Epoxy Resins Market Size is Projected to Reach USD 21.87 billion, at a CAGR of 6.9% by 2031 – Report by Transparency Market Research Inc.
Epoxy resins witness increased usage in consumer goods manufacturing, offering durability and versatility in various product applications.
Wilmington, Delaware, United States, Jan. 19, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global epoxy resins market is estimated to flourish at a CAGR of 6.9% from 2021 to 2031. Transparency Market Research projects that the overall sales revenue for epoxy resins is estimated to reach US$ 21.87 billion by the end of 2031. The growing use of epoxy resins in medical devices, dental materials, and pharmaceutical packaging emerges as an unseen driver. Epoxy’s biocompatibility and resistance make it a valuable material in healthcare applications.
The rising emphasis on renewable energy sources drives demand for epoxy resins in wind turbine blades and solar panel components. Epoxy’s strength and durability contribute to the reliability of these critical components. Epoxy resins gain popularity in artistic and craft sectors, with resin-based art projects and DIY applications on the rise. The versatility of epoxy resin provides artists and hobbyists with unique creative possibilities.
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Some prominent manufacturers are as follows:
- NAMA Chemicals
- 3M Company
- Kukdo Chemical Ltd.
- The Dow Chemical Company
- BASF SE
- Huntsman Corporation
Epoxy’s effectiveness in marine coatings, offering protection against corrosion and harsh marine environments, fuels its adoption in shipbuilding and maritime industries, contributing to market growth. Epoxy resins find applications in aerospace beyond conventional use, including lightweight components and advanced materials for aircraft interiors. The industry’s quest for fuel efficiency and enhanced performance drives epoxy adoption.
Key Findings of the Market Report
- Construction dominates the epoxy resins market, driven by the demand for durable and high-performance materials in infrastructure development worldwide.
- Asia Pacific leads the epoxy resins market, fueled by rapid industrialization, infrastructure development, and robust demand in key economies like China and India.
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Epoxy Resins Market Growth Drivers & Trends
- Epoxy resins find increased application in construction due to their durability and adhesive properties, driven by global infrastructure development.
- Growing use in electronic components, coatings, and adhesives fuels the epoxy resins market, propelled by technological advancements and demand for high-performance materials.
- Increasing focus on eco-friendly formulations, driven by environmental regulations, accelerates the adoption of sustainable epoxy resins, responding to market demands for greener alternatives.
- Epoxy resins contribute to lightweighting and advanced materials in the automotive sector, aligning with trends towards fuel efficiency and electric vehicle production.
- Ongoing R&D activities by key players, such as formulation enhancements and novel applications, drive technological advancements, fostering innovation and market growth in epoxy resins.
Global Epoxy Resins Market: Regional Profile
- In North America, the epoxy resins market is robust, driven by the flourishing aerospace, construction, and automotive sectors. Major players like Hexion Inc. and Huntsman Corporation lead with innovations in epoxy formulations. The region’s focus on sustainability aligns with the market trend towards eco-friendly resins, reflecting in the growing demand for green solutions.
- Europe exhibits a dynamic epoxy resins market, with companies like BASF SE and Sika AG at the forefront. Stringent environmental regulations and emphasis on energy-efficient construction stimulate the demand for epoxy resins in the region. The automotive industry, particularly in Germany, contributes significantly to the market, fostering research and development in advanced epoxy applications.
- In the Asia Pacific, the epoxy resins market experiences exponential growth, driven by rapid industrialization and infrastructure development. Key players like Kukdo Chemical Ltd. and Aditya Birla Chemicals capitalize on the region’s demand, especially in China and India. The electronics and construction sectors play pivotal roles in propelling market expansion, while the region’s economic vitality fuels investments in epoxy manufacturing capabilities.
Epoxy Resins Market: Competitive Landscape
The epoxy resins market is highly competitive, driven by key players striving for innovation and market dominance. Giants like Hexion Inc., Huntsman Corporation, and Olin Corporation lead, boasting extensive product portfolios and global market presence. Specialty players, including Kukdo Chemical Ltd. and Aditya Birla Chemicals, contribute niche expertise.
Collaborations and mergers intensify competition, as seen in Ashland Global Holdings’ acquisition by INEOS. The market thrives on technological advancements, environmental sustainability, and diversified applications, with companies vying to offer superior quality and customizable solutions, creating a dynamic and evolving competitive landscape in the epoxy resins market.
- NAMA Chemicals, a global leader, offers a diverse portfolio of specialty chemicals, including petrochemicals and polymers. Renowned for innovation and sustainable solutions, NAMA serves industries such as construction, automotive, and agriculture.
- 3M, a multinational powerhouse, delivers a broad product spectrum ranging from adhesives to healthcare solutions. With a focus on innovation, 3M caters to diverse industries, ensuring quality, reliability, and cutting-edge technology.
- Kukdo Chemical Ltd., a pioneering force, specializes in epoxy resins and hardeners. Their product portfolio encompasses advanced materials for coatings, adhesives, and electronic applications, showcasing commitment to technological excellence and customer satisfaction.
Epoxy Resins Market: Key Segments
- Paints & Coatings
- Wind Energy
- Electrical & Electronics
- Others (Vinyl Gloves, Metal Protection, Handbags, Eyeglasses, and Plastic Tooling)
- Asia Pacific
- Latin America
- North America
- Middle East & Africa
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