Epoxy resins are thermosetting resin developed by the process of copolymerization of an epoxide (glycidyl or oxirane group) with other compound having two hydroxyl groups.
The market for epoxy resin has witnessed significant growth due to rising demand from various applications such as automotive & transportation, aerospace and wind energy.
The major factor driving the growth of market include growing usage of epoxy resins in construction and automotive & transportation sector.
The increasing use of composites, investment in emerging economies (such as, India, China, Brazil, South East-Asia and Mexico) and high growth in end use industries is driving the market for epoxy resins, globally.
Increased use of epoxy resins in consumer goods and emergence of new end users of epoxy resins such as wind energy and marine sector is expected to change the dynamics of the market in near future. However, growing opportunities across Asia-Pacific market; as well as emergence of need for lightweight and fuel efficient vehicles/aircraft are major opportunity areas for the market.
The major challenges can be attributed include stringent regulatory approvals such as, Control of Substance for Hazardous health (COSH), European Union (EU), REACH. required for production along with limited market opportunities in developed economies of North America and Europe.
Other important factor hindering the growth of epoxy resin market is volatility in raw material prices.
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Market Classification and Overview
The Epoxy Resin Market is bifurcated on the basis of form factor/type, application, end-use industry, and geography. The different form/type of epoxy resins includes solid, liquid, and solution.
Liquid epoxy resins is the largest market and is most widely used type as it caters to almost every type of application. It is more popularly used type of resin as it is easy to apply or convenient to use where there is a spatial constraints.
However, solid epoxy resin is the fastest growing type in epoxy resin market. This is mainly because the use of solid resin is safer than liquid and solution type resins.
The biggest problem with solution-based epoxy resin product is their high VOC content. Based on application, the market is further segmented into paints & coating, adhesive & sealants, composites and others.
Paint & Coating accounts for nearly half of the global consumption of epoxy resin market and led the global epoxy resin market followed by composite and adhesive & sealants segments. Its growth is driven by increasing demand from end-use industries.
Composite application is the fastest growing market owing to rising standard of living and the know-how about the benefits of composites in different applications. Increase in demand for lightweight material in automotive & transportation sector to increase fuel efficiency, and increased use of composite by Boeing and Airbus in the aerospace industry are the key drivers for the growth of composite resins segment.
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The market for epoxy resin is segmented into regions such as North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa (MEA). Asia-Pacific was the major contributors to the growth of epoxy resins market in 2015.
North America was the second biggest market followed by Europe. The market for epoxy resin in Asia-Pacific is further projected to witness highest growth in coming years owing to rapid industrialization and growth in infrastructural activities in the region.
The North American market for epoxy resin is likely to grow at a significant rate owing to the increase in demand from marine and automotive sector. The market will also experience increased demand from manufacturers of aircraft.
||Epoxy Resin Market
||2014 – 2024
||2014 – 2015
||2017 – 2024
||Form Factor/Type, Application, End-Use Industry, Geography
||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
||Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis, Player Profiling, Value Chain Analysis
BASF SE, Sika AG, Aditya Birla Chemicals, DuPont, 3M, Atul Ltd. and Baling Petrochemical, Momentive, Cytec, Huntsman, Olin Corporation are the key players in the epoxy resin market.
These players involved have adopted the strategies including mergers and acquisitions with local as well as established players.
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Market By Form Factor/Type
Market By Application
Paints & coating
Adhesive & sealants
Market By End-Use Industry
Automotive (Large & heavy vehicles & railroads)
Building & construction
Marine and Aerospace
Market By Geography
o Rest of Europe
o Rest of Asia-Pacific
o Rest of Latin America
Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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