Epoxy Resin Market: Current Analysis and Forecast (2021-2027)

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The global epoxy resin market is likely to showcase a growth of around 7% during the forecast period. Epoxy resin is one of the crucial raw materials in the paints & coatings and adhesive industries due to its toughness, strong adhesion, chemical resistance, and other specialized properties. In the last couple of decades, the global paints demand increased significantly outpacing the world GDP growth due to an increase in construction activity, improving income, frequent repaint activity, and rising population. For instance, between 2004 to 2019, global paint demand grew at a CAGR of 5.5% whereas, for the same period, world GDP grew by 4.7%. Further, it is expected that the industry would showcase the same trend during the forecast period owing to increasing per-capita paint consumption in developing economies along with rising investment to boost the infrastructure sector. Since epoxy is widely used in the paints & coatings industry therefore it is expected that with the increase in paints demand, the market for epoxy resin would also grow. Further, increasing construction activities in developing economies is likely to boost the demand for adhesives, which eventually increases the consumption of epoxy resin for the manufacturing of epoxy-based adhesives.

Insights Presented in the Report

“Amongst type, bisphenol-based epoxy resin held a prominent share in the market in 2020”

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.

“Amongst physical form, solid category is likely to showcase substantial growth during the forecast period”

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Based on physical form, the market is categorized into solid, liquid, and solutions. Of all, liquid resin accounted for a significant share of the overall epoxy resin market in 2020. This can be attributed to its wide usage in a range of applications due to its stability for a long time while simultaneously providing superior properties such as dimensional stability during cure, chemical resistance, chemical inertness, durability, and superior adhesion. Although, it is expected that during the forecast period, the solid category would showcase significant growth due to its increasing adoption in powder coating applications.

“Asia-Pacific accounted for a considerable share in the global epoxy resin market”

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.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry

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Research Methodology

Research Methodology for Global Epoxy Resin Market Analysis (2019-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of epoxy resin, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the epoxy resin industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of Epoxy Resin through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Epoxy Resin market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by type, physical form, and application. Further regional and country-level analyses were conducted to evaluate the overall adoption of epoxy resin globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Epoxy Resin. Further, we conducted factor analysis using dependent and independent variables such as the fluctuating crude oil price and growing end-use industries. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the Epoxy Resin industry.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Epoxy Resin market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of epoxy resin across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the epoxy resin market. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants by Stakeholders and Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global epoxy resin market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of type, physical form, and application. 

The main objective of the Epoxy Resin market study

The current & future market trends of global Epoxy Resin were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Epoxy Resin in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segment in the study include the area of type, physical form, and application
• Defined analysis of the regulatory framework for the epoxy resin industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of epoxy resin for the major countries
• Major regions/countries analyzed in the report include North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
• Company profiles of the epoxy resin market players and the growth strategies adopted by them to sustain in the growing market
• Deep dive country-level analysis of the industry

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