Global epoxy resins market analysis and insights

The global Epoxy Resins market estimated at US$15.35 billion in the year 2024 is now projected to grow at a CAGR of 6.44% and reach US$22.41 billion by 2030. The market is anticipated to experience significant growth due to the increasing demand for epoxy-based composites across various industries. These composites, made from epoxy resins, are widely used in load-bearing applications such as automotive, aerospace, construction, oil & gas, and marine industries. This is primarily because of their exceptional adhesive properties, high mechanical strength, and other desirable characteristics. The commercial airplane sector is expected to drive the demand for high-performance composites, while emerging opportunities in applications like wind turbines and pressure vessels will also contribute to market growth.

However, the cost and labor-intensive nature of producing advanced composites may hinder their widespread adoption in high-volume and price-sensitive markets. Nevertheless, the market is likely to be propelled by the increasing demand for composites in the automotive and aerospace sectors, particularly in Europe and North America. Rising fuel prices and the rapid growth of the commercial aviation industry will further drive the demand for epoxy-based composites in the coming years. Additionally, the construction application segment is expected to witness significant growth, where epoxy resins are utilized as sealers, hardeners, grouts, mortars, and laminates for walls, roofs, and decks.

The demand for epoxy resins in construction applications will be fueled by their beneficial properties, including low water permeability, excellent cleaning material, chemical resistance, good mechanical strength, low cure shrinkage, and strong adhesion. The global growth of the construction industry, driven by increased infrastructure development and a rising urban population, coupled with favorable government initiatives to provide affordable housing, will contribute to the demand for epoxy resins.

Epoxy resins market regional insights

North American epoxy resins market is expected to grow significantly over the forecast period 2024-2030. This can be attributed to the significant demand for high-performance epoxy resins from various end-use industries. United States contributed around 82% of the total North American epoxy resins market. It is estimated to have a market value of US$3.92 billion in the year 2024. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 5.59% and 3.86% respectively over the 2024-2030 period.

Asia Pacific epoxy resins market is anticipated to witness an upsurge owing to the presence of a large number of paints & coatings, adhesive, and composite manufacturers in the region in order to meet the growing regional demand. Further, the region is the largest consumer of paints & coatings, and adhesives that to be with low per-capita consumption compared to developed nations, thereby manufacturers find huge potential in the regional economies, as a result, opening or expanding their manufacturing facilities in the region. China is expected to dominate the Asia-Pacific market and reach a market size of US$5.71 billion by 2030.

Within Europe, Germany, France, Italy and the U.K. are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 4.56% over the forecast period.

Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.

Key players

Key players profiled in the report include 3M Company; Adhesives Technology Corp.; Aditya Birla Chemicals (India) Limited; Alchemie Ltd.; Asahi Kasei Corporation; Ashland Global Holdings Inc.; Atul Ltd.; BASF SE; Chang Chun Plastics Co. LTD.; Ciech; CVC Thermoset Specialties; Cytec Solvay Group; DIC Corporation; Epic Resins; Evonik Industries AG; Huntsman Corporation; Jiangsu Sanmu Group Corporation; KoreKote Advanced Epoxy Systems; Kukdo Chemical Co. Ltd.; LEUNA-Harze GmbH; Mitsui Chemicals Inc.; Nan Ya Plastics Corporation; Nano-Tech Srl; Olin Corporation; RBC Industries Inc.; Reichhold Inc.; Resoltech SAS; Robnor Resins Ltd.; Sicomin Epoxy Systems; SIR Industriale SpA; Spolchemie A.S.; Sumitomo Bakelite Co. Ltd. and Westlake Epoxy, among others.

Competitive landscape

June 11, 2024 – With the introduction of Loctite 3D MED3394 Henkel has launched a further innovation within its growing portfolio of medical-grade resins for 3D printing. The novel resin represents a significant advancement, notable for its robust resistance against sterilization methods that commonly challenge other photopolymers in the market. Following up to 25 autoclave cycles, Loctite 3D MED3394 preserves mechanical properties and dimensional stability, alongside high feature accuracy and low solvent absorption.

April 26, 2024 – Industrial coatings company Induron Protective Coatings recently introduced a new thick-film ceramic-filled novolac epoxy suitable for use in concrete and carbon steel surface treatment plant conditions. Novasafe can provide the corrosion and erosion protection treatment plant operators may need when repairing structures.

Global epoxy resins market scope

• By type
  • DGBEA
  • DGBEF
  • Novolac epoxy resins
  • Aliphatic epoxy resin
  • Cycloaliphatic epoxy resins
  • Others

• By form
  • Liquid
  • Solid
  • Solution
  • Flim

• By application
  • Paints and coatings
  • Adhesives and sealants
  • Composites and wind turbine
  • Laminates
  • Mold making and tooling
  • Others

• By industry vertical
  • Building and construction
  •  Automotive
  • Electrical and electronics
  • Aerospace and defense
  • Marine
  • Consumer goods
  • Energy
  • Others

• By Region
  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The research report  provides a comprehensive review of market trends, market growth drivers, PEST Analysis, Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market.

The report provides market estimates and forecast for geographic markets such as the North America (US, Canada, Mexico and Rest of North America), South America (Brazil, Argentina and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Norway, Switzerland, Denmark and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel and Rest of Middle East) & Africa.