Market Overview:

Epoxy resin is a polymer produced by copolymerization of an epoxide with a compound that consists of two hydroxyl groups. Epoxy resin is a high-performance resin that has excellent properties such as high thermal stability, resistance to corrosion, high mechanical strength, durability, and superior adhesion. Epoxy resin is majorly used across adhesive, paints &coatings, and electronic encapsulation applications.

The global epoxy resins market is projected to surpass US$ 5,834.41 million by the end of 2027, in terms of revenue, growing at a CAGR of 6.6% during the forecast period (2020 to 2027).



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Market Drivers:

Growing demand for paints &coating is a prime factor fueling the market growth of the epoxy resin. Epoxy resin-based products exhibit quick-dry properties and provide excellent coatings for the construction industry. Epoxy resin-based paints are widely used across concrete floor paint, floor paint, and epoxy primers. They prevent corrosion and rust on the surfaces. These coatings are used in primers for improving the adhesion of automotive and marine components. Thus, the growing demand for paints &coatings is expected to foster the market growth of epoxy resins.

Regionally, Asia-pacific dominated the global epoxy resins market in 2019, reporting 62% market share in terms of revenue, followed by Europe and North America, respectively.



Market Opportunities:

Increasing use of wind turbines for power generation due to growing concern over the depleting of conventional sources is projected to offer potential opportunities in the market. Also, the growing use of epoxy resins in ship repairs and maintenance of various components such as decks, ballast tanks, topsides, underwater hulls, superstructures, and cargo tanks is again propelling the market growth. Moreover, increasing demand for efficient commercial and military aircraft is further projected to propel the market growth of epoxy resins over the forecast period.



Major players operating in the market include BASF SE, Huntsman Corporation, The Dow Chemical Company, 3M Company, DuPont, Aditya Birla Chemicals Ltd (Thailand), Momentive Specialty Chemicals Inc, Nan Ya Plastics Corporation, Kukdo Chemical Ltd., NAMA Chemicals.



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