Epoxy Resin Market worth $17.0 Billion by 2028 - Exclusive Report by MarketsandMarkets™

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Aug 01, 2023, 03:00 ET

CHICAGO , Aug. 1, 2023 /PRNewswire/ -- The report "Epoxy Resin Market by Physical Form (Liquids, Solids, Solutions), Raw Materials (Badge, Bfdge, Novolac, Aliphatic, Glycidyl Amine), Application (Paints & Coatings, Adhesives & Sealants, Composites), End-Use Industry, and Region - Global Forecast to 2028", is projected to reach USD 17.0 Billion by 2028, at a CAGR of 5.5% from USD 12.9 Billion in 2023.

The Epoxy resin market is driven by the demand for high performance coatings from various industries, including building & construction, automotive, wind energy, aerospace and marine, among other end-use industries. The epoxy resin market has experienced substantial growth in recent years, driven by the widespread adoption of epoxy resins across various industries.

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"Liquid-based epoxy resin is projected to be the largest form of epoxy resin, in terms of value, during the forecast period."

Liquid is the most used physical form of epoxy resin. Epoxy resin in its liquid form is typically a low-to-medium viscosity liquid. It is often clear or slightly amber in color. Liquid epoxy resin is commonly packaged and sold in containers such as bottles or cans. Liquid epoxy resin can be applied as a protective coating on surfaces to provide a durable and glossy finish. It is often used on floors, countertops, tabletops, and other surfaces that require high chemical resistance, abrasion resistance, and a smooth, attractive appearance.

"Composites is projected to be the fastest growing application of the epoxy resin, in terms of value."

Epoxy resin is widely used in composite materials due to its excellent bonding properties, high strength, and durability. Composite materials are made by combining a reinforcement material, such as fiberglass, carbon fiber, or aramid fibers, with epoxy resin as the matrix material. Epoxy resin composites are utilized in the manufacturing of wind turbine blades. The combination of epoxy resin with glass or carbon fibers provides high strength, stiffness, and fatigue resistance, enabling the blades to withstand the harsh operating conditions of wind farms.

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"Asia Pacific is expected to be the fastest growing market for epoxy resins during the forecast period, in terms of value."

The Asia Pacific region is a significant market for epoxy resin, driven by industrial growth, infrastructure development, and increasing demand from various end-use industries. With its large population, expanding industrial base, and rising consumer demand, the region represents a substantial market for epoxy resin. The market is expected to continue growing due to infrastructure projects, urbanization, and industrialization across countries in the region.

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Market Players

The key global players in the epoxy resins market include 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), and BASF SE (Germany) and others. Mergers, new product launches and expansions are the major growth strategies adopted by the key players in the market.

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