Epoxy Resin Market worth $17.0 Billion by 2028 Globally, at a CAGR of 5.5%, says MarketsandMarkets™
Chicago, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The Epoxy Resin Market size is projected to reach USD 17.0 billion by 2028, at a CAGR of 5.5% from USD 12.9 billion in 2023, as per the recent study by MarketsandMarkets™. The combination of regulatory frameworks, growing application, increasing market trends, consumer preferences, and technological advancements are driving the epoxy resin market.
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List of Key Players in Epoxy Resin Market:
Sinopec Corporation (China)
Dow Chemical Company (US)
3M (US), Westlake Epoxy (US)
DIC Corporation (Japan)
Olin Corporation (US)
Huntsman Corporation (US)
Nan Ya Plastics Corporation (Taiwan)
Kukdo Chemical Co., Ltd. (South Korea)
Aditya Birla Chemicals (India)
Mitsubishi Chemical Group Corporation (Japan)
BASF SE (Germany)
Drivers, Opportunities and Challenges in Epoxy Resin Market:
Drivers: Technological advancements in epoxy resin market
Restraint: Volatility in raw material prices
Challenges: Competiting substitute materials
Opportunity: Growing demand from emerging economies
Key Findings of the Study:
Liquid based epoxy resin is projected to be the largest form of epoxy resin, in terms of value, during the forecast period.
Composites is projected to be the fastest growing application of the epoxy resin, in terms of value.
Asia Pacific is expected to be the fastest growing market for epoxy resins during the forecast period, in terms of value.
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Based on physical form, the epoxy resin market has been segmented into Liquid, Solid and Solution. Solid form is the second largest market for epoxy resin. When the liquid epoxy resin and hardener are mixed together and allowed to cure, the epoxy resin transforms from a liquid to a solid state. The solid form of epoxy resin finds application in industries such as construction, automotive, aerospace, electronics, marine, and more. It is used for structural components, coatings, adhesives, encapsulation, molding, and various other purposes where a strong and durable material is required.
Based on end-use industry, the epoxy resin market has been segmented into building & construction, automotive, general industrial, consumer goods, wind energy, aerospace/aircraft, marine, and other industries. Epoxy resin composites find applications in the automotive industry for lightweighting and enhancing vehicle performance. Carbon fiber-reinforced epoxy composites are used in structural components, body panels, chassis parts, and interior trim, reducing weight while maintaining strength and rigidity.
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Europe is the second largest market for epoxy resins. Europe places a strong emphasis on sustainability and environmental regulations. There is a growing demand for epoxy resin products that meet eco-friendly and low volatile organic compound (VOC) standards. Manufacturers in Europe are investing in research and development to offer greener alternatives, such as bio-based epoxy resins and water-based epoxy coatings.
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