Epoxy Resins Market Growth Predicted to Hit US$ 10.65 Billion by 2031: Fact.MR Report
FACT.MR
5 min read
FACT.MR
High growth in construction & automotive along with increased use in adhesives and sealant applications are expected to drive the epoxy resins market
Rockville, Sept. 08, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Epoxy Resins Market is anticipated to increase at a CAGR of 6.9% and reach a US $11.22 Bn value by the end of 2031.
Epoxy resins are strong and versatile synthetic materials widely used in various industries. They excel in bonding materials together, providing high strength, durability, and resistance to chemicals, temperature extremes, and electrical insulation. Epoxy resins also offer customization options and are easy to work with, making them suitable for a wide range of applications. Their reliability and long-lasting performance make them a preferred choice over alternatives in scenarios where robust adhesion, strength, and resistance are essential, from construction and aerospace to electronics and more.
Key Segments of Epoxy ResinsIndustry Research Report
By Raw Material
By Application
By Region
DGBEA (Bisphenol A and ECH)
DGBEF (Bisphenol F and ECH)
Novolac (Formaldehyde and Phenols)
Aliphatic (Aliphatic Alcohols)
Glycidylamine (Aromatic Amines and ECH)
Other Raw Materials
Paints & Coatings
Wind Energy
Composites
Construction
Electrical & Electronics
Adhesives
Others
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA
The epoxy resin market is growing due to several factors. More construction and infrastructure projects are using epoxy for bonding and coatings. Industries like automotive and aerospace are also using epoxy for strong and lightweight parts. Advances in epoxy technology are improving them, and strict safety and durability regulations are pushing their use even more.
Key Takeaways:
The Global market is expected to witness a CAGR of 6.9% during the forecast period. China had occupied a market share of 22% in 2022.
Market in Asia Pacific was valued at $ 6 Bn in 2020 and is expected to rise at 7% CAGR during the forecast period. China occupies a market share of 40% of the global epoxy resins market.
As per the application, the Paints and Coatings market accounts for 37% of the global market share and is projected to witness a CAGR of 6.5% during the forecast period.
The epoxy resin market is powered by various factors such as growing demand in construction and infrastructure, expanding use in lightweight composites, and advancements in epoxy technology -Says Fact.MR Expert
Report Attributes
Details
Forecast Period
2022 – 2031
Value Projection (2031)
US$ 21.87 Billion
Growth Rate (2022-2031)
6.9 % CAGR
No. of Pages
170 pages
No. of Tables
25 Tables
No. of Figures
132 Figures
Market Competition
Epoxy resin market is highly competitive and leading companies are focusing on producing more resins to meet customer demands. They're doing this to keep customers happy, lower production costs, and create new and better epoxy materials. This expansion also helps them serve customers worldwide, improve their supply chains, and deliver products more efficiently.
In 2020, Kukdo Chemicals India completed the construction of its epoxy production plant in Gujarat, boasting an annual industrial capacity of 40,000 tons. This marks the company's second international facility after China, strategically established in India to cater to local needs and deliver top-notch epoxy solutions to consumers.
Top players in the industry are expanding their production facilities to keep up with increasing demand and ensure a steady supply of epoxy resins to their customers. This expansion allows them to meet the growing need for these materials, maintain a dependable supply chain, and potentially lower production costs per unit, making their products more competitively priced.
Customizing epoxy solutions to match the distinct needs of different industries and customers is a winning strategy in the market. This approach involves creating epoxy products and formulations that align with specific industry standards and customer demands.
By doing so, companies can stand out in a competitive market, as it showcases their commitment to meeting customer needs effectively.
Key Companies Profiled
NAMA Chemicals
DuPont
3M Company
Kukdo Chemical Ltd.
The Dow Chemical Company
BASF SE
Hunstman Corporatio
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Polyphenylene Sulfide (PPS) Resins Market: The global polyphenylene sulfide (PPS) resins market is estimated to be valued at US$ 1.3 billion in 2023 and is expected to grow at a CAGR of 6.7% to reach US$ 2.5 billion by the end of 2033.
Impregnating Resins Market: Worldwide sales of impregnating resins were valued at US$ 1.41 billion at the end of 2021, registering Y-o-Y growth of 3.8%. As per forecasts, the global impregnating resins market is projected to increase at a noteworthy CAGR of 6.5% and reach a market valuation of US$ 2.79 billion by 2032.
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