The According to a market research report, the “Epoxy Resin Market by Physical Form (Liquids, Solids, Solutions), Raw Materials (Badge, Bfdge, Novolac, Aliphatic, Glycidyl Amine), Application (Paints & Coatings, Adhesives & Sealants, Composites), End-Use Industry, and Region – Global Forecast to 2028″, is projected to reach USD 17.0 Billion by 2028, at a CAGR of 5.5% from USD 12.9 Billion in 2023. The combination of regulatory frameworks, growing application, increasing market trends, consumer preferences, and technological advancements are driving the epoxy resin market.
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Epoxy resin is a versatile synthetic compound that, when combined with a curing agent, undergoes a chemical reaction to form a rigid and durable material. It is commonly used in various industries, including construction, manufacturing, and art, due to its exceptional adhesive properties, high strength, and resistance to chemicals and heat. Epoxy resins are favored for their ability to bond, coat, and seal a wide range of surfaces, making them valuable for applications such as adhesive bonding, coating floors, creating artworks, and fabricating composite materials. Its versatility and strength have led to its widespread use in a variety of fields.
This report also provides a comprehensive analysis of the companies listed below:
The key global players in the epoxy resins market include Sinopec Corporation (China), Dow Chemical Company (US), 3M (US), Westlake Epoxy (US), DIC Corporation (Japan), Olin Corporation (US), Huntsman Corporation (US), Nan Ya Plastics Corporation (Taiwan), Kukdo Chemical Co., Ltd. (South Korea), Aditya Birla Chemicals (India), Mitsubishi Chemical Group Corporation (Japan), and BASF SE (Germany) and others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the epoxy resins market.
Recent Developments in Epoxy Resin Market Industry
- In February 2023, Huntsman introduced a new product called JEFFAMINE M-3085 amine, which is a mono-polyether amine with a higher molecular weight compared to commonly used amine variants such as JEFFAMINE M-2070 amine and JEFFAMINE M-1000 amine.
- In February 2022, Westlake Chemical Corporation announced the successful completion of its acquisition of Hexion Inc.’s global epoxy business. With this strategic acquisition, Westlake Chemical further strengthens its position in the industry and expands its capabilities in the manufacture and development of specialty resins, coatings, and composites.
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Based on physical form, the epoxy resin market has been segmented into Liquid, Solid and Solution. Solid form is the second largest market for epoxy resin. When the liquid epoxy resin and hardener are mixed together and allowed to cure, the epoxy resin transforms from a liquid to a solid state. The solid form of epoxy resin finds application in industries such as construction, automotive, aerospace, electronics, marine, and more. It is used for structural components, coatings, adhesives, encapsulation, molding, and various other purposes where a strong and durable material is required.
Based on end-use industry, the epoxy resin market has been segmented into building & construction, automotive, general industrial, consumer goods, wind energy, aerospace/aircraft, marine, and other industries. Epoxy resin composites find applications in the automotive industry for light weighting and enhancing vehicle performance. Carbon fiber-reinforced epoxy composites are used in structural components, body panels, chassis parts, and interior trim, reducing weight while maintaining strength and rigidity.
Asia Pacific is anticipated to exhibit the highest growth rate in the epoxy resins market during forecast period, with Europe and North America following closely. This growth is attributed to several key factors. The region’s booming construction and automotive industries, coupled with increased infrastructure development, are driving the demand for epoxy resins in various applications. Additionally, the growing awareness of environmental regulations and the shift towards environmentally friendly, low-VOC (volatile organic compound) epoxy formulations are further propelling market growth in the region.
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