Increasing demand for epoxy-based paints & coatings and growing usage of composites are driving the epoxy resin market
- Himanshu Patni
- November 19, 2022
- Epoxy Resin Market, Epoxy Resin Market Analysis, Epoxy Resin Market Growth, Epoxy Resin Market Share, Epoxy Resin Market Size, Epoxy Resin Market Trends
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The global epoxy resin market is likely to showcase a growth of around 7% during the forecast period. This can be ascribed to the increasing demand for epoxy-based paints & coatings, growing usage of composites in aerospace, automotive, and energy sector, and growing end-use industries.
Over the years, the consumption of petroleum-based products has increased significantly owing to rapid industrialization, which not only increase industrial production but also improved people’s income, thereby giving more power to consumers to spend more on non-essential products. Epoxy resin is one of the widely consumed petroleum-based products, used mainly in the manufacturing of paints & coatings, adhesives, and composites. With industrialization, urbanization has also increased as people shifted from the primary sector to the secondary in order to improve their lifestyle. This has resulted in robust construction activities thereby increasing the demand for paints & coatings, adhesives, and composites, thus propelling the demand for epoxy resins. Further, as the governments in emerging economies like China, India, and the ASEAN region are taking several initiatives to provide houses for all, improving the infrastructure sector, this is likely to boost the demand for epoxy resin for the manufacturing of materials which will be utilized in all these activities.
Based on type, the market is categorized into bisphenol, aliphatic, Novolac, halogenated, and others. Among these, bisphenol held a prominent share in the market and is expected to maintain a strong position during the forecast period. This can be attributed to its strong adhesion, toughness, and chemical resistance properties owing to which it is commonly used in the manufacturing of epoxy resin. Further, bisphenol-based epoxy resins in powder coatings also provide rust resistance which is very important to ensure a structure’s durability.
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Further, bisphenol-based epoxy resins are extremely durable while remaining lightweight. This makes them materials of choice in food packaging containers. Bisphenol is also key for the canned goods industry because bisphenol-based epoxy resins ensure cans’ content stays fresh and safe for consumption virtually irrespective of external conditions, thereby contributing to reducing food waste.
Based on application, the market is categorized into paints & coatings, adhesives, composites, and others. Among these, paints & coatings accounted for a significant share of the epoxy resin market in 2020 owing to the large production of paints & coatings products which eventually increase the demand for epoxy resins. Further, as the consumption of paints & coatings is increasing in developing economies owing to improving rinsing construction activities and improving per-capita income, the demand for epoxy resin is likely to grow significantly.
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For a better understanding of the market adoption of epoxy resin, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a prominent share in the Epoxy Resin market on account of the presence of a large number of paints & coatings, adhesive, and composite manufacturers in the region in order to meet the growing regional demand. Further, the region is the largest consumer of paints & coatings, and adhesives that to be with low per-capita consumption compared to developed nations, thereby manufacturers find huge potential in the regional economies, as a result, opening or expanding their manufacturing facilities in the region.
Global Epoxy Resin Market Segmentation
Market Insight, by Type
Market Insight, by Physical Form
Market Insight, by Application
• Paints & Coatings
Market Insight, by Region
- North America Epoxy Resin Market
- United States
- Rest of North America
- Europe Epoxy Resin Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Epoxy Resin Market
- Rest of Asia-Pacific
- Rest of World Epoxy Resin Market
Top Company Profiles
- Olin Corporation
- Aditya Birla Chemicals
- Nan Ya Plastics Corporation
- Huntsman Corporation
- Hexion Inc.
- Kukdo Chemical Co. Ltd.
- Chang Chung Plastics Co. Ltd.
- BASF SE
- Sinopec Corporation
- Atul Ltd.