May 22, 2024
Global Epoxy Resin Market

The Growing Construction Industry Is Driving the Global Epoxy Resin Market

Epoxy resins are thermosetting polymers that are characterized by the presence of epoxy groups in their molecular structure. They are highly versatile adhesives and composites used in aerospace, automotive, marine and construction industries. Epoxy resins bond and protect materials against corrosion and chemical attacks. They are used for protecting metal structures against corrosion in marine environments and reinforcing concrete structures. They also have applications as adhesives in automotive and aerospace industries owing to their high strength, chemical and heat resistance. An increasing demand from building and construction industry is a major driver for epoxy resin market growth. Rapid urbanization and infrastructure development activities around the world have fueled the demand for robust and durable construction materials. Epoxy resins protect concrete and steel from environmental damage while extending their lifespan.

The global Epoxy Resin Market is estimated to be valued at US$ 51.57 Mn in 2024 and is expected to exhibit a CAGR of 6.1%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the Epoxy Resin market is the shift towards bio-based and sustainable resins. Strict environmental regulations regarding volatile organic compound (VOC) emissions have increased demand for bio-based and green epoxy resins. Major players are investing in R&D to develop plant-oil based epoxy resins from soy, linseed and coconut oil which have lower VOCs and toxicity compared to conventional petroleum-based resins. For instance, technology developer Spolchemie is commercializing an epoxy resin made from tall oil, a byproduct of the Kraft paper pulping process. These sustainable bio-based epoxy resins have competitive properties and better performance compared to traditional materials. The increasing focus on green chemistry and sustainability will continue to drive the demand for bio-based epoxy resins in the coming years.

Porter’s Analysis
Threat of new entrants: Low due to high capital requirement and established brand loyalty of existing players.

Bargaining power of buyers: Moderate as buyers can opt for substitutes but quality and performance factors increase customer retention for epoxy resin products.

Bargaining power of suppliers: Moderate as suppliers have availability of raw materials but companies have capabilities to develop alternatives to avoid dependence.

Threat of new substitutes: Low as epoxy resins have superior adhesion properties making alternatives less attractive.

Competitive rivalry: High owing to presence of numerous regional and global players.

Key Takeaways
The Global Epoxy Resin Market Size is expected to witness high growth.

Regional analysis:

The Asia Pacific region dominates the global epoxy resin market and is expected to grow at fastest CAGR during the forecast period. Factors such as rapid industrialization and infrastructure development activities in China, India and other Asia Pacific countries are fueling market growth.

Key players operating in the epoxy resin market are Eli Lilly and Company, BASF SE, DuPont, Dow Chemicals, Hexion Inc. Eli Lilly and Company specializes in thermoset epoxy resins used in aerospace, wind energy and other applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it