The epoxy resin market is poised to exceed USD 13.8 billion by 2024, with projections reaching USD 24 billion by 2034. Expectations suggest a robust Compound Annual Growth Rate (CAGR) of 5.7% during the period from 2024 to 2034.
Epoxy resins find extensive applications in the electronics and electrical sectors, safeguarding delicate electronic components against moisture, dust, and mechanical damage. With technology advancing and devices becoming more intricate, the demand for reliable, high-performance materials like epoxy resins continues to escalate. This market surge is anticipated as electronics become increasingly ingrained in daily life, spanning from smartphones to smart home appliances, and with the continued expansion of sectors such as renewable energy and telecommunications.
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Waterborne epoxy resins’ environmental benefits over solvent-based counterparts drive their growing popularity. Waterborne formulations have fewer volatile organic compounds (VOCs) and dangerous air pollutants than solvent-based resins. Waterborne epoxy resins are likely to be in high demand across various sectors, including paints, adhesives, and composites, as environmental restrictions tighten and customers seek more environmentally friendly goods.
Epoxy resins are widely demanded by the healthcare industry, especially in dental products and medical equipment. Epoxy resins are biocompatible and multipurpose materials that are used to make dental composites, adhesives, and coatings for medical equipment. The capacity of epoxy resin to produce accurate and long-lasting dental components helps the dental business and advances dental treatment. Epoxy resins are used in medical devices to ensure the effectiveness and safety of different equipment, assisting in providing high-quality healthcare services.
“Success in the growing epoxy resin market depends on being flexible enough to adjust to technological changes and keeping sustainability in mind. Meeting the varied demands of the sector requires customization, and maintaining competitiveness requires both innovation and regulatory compliance. Being adaptable is essential for surviving in this fast-paced industry.” Says FMI analyst.
Key Takeaways from the Epoxy Resin Market Report
- The global epoxy resin market size expanded at a 7.7% CAGR from 2019 to 2023.
- The DGBEA segment is anticipated to rise at a 5.6% CAGR through 2034.
- The solvent cut epoxy segment is predicted to develop at a 5.3% CAGR through 2034.
- The market size in the United States is projected to rise at a 5.9% CAGR through 2034.
- The market size in China is anticipated to develop at a 6.1% CAGR through 2034.
- The market size in the United Kingdom is estimated to surge at a 7.2% CAGR through 2034.
- The market size in South Korea is expected to increase at a 7.0% CAGR through 2034.
Competitive Landscape
The epoxy resin market is typified by a competitive environment that includes both local firms like Kukdo Chemical Co., Ltd. and worldwide giants like Hexion Inc. and Huntsman Corporation. Ongoing innovation, strategic partnerships, and sustainability efforts drive competitiveness. Startups introduce disruptive innovations, while market dynamics are reshaped through mergers and acquisitions. A wider trend towards eco-friendly formulations and materials is reflected in the growing importance of sustainability practices for market positioning.
Key Players in the Epoxy Resin Market
- Hexion Inc.
- Huntsman Corporation
- Aditya Birla Chemicals
- Kukdo Chemical Co., Ltd.
- Olin Corporation
- Nan Ya Plastics Corporation
- Dow Inc.
- Sika AG
- Ashland Global Holdings Inc.
- 3M Company
- DIC Corporation
- Atul Ltd.
- Evonik Industries AG
- Kemper System America, Inc.
- Reichhold LLC (Polynt Group)
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Recent Developments
- In November 2023, Induron Protective Coatings introduced Novasafe, their latest product. Novasafe is a furfuryl-modified, thick film, ceramic-filled novolac epoxy that can endure the most severe conditions in treatment facilities.
- In October 2023, Matsumoto Fine Chemical (Ichikawa, Japan) introduced X-1366R, a one-part thermosetting epoxy resin designed for composite infusion operations. It does not require pre-mixing and may quickly enter fibers due to its low viscosity at room temperature.
Epoxy Resin Market Segmentation
By Type:
- DGBEA
- Novolac
- DGBEF
- Aliphatic
- Glycidylamine
- Others
By Technology:
- Solvent Cut Epoxy
- Liquid Epoxy
- Waterborne Epoxy
- Others
By Application:
- Composites
- Paints & Coatings
- Grouts & Mortars
- Adhesives
- Electronic Encapsulation
- Others
By End-use:
- Aerospace
- Automotive & Transportation
- Building & Construction
- Electrical & Electronics
- Marine
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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