Global Epoxy Resin Market to Reach US$ 7,001.1 Million by 2030 - Coherent Market Insights

SEATTLE, Sept. 15, 2022 /PRNewswire/ -- The global epoxy resin market estimated to be valued at US$ 3,942.5  million in 2021, and is expected to exhibit a CAGR of 6.9% during the forecast period (2022-2030).

Key Trends and Analysis of the Global Epoxy Resin Market:

Epoxy resin is a thermosetting polymer formed by the copolymerization of an epoxide with another compound having two hydroxyl groups. Epoxy resin is majorly used for non-reinforced applications such as adhesives, composites, and paints & coatings. Currently, vehicle manufacturers adopt lightweight composite materials to meet the demand for increased design freedom, high strength, flexibility, and reduced weight of the vehicle. In addition, the demand for epoxy resin in the aerospace industry has increased at a faster pace for the assembly of helicopter rotor blades and aircraft panels. High heat and pressure along with lightweight & toughness tolerance of epoxy resin make it ideal for use in the aircraft industry, which in turn propels the growth of the global epoxy resin market. All these factors are expected to augment the growth of the epoxy resin market during the forecast period in the aerospace industry.

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Key Market Takeaways:

The global epoxy resin market is expected to exhibit a CAGR of 6.94% over the forecast period (2022-2030). The paints & coatings application segment dominated the market. Epoxy resin-based paints & coatings are widely used in shipbuilding industries, wastewater treatment plants, residential & commercial buildings and in automotive among others. Epoxy resin-based paints & coatings are used to coat the interior and exterior surfaces of commercial, residential, institutional, and industrial buildings. The application of these paints & coatings not only increases the aesthetic appeal of surfaces but also protects them from UV radiation and extreme temperatures without them getting faded, cracked, or peeled.

By form, the liquid segment dominated the epoxy resin market in terms of volume and value in 2021 and is expected to continue its dominance during the forecast period. Liquid epoxy resins are stable for a long period of time at room temperature and possess superior properties such as dimensional stability during cure, chemical resistance, chemical inertness, durability, and superior adhesion.

Epoxy resins are used in hybrid circuits, insulators, transformers, printed circuit boards, over molding transistors, and integrated circuits and are an essential component of the electronic industry. This application in electrical applications is distinguished by physical and mechanical strength, chemical resistance, and shock and vibration resistance.

Major players operating in the global epoxy resin market include BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, DuPont, Aditya Birla Chemicals Ltd (Thailand), Momentive Specialty Chemicals Inc., Nan Ya Plastics Corporation, Kukdo Chemical Ltd., and NAMA Chemicals.

Mergers and acquisitions, strategic collaborations, new product launches, and business expansions are the key strategies adopted by key players to retain their market share. For instance, For instance, in April, 2021, Covestro, a manufacturer of polyurethane and polycarbonate-based raw materials, completed the acquisition of the Resins & Functional Materials business (RFM) from the Royal DSM. Royal DSM is a multinational corporation active in the fields of health, nutrition, and materials. The acquisition is expected to help Covestro expand its portfolio of resins.

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Detailed Segmentation:

Global Epoxy Resins  Market, By Application: 

• Paints & Coatings
• Wind Energy
• Composites
• Construction
• Electrical & Electronics
• Adhesives
• Others

Global Epoxy Resins  Market, By Region: 

•  
• North America
• By Country:
• U.S.
• Canada
• Europe
• By Country:
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• By Country:
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

Company Profiles 

• United Company RUSAL Plc*
• Company Overview
• Product Portfolio
• Financial Performance
• Key Strategies
• Recent Developments
• Future Plans
• Alcoa Inc.
• Aluminium Corp. of China Ltd.
• Kaiser Aluminium Corporation
• Norsk Hydro ASA
• Dubai Aluminium Co.
• Constellium
• Kobe Steel, Ltd.
• Aluminium Bahrain B.S.C.

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SOURCE Coherent Market Insights