“Global Epoxy Resin Market to reach a market value of USD 15.9 Billion by 2030 growing at a CAGR of 6.3%”
The Global Epoxy Resin Market size is expected to reach $15.9 billion by 2030, rising at a market growth of 6.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,804.31 kilo tonnes, experiencing a growth of 5.5% (2019-2022).
Epoxy resin-based composites offer excellent thermal insulation and fire resistance properties, making them suitable for aerospace applications where thermal management and fire safety are critical. Therefore, the Aerospace segment acquired $1,138.2 million revenue in 2022. Also, the US market would utilize 71.01 kilo tonnes of Epoxy resin in the Aerospace segment by 2030. Epoxy composites provide thermal stability, heat resistance, and fire retardancy, protecting aircraft structures and components from high temperatures, flame propagation, and smoke generation.
Epoxy resin-based materials are used in dentistry to fabricate dental restorations such as fillings, crowns, bridges, and dental implants. Epoxy resins are used as dental composites, adhesives, and cement to bond restorative materials to tooth structures and repair dental cavities. Therefore, the epoxy resin market is expanding significantly due to the growing adoption in healthcare and medical applications.
Additionally, epoxy resin-based composites are also used to construct nacelles and rotor hubs for wind turbines. Nacelles house critical components such as the gearbox, generator, and control systems, while rotor hubs connect the blades to the main shaft. Hence, increasing adoption of renewable energy has been a pivotal factor in driving the growth of the market.
However, Regulatory compliance involves complex administrative processes, reporting obligations, and documentation requirements that can be time-consuming and resource intensive. Epoxy resin companies must navigate regulatory frameworks, interpret legal requirements, and maintain accurate records to demonstrate compliance with applicable regulations, standards, and permits. Thus, regulatory compliance can slow down the growth of the market.
By form, the market is bifurcated into solid and liquid. In 2022, the solid segment held a considerable 31% revenue share in the market. In terms of volume, 1,675.68 kilo tonnes of epoxy resin by 2030. Solid epoxy resins are binders in powder coating formulations to provide durable, corrosion-resistant finishes for metal surfaces.
On the basis of application, the market is divided into paints & coatings, adhesives & sealants, composites, electronic encapsulation, and others. In 2022, the paints & coatings segment dominated the market with 32% revenue share. In terms of volume, the paints & coatings segment would utilize 1,435.25 kilo tonnes of epoxy resin by 2030. Epoxy resins are widely used as binders in protective coatings for various substrates, including metals, concrete, wood, and plastics.
Based on type, the market is classified into DGBEA (bisphenol A & ECH), DGBEF (bisphenol F &ECH), novolac (formaldehyde & phenols), aliphatic (aliphatic alcohols), glycidylamine (aromatic amines & ECH), and others. The novolac (formaldehyde & phenols) segment procured a substantial revenue share in the market in 2022. In terms of volume, the novolac (formaldehyde & phenols) segment would utilize 477.34 kilo tonnes of epoxy resin by 2030. Novolac-based epoxy resins exhibit superior chemical resistance compared to other epoxy resin formulations.
By end-use, the market is categorized into building & construction, transportation, general industrial, consumer goods, wind energy, aerospace, marine, and others. In 2022, the building & construction segment registered 31% revenue share in the market. In terms of volume, the building & construction segment would utilize 1,375.61 kilo tonnes of epoxy resin by 2030.
Free Valuable Insights: Global Epoxy Resin Market size to reach USD 15.9 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the resin market by generating 45.2% revenue share. In terms of volume, the Asia Pacific region would utilize 2,491.06 kilo tonnes of epoxy resin by 2030. The Asia Pacific region is experiencing rapid urbanization and industrialization, driving robust growth in the construction sector.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 9.8 Billion |
| Market size forecast in 2030 | USD 15.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 6.3% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 499 |
| Number of Tables | 1030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Form, Type, Application, End-use, Region |
| Country scope |
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| Companies Included | Atul Ltd., BASF SE, Huntsman Corporation, Nan Ya Plastics Corp. (NPC), Solvay SA, The Dow Chemical Company, Olin Corporation, Mitsubishi Chemical Holdings Corporation, DIC Corporation, Hexion Inc. (Hexion Intermediate Holding 2, Inc.) |
By Form (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $15.9 billion by 2030.
High-performance composites for lightweighting are driving the Market in coming years, however, Raw material availability and pricing restraints the growth of the Market.
Atul Ltd., BASF SE, Huntsman Corporation, Nan Ya Plastics Corp. (NPC), Solvay SA, The Dow Chemical Company, Olin Corporation, Mitsubishi Chemical Holdings Corporation, DIC Corporation, Hexion Inc. (Hexion Intermediate Holding 2, Inc.)
In the year 2022, the market attained a volume of 2,804.31 kilo tonnes, experiencing a growth of 5.5% (2019-2022).
The DGBEA (Bisphenol A & ECH) segment is leading the Market by Type in 2022; thereby, achieving a market value of $9 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7.3 billion by 2030.
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