Epoxy Resin Market Size To Worth Around USD 23.4 Bn By 2030

(MENAFN- GlobeNewsWire - Nasdaq)

Tokyo, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global epoxy resin market size was accounted at USD 12.5 billion in 2021. Epoxy resins add resilience to paint and coating formulas and are thus expected to be in high demand in the near future. The construction sector has recovered quickly from the 2020 catastrophe, and it is poised for resurgence in the next years, particularly in growing countries like as Asia Pacific and Latin America. This is expected to be a significant driving force in the global epoxy resins market.

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Asia Pacific has been the main user of epoxy resins, owing to rising demand in China and India. Infrastructure development, as well as increased car production, has boosted demand for paints and coatings in the region. The market is projected to be driven by rising disposable income and desire to spend more in the future years. Global automobile manufacturing has recently expanded fast due to rising demand from middle-class families and rising disposable income in emerging economies such as China, India, Brazil, and Vietnam, among others.

The increase in vehicle demand drove the consumption of paints and coatings throughout the automobile sector, increasing product demand. Epoxy resin is petroleum-derived durable polymer composite that are the outcome of a reactive process utilizing epoxide unit. The epoxy resins market is divided into three sections: raw materials, Applications and region. The market is divided into raw materials such as aliphatic, glycidyl amine, DGBEA, DGBEF, novolac and others. Electrical and electronics, Paint and coating , adhesives, composites , maritime, wind turbines , and other applications comprise the market. The research also includes market size and predictions for 16 countries which across the key regions. Market sizing and projections have been done on pure basis of volume for all the following segments (kiloton).

Because of the pandemic scenario and severe rules in numerous countries, the market was badly damaged by the COVID-19 pandemic in 2021. Due to supply chain interruptions, work stoppages, and labor shortages, this impacted a variety of sectors, including paints and coatings, adhesives and sealants, electrical and electronics and others. However, the situation is likely to improve in 2022, resuming the market's development trajectory during the projection period.

Report highlights

• In 2021, the paints and coatings application category led the market, accounting for more than 41% of total revenue.
• Asia Pacific accounted for the highest revenue share 62% in 2021, owing it to the strong presence of large-scale manufacturer supported by mass accessibility of raw materials.
• The solid physical form segment is expanding at a CAGR of 7.47% from 2022 to 2030.
• The novolac type segment is poised to grow at a CAGR of 7.83%.
• The adhesives & sealants epoxy resin segment is anticipated to grow at a CAGR of 8.35% from 2022 to 2030.
• The aerospace end use segment is expected to witness growth of around CAGR of 8.51% from 2022 to 2030.

Regional Snapshots

Europe has the second greatest worldwide market share, followed by North America. Automotive, wind energy, and composites are driving the expansion of low and high cured epoxy resins in Europe. Germany is the top contributor to market growth. Innovations in automotive parts production, rising need for sustainable chemicals in building operations, and a thriving renewable energy industry are just a few of the drivers driving epoxies demand in the area. Increased digitalization in North America is driving up demand for electrical and electronic equipment. These systems employ long-lasting and dependable epoxy-based components to minimize costs and increase performance. The food and beverage industry's positive expansion are paving the way for applications such as metal container coatings.

China has the biggest semiconductor manufacturing program in the world, and it competes hard with traditional upstream manufacturers like as South Korea, Singapore, and Taiwan. Electronic gadgets such as cellphones, OLED TVs, and ipads, among others, have witnessed the greatest increase in demand in the consumer electronics industry. Demand for electronic gadgets is predicted to expand progressively in the future as middle-class disposable incomes rise, boosting the sector under review. The government of India is pushing for substantial residential building in the coming years. India does have USD 1400 billion infrastructure spending budget, with 24% allocated to renewable energy , 19% would go to roads and highways, 16% coming to urban infrastructure, and 13% going to railways. 2,734 of the total 5,956 Smart Cities Initiative projects have been completed as of June 2021. As a consequence, residential growth is likely to drive the Asia-Pacific epoxy resins market.

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Scope of the Report

Market D ynamics

Drivers

Because of their adaptability and capabilities, epoxy compounds have gained recognition in other industries such as construction, automobile, aviation, electromechanical, telecommunications, energy, and others. The global market is predicted to expand over the forecast period as a consequence of these sectors' steady growth. Metal coating applications have seen a spike in sales due to the rising demand for complex and detailed powder coatings. Because of the increasing usage of lighter materials in the aviation, automotive, and power sectors, its use of epoxies in structurally composite components has increased.

High construction investment is generating a highly favorable climate for epoxy floors, epoxy adhesives, and epoxy composite use in structures. The making of next-generation automobiles, as well as the corresponding research efforts, is also fueling the expansion of the epoxy sector. Rapid industrialization and shifting government policies in key emerging nations are promoting the growth of Polyoxide demand is expanding across all epoxy end-use industries. Technological advances in epoxy synthesis are paving the way for further market development in industrialized countries.

Restraints

Epoxies are made with the petroleum-based basic ingredients like BPA and ECH. Thus, changes in the crude oil price have a considerable impact on the pricing of these many raw materials, as well as the basic costs of epoxy resin. Price fluctuations have a detrimental influence on profit margins, particularly for small-scale producers. Furthermore, the strict limits on volatile and organic compounds compelled producers to maintain a specific degree of product quality. This, in turn also further increases the producers' expenditure in terms of skilled labor and current technology.

Also, During COVID-19, an altered supply-demand dynamic, followed by lower output, resulted in higher raw materials prices in 2021. As a result, key manufacturers of the market have indicated that epoxy prices would go on rise significantly in 2021.

Opportunities

Japan's electrical and electronics industries are among the most sophisticated in the world. Domestic production of the Japanese electronics sector climbed by 11% year on year to JPY 10,932.2 billion in 2021, primarily to strong export performances of electrical parts and gadgets, as well as development in telecommunications infrastructure hardware due to lifestyle changes. Because of increased expenditures in public and private infrastructure, renewable energy, and commercial projects, Japan's constructions sector is predicted to grow at a modest pace during the next average five years. This also in turn, boosts consumers and investor's confidence. During the projected period, such factors certainly are likely to enhance market for epoxy resins in area as well as internationally.

Challenges

T he availability of various alternatives in the market, as well as variations in epoxy resin costs, may impede the expansion of the epoxy resin market. The negative environmental consequences of solvent-borne coatings will put a damper on the epoxy resin market's growth pace.

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Recent D evelopments

• Kukdo Chemicals India will finish its epoxy manufacturing plant in Gujarat in 2020. This epoxy factory has an annual capacity of 40,000 tonnes. Following the success of its first overseas factory in China, the firm has successfully opened its second overseas facility in India to fulfil domestic consumption as well as provide consumers with the best epoxy solutions.
  

Frequently Asked Questions

• What is the market size of epoxy resin?
• How much is the CAGR of global epoxy resin market?
• Who are the key players included in the epoxy resin market?
• Which are the growth factors of the epoxy resin market?
• Why Asia Pacific region is growing faster in the epoxy resin market?
  

Market Segmentation

By Raw Material

• DGBEA (Bisphenol A and ECH)
• DGBEF (Bisphenol F and ECH)
• Novolac (Formaldehyde and Phenols)
• Aliphatic (Aliphatic Alcohols)
• Glycidylamine (Aromatic Amines and ECH)
• Other

By Application

• Paint & Coatings
• Construction
• Electrical & Electronics
• Wind Turbine & Composites
• Civil Engineering
• Adhesive & Sealants
• Others
  

By Technology

• Solvent Cut Epoxy
• Liquid Epoxy
• Waterborne Epoxy
• Others

By Sales Channel

• Direct Company Sale
• Direct Import
• Distributors & Traders
• Retailers

By End User

• Building & construction
• Automotive, large & heavy vehicles & railroads
• Aerospace
• Consumer goods (including sporting equipment)
• General industrial
• Wind power
• Marine 
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  

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