive, and aerospace industries. It also offers high chemical and temperature resistance which increases its usage in industrial applications. Epoxy resin is easily available in both liquid and solid forms providing flexibility in application methods.
Weakness: Epoxy resin emits toxic fumes when burnt which can harm human health and the environment. It is also not flexible and prone to cracking over time. Strict environmental regulations around the globe regarding manufacturing and disposal of epoxy resins increases production costs.
Opportunity: Growing construction and infrastructure development activities in emerging economies of Asia Pacific and Latin America present new opportunities for epoxy resin market. Development of bio-based and green epoxy resins with lower toxicity provides growth prospects. Increasing R&D towards developing modified epoxy resins with enhanced properties will widen their application scope.
Threats: Volatility in raw material prices of bisphenol A and other derivatives poses pricing challenges. Substitutes like polyurethane and silicone provides competition. Economic slowdowns and trade wars impact the demand from end-use industries.
Key Takeaways
Global Epoxy Resin Market Size is expected to witness high growth over the forecast period from 2024 to 2031. The market size for 2024 is projected to reach US$ 51.57 million.
The Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period, growing at the fastest CAGR of 7%. China, India, South Korea, and Japan are major consumers and producers of epoxy resins in Asia Pacific due to extensive manufacturing activities and infrastructure growth.
Key players operating in the epoxy resin market are Eli Lilly and Company, Dow Chemical Company, Huntsman Corporation, 3M Company, Evonik Industries AG, and Aditya Birla Chemicals. Eli Lilly and Company is a leading pharmaceutical company with prominent brands like Trulicity and Jentadueto. It has presence across major global markets and focuses on developing specialty chemicals including epoxy resins. Dow Chemical Company specializes in materials science and processing technologies and provides resins for coatings, composites and adhesives applications.
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