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Epoxy resins are thermosetting resins that exhibit high strength, excellent chemical and heat resistance, and good adhesion to various substrates. They are commonly used as adhesives, coatings for metals and paints. The growing construction and automotive industries have augmented the demand for epoxy resins. These resins are also utilized in wind turbine blades, marine hulls, aircraft components due to their durable nature.
The global Epoxy Resin Market is estimated to be valued at US$ 51.57 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in end-use industries has propelled the Epoxy Resin Market. The flourishing construction sector across developing nations is one of the major factors driving the market growth. Epoxy resins are increasingly used in flooring, adhesives, protective coatings and other construction applications owing to their high strength and durability. Furthermore, the revival of the automotive industry coupled with rising production of electric vehicles is augmenting the demand for epoxy resins from this end-use segment. Epoxy resins protect electrical components and provide insulation to electric vehicle batteries. As electric vehicles gain wider acceptance among consumers, the epoxy resin market is expected to grow considerably during the forecast period.
SWOT Analysis
Strength: Epoxy resins have excellent adhesion properties and can bond to various materials like metals, concrete, wood etc. They also offer high chemical and heat resistance.
Weakness: Processing of epoxy resins involves hazardous chemicals like epichlorohydrin which can be harmful. Strict regulations around the use of such chemicals can hamper growth. Epoxy resins are also brittle in nature with low resistance to impact.
Opportunity: Growing construction and infrastructure industries worldwide are driving demand for epoxy resins in applications like flooring, coatings etc. There is also scope to develop bio-based epoxy resins with better sustainability.
Threats: Volatility in raw material prices especially that of bisphenol-A impacts the cost of epoxy resins. Presence of substitutes like polyurethanes and unsaturated polyesters in some applications can threaten market share.
Key Takeaways
Global Epoxy Resin Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
Asia Pacific region currently dominates the market and is projected to grow at the fastest rate led by countries like China and India. Rising construction activities and improving standards of living are fueling demand for epoxy resins in this region for various applications.
Key players operating in the epoxy resin market are Eli Lilly and Company, Huntsman Corporation, Kukdo Chemical Co., Ltd., Nan Ya Plastics Corporation, Olin Corporation, Hexion Inc., Chang Chun Group, Aditya Birla Chemicals, DIC Corporation and BASF SE. These companies are focusing on developing new bio-based epoxy resins and water-based formulations to capitalize on sustainability trends and strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
