Epoxy Resins Market to Depict 5.9% CAGR from 2024 to 2032; Expanding Construction Activities to Augur Well: Fortune Business Insights™

The global epoxy resin market size was valued at USD 12.74 billion in 2023. The market is projected to grow from USD 13.50 billion in 2024 to USD 21.37 billion by 2032, exhibiting a CAGR of 5.9% during the forecast period. Fortune Business Insights has delved into these insights in its latest research report, titled, “Epoxy Resins Market Size Report, 2024-2032.”

According to an analysis, epoxy resins have become sought-after across the end-use sectors, including coatings and composites. Industry players are investing in these resins for sealant and adhesive manufacturing. Some of the factors, such as durability and higher resistance, have augured well for the industry outlook.

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Major Players Profiled in the Epoxy Resins Market Report:

• Kukdo Chemical Co., Ltd. (South Korea)
• Huntsman Corporation (U.S.)
• Olin Corporation (U.S.)
• Nan Ya Plastics Corporation (Taiwan)
• Hexion Inc. (Westlake Chemicals) (U.S.)
• Chang Chun Group (Taiwan)
• Aditya Birla Chemicals (India)
• Sika Group (Switzerland)
• DIC Corporation (Japan)
• China Petrochemical & Chemical Corporation (China)

Epoxy Resins Report Coverage

The report focuses on quantitative and qualitative assessments to offer a holistic view of the global market. The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping. Further, a host of primary interviews has been conducted with opinion leaders, suppliers and other stakeholders. Primary data has been collated through emails, telephonic conversations and questionnaires. The secondary sources referred are press releases, SEC filings and websites.

Epoxy Resins Industry Segmentation

Based on application, the market is segmented into electrical & electronics, paint & coatings, wind turbine & composites, adhesive & sealants, civil engineering and others.

In terms of geography, the industry is segregated into North America, Asia Pacific, Europe, the Middle East and Africa and Latin America.

Drivers and Restraints

Steady Demand from Automotive to Usher Growth Potentials

While the impact of the COVID-19 pandemic had a pressing effect on the automotive industry in 2020, the next few years could provide growth opportunities. The trend for lightweight materials could spur epoxy resins market growth during the forecast period. An increased focus on next-gen vehicles, along with investments in research activities, will drive the growth potentials. Industry players expect robust government policies and industrialization to augur well across advanced and emerging economies.

However, fluctuating raw material prices and rigorous regulations toward volatile organic compounds could hamper the growth prospect.

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Regional Epoxy Resins Market Insights

Bullish Investments in Paints & Coatings to Foster Asia Pacific Market

Asia Pacific epoxy resins market share will observe an appreciable gain on the back of strong investments in raw materials. Emerging economies, such as China and India, are likely to up their investments across paints & coatings and electrical & electronics sectors. Stakeholders are likely to inject funds into the consumption of epoxies in the ensuing period.

Industry participants envisage Europe as a happy hunting ground in the wake of profound investments in the automotive sector and wind energy. Moreover, construction activities are likely to pick pace across the U.K., Germany and Italy. Stakeholders bank on thriving renewable energy amidst demand for sustainable chemicals.

North America market forecast will be strong with rising investments in private and public infrastructure projects across the U.S. Besides, the penetration of the food & beverage industry could solidify the position of North America in the ensuing period. Stakeholders expect adhesives and sealants and wind turbines to be sought-after across the region.

Competitive Landscape

Stakeholders to Emphasize Product Portfolio Expansion to Tap Markets

Industry players are poised to focus on product launches, technological advancements, mergers & acquisitions and R&D activities during the assessment period. Current dynamics indicate industry participants will invest in geographical expansion.

Key Industry Development

• November 2021: Westlake Chemicals Corporation inked a deal with Hexion, Inc. to acquire its global epoxy business for USD 1.2 billion.
• June 2021: Aditya Birla Chemicals announced plans to invest in expanding its overall epoxy manufacturing capacity by around 125-kilo tons per annum.

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