Epoxy materials are commonly employed in a variety of industries, including aerospace, automotive, transportation, electrical, food & beverage, and chemical. It is the most widely utilized thermosetting polymer in the aircraft industry. It’s utilized in airplane joints and repairs as a structural glue. According to epoxy resin market analysis, because of the fundamental characteristics of toughness, strong adhesion, and chemical resistance, epoxy resin is becoming increasingly popular in a variety of consumer and industrial applications.
Players in the world epoxy resin market also sell goods for surfboards, skis, tennis racquets, and golf clubs, among other sports equipment. Brominated epoxy resins are widely utilized in the domains of electronics, electric appliances, maritime, and construction as a flame retardant sealing material, matrix for composites, and flame retardant adhesive for laminated plates.
Epoxy resin is utilized in cars, trucks, railways, and motorbikes in the transportation industry. The position of the cathodic electrode (CED) procedure is used to apply epoxy coatings to the exterior of automobiles. It also protects components from water and rust, extending their life.
Epoxy resins in trains protect against debris, extend service life, and help preserve weight. Epoxy resins protect food against contamination and reduce manufacturing costs in the food and beverage industry. They protect machinery from toxins included in cleaning products, allowing it to last longer.
Epoxy resins are also employed in the manufacturing of wind turbine blades and as protective coatings. They give swords enough strength and toughness while being light, allowing for longer blades. The epoxy resin market is predicted to grow rapidly as a result of the government’s focus on renewable energy sources. Sealants, varnishes, and adhesives are also employed in electrical and energy distribution systems. They contribute to longer-lasting and more dependable modules and electrical distribution and supply by serving as protective coatings in large generators and on printed circuit boards.
Epoxy Resin Market Analysis
The epoxy resin market trend was anticipated to be worth over 3,500 kilotons in 2020, and it is expected to grow at a CAGR of more than 6% over the forecast period (2021-2026).
COVID-19 harmed the epoxy resin market size in 2020. Several countries went into lockdown as a result of the pandemic threat. Supply chain interruptions, work stoppages, and labor shortages impacted a variety of industries, including paints and coatings, adhesives and sealants, electrical and electronics, and others. However, the situation is likely to improve in 2021, restoring the market’s growth trajectory for the projection period.
- The construction industry’s strong expansion and increased demand for electrical and electronic equipment are driving market growth in the medium term.
- On the other hand, the negative health consequences of epoxy and the detrimental impact of the recent pandemic are responsible for stifling market growth.
- During the projected period, the paints and coatings segment is expected to account for the greatest share by application.
- Asia-Pacific dominated the global market, with China and India accounting for the majority of demand.
Epoxy Resin Market By Type
- Novolac (Formaldehyde & Phenols), the fastest-growing segment
In 2019, the highest market share was held by DGBEA (bisphenol A& ECH), which is expected to increase at a CAGR of 6.4 percent. Due to the widespread usage of novolac in industrial coatings, adhesives, and composites, the novolac segment is expected to grow at the fastest rate of 12.6 percent.
Epoxy Resin Market By Application
- Adhesives & Sealants, the fastest-growing segment
Paints and coatings held the greatest market share in 2019 and are expected to increase at a CAGR of 6.1 percent in 2020. However, because adhesives and sealants are widely used in the construction, automotive, power, and electronic industries, they are expected to develop at the fastest rate in the worldwide epoxy resin market.
Epoxy Resin Market By End-User
- Aerospace, the fastest-growing segment
In 2019, the consumer goods segment held the greatest market share and is expected to grow at a CAGR of 6.8%. However, due to the use of epoxy resin adhesives, surface coatings, and composites for aerospace constructions, aerospace is expected to increase at the quickest rate, with a CAGR of 8.6%.
Key Market Segments
Physical form, formulation type, application, and end-user are all used to segment the epoxy resin market. The growth of the various segments aids you in gaining information on the many growth drivers that are projected to be prevalent across the industry, as well as formulating distinct tactics to help discover primary application areas and differences in your target market.
- The epoxy resin market is divided into solid epoxy resin, liquid epoxy resin, solution epoxy resin, and solvent cut epoxy based on physical form.
- The epoxy resin market is divided into DGBEA, DGBEF, novolac, aliphatic, glycidyl amine, bio-based epoxy resin market, and other formulation types.
- Paints and coatings, adhesives and sealants, composites, electrical encapsulations, and other applications make up the epoxy resin market.
- Building and construction, transportation, general industry, consumer goods, wind power, aerospace, marine, and others are the end-user segments of the epoxy resin market.
- By Application
- Paints & Coatings
- Adhesives & sealants
- Composites
- Electronic Encapsulation & Others
- Others
By End-Use Industry
- Building &construction
- Transportation
- General industrial
- Consumer goods
- Wind energy
- Aerospace
- Marine
- By physical Form
- Solid
- Liquid
- Solution
Report Segmentation
| By Type | By Application |
| DGBEA DGBEF Novolac Aliphatic Glycidylamine Hardener | Paints & Coatings Wind Turbine Composites Construction Electrical & Electronics Adhesives Others |
Competitive Landscape
The epoxy resin market worth is largely fragmented due to the existence of several companies. 3M, Covestro AG, Hexion, Huntsman International LLC, and Olin Corporation are just a few of the top epoxy resin manufacturers in the world.
Major Players
3M, Aditya Birla Chemicals, Atul Ltd (India), Ciech S.A., Chang Chun Group, China Petrochemical Corporation, Covestro AG, Dow, Hexion, Huntsman International LLC, Kolon Industries, Kukdo Chemical Co., Ltd, Macro Polymers, Nan Ya Plastics Corporation, Olin Corporation, and Spolchemie are some of the players in the global market.
DowDuPont, Nan Ya Plastics, BASF SE, Hexion, Huntsman, Jiangsu Sanmu Group, Changchun Chemicals, Aditya Birla Chemicals, Ciech S.A., and Dalian Qihua are some of the key competitors in the epoxy resin industry.
- Huntsman-designed Cycloaliphatic epoxy resins are employed in a variety of indoor and outdoor applications, including medium-to-high voltage electrical insulation. So the cycloaliphatic epoxy resin market is rising. These are intended for use by downstream users who require high-temperature and UV resistance. Huntsman toughened epoxy resins increase the qualities of ordinary epoxy resin systems, making them ideal for adhesive and composite formulators.
- Nan Ya is a leading manufacturer of epoxy resins, including Liquid Epoxy Resin, BPF Epoxy Resin, Diluted Epoxy Resin, Solid Epoxy Resin, and others. It has a variety of properties for epoxy resins, including storage stability, water and chemical resistance, good hardness performance, and so on. These reins can be employed in a variety of applications, including civil engineering, motors, paper laminates, insulators, composites, and RC reinforced crack adhesive.
- Ciech S.A. is Poland’s only producer of epoxy resins, creating solid epoxy resins for powder paints, which are widely used in the manufacture of metal elements exposed to harsh environments, such as pipes, valves, tanks, and tools, as well as automotive parts. This is enhancing the solid epoxy resin market. They have a strong mechanical strength as well as a great resistance to hostile chemicals. In the manufacture of home appliances, steel furniture, bicycles, and toys, these resins provide very beautiful finishes.
- Hexion, another major competitor in the global epoxy resin market, is known for providing consumers with a wide selection of tested, high-performing epoxy resin materials. With solvent-borne technology, its Waterborne epoxy resins and curing agents offer a wide range of low or no-volatile organic compound (VOC) final products.
In addition, Aditya Birla Chemicals sells epoxy products under the Epotec brand. They produce waterborne epoxy resins with great stability and outstanding dilution efficiency. Aditya Birla Chemicals (Thailand) Limited produces a comprehensive variety of waterborne epoxy resins with great dilution efficiency and high stability. Waterborne epoxy resins come in a variety of functions to suit a wide range of applications.
Epoxy resin is a form of organic polymer that comes in a wide range of products and is constantly evolving. It is used in a variety of industries, including automotive, wind power, aerospace, and construction, due to its functional qualities. The market is expanding due to the rising demand for paints and coatings in the building industry. The growing use of DiGlycidyl Ether of Bisphenol-A epoxy resin in the construction industry is opening up new revenue streams for epoxy resin manufacturers.
Application
Epoxy resin is a thermosetting synthetic polymer with adhesive strength, luster, and hardness. Epoxy resins come in two forms: liquid and solid with a high viscosity. Follow-paints and coatings, electrical and electronics, wind energy, construction, and composites are all segments of epoxy resins.
Due to properties such as high physical and mechanical strength, good dimensional stability, and excellent dielectric properties, epoxy resin is widely used as an insulation material for electronics and electrical usage that need protection in vulnerable and risky environments; for example, chemical plant equipment, deep sea, and engine management). It keeps generators, switches, transformers, and motors dry, clean, and short-free.
The demand for epoxy resins is predicted to rise as the rate of business use of electrical and electronic equipment rises in China and India due to lower epoxy resin market prices.
In terms of volume and income, the paints and coatings sector is the most important market for epoxy resins. Demand from automotive, construction and industrial applications has contributed to market penetration. Food storage and manufacturing wall coatings, tank lining, swimming pool finishes, seal coats, wet rooms, waterproofing, and aesthetic finishes, and water treatment plants all employ epoxy resin-based paints and coatings.
Final Words
Epoxy resins are useful for a variety of end-use applications, including laminates, jewelry, insulators, and industrial applications, due to features such as high thermal stability, mechanical strength, moisture resistance, and adhesion, as well as electrical, mechanical, and heat resistance.
Over the projected period, the market is likely to rise due to the rising demand for lightweight materials with superior performance from the automotive and aviation industries to improve fuel efficiency and reduce carbon emissions. More epoxy resin market analysis is needed for understanding the growth, and opportunities of this sector in near future.
