Epoxy Resin Market to Reach USD 15.69 Billion by 2028 owing to High Demand in Construction and Automotive Industry
The epoxy resin market was valued at around USD 9.55 billion in 2021. SkyQuest projects the market to reach USD 15.69 billion by 2028, at a CAGR of 7.35% over the forecast period (2022-2028).
Westford, USA, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Epoxy resins are utilized as an adhesive in solar panels while preserving them from adverse weather conditions, hence fostering Epoxy Resins Market growth as the usage of solar energy rises due to the focus on renewable and clean energy. Additionally, the industry is progressing rapidly as a result of the growing usage of glass packaging, which requires epoxy resin to stop corrosion in jars and bottles.
Epoxy resins are reinforced polymer composites derived from petroleum sources, resulting from a reactive process involving epoxide units. They are reinforced polymer composites derived from petroleum sources, resulting from a reactive process involving epoxide units. They are also used to protect and preserve food and beverage products taste, texture, and color while preventing corrosion.
Based on SkyQuest's global market study, light vehicle production has witnessed a rise of 9.4% to reach 3.4 million units in 2022 and is expected to exhibit swift growth in the current decade. As a result of such a growing trend, the epoxy resin industry is projected to experience substantial growth as it finds huge application scope in the automotive industry.
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Increasing Adoption of Epoxy Resin in Paints and Coatings to Offer Lucrative Market Opportunities
According to SkyQuest's research insights, the paints and coating segment held the dominant share in the epoxy resin market, accounting for 34.2% in 2022. In addition, the segment's growth is anticipated to reach 38.6% by 2028. The automotive industry's rising need for paints and coatings is a major factor fueling the expansion of the epoxy resin market. The automotive industry uses paints and coatings for various purposes because of their affordability, high durability, great gloss, and ease of availability. In addition, coatings made of epoxy resin have high thermal stability and are heat- and fire-resistant.
The increasing purchasing power of consumers in developing nations like India and China would encourage urban commuters to buy cars. In turn, this will fuel the expansion of the automobile sector in these nations. As a result, the demand for paints and coatings will rise due to these factors, which is anticipated to propel the epoxy resin market expansion during the forecast period.
The market analysis discussed in the epoxy resin market research study considers important factors, including growth rate, production status, consumer behavior, business possibilities, cutting-edge technology, and significant global trends. In addition, the market study on epoxy resin looks at the present market structure, products, and application areas, and it offers detailed historical market data as well as dependable future market projections.
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DGBEA Segment's Substantial Contribution to Revenue Generation to Bolster Market Growth
According to SkyQuest's estimates, the DGBEA segment succeeded in generating 24.7% in 2022 and is assumed to witness a 9.3% CAGR to take this lead ahead in the coming years. The DGEBA resin, which has outstanding adhesive, chemical, and heat resistance qualities, is the condensation byproduct of bisphenol-A and epichlorohydrin. Over the projected period, the segment expansion is anticipated to be driven by the expanding demand for DGBEA resin in the industrial and construction sectors. Nevertheless, the novolac category is anticipated to expand significantly during the forecast period due to the widespread use of novolac in plastics, adhesives, and surface applications.
North America has experienced tremendous growth because of increased spending in the chemical industry in the U.S. The growing demand for consumer goods also supports the expansion of the epoxy resin industry in the area due to the high per capita wealth. In addition, epoxy resins are used as an adhesive in solar cells to protect them from bad weather, supporting industry expansion as the focus on clean, renewable energy increases.
The research analyses complex data in plain terms and present the industry's historical and current state together with projected market size and trends. The research is an investor's guide because it clearly depicts competition analysis of key companies by product, price, financial situation, product portfolio, growth strategies, and regional presence in the market.
Key Developments in Epoxy Resin Market
EzCiclo and CleaVER, two new products from Swancor, provide a fresh approach to recycling and reusing wind turbine blades. EzCiclo is a thermosetting epoxy resin that may be recycled and degraded using the company's CleaVER technology when used with carbon or glass fiber reinforcement. In addition to the wind turbine, the resin can be used in various other industrial processes and industries like athletic goods and automobiles.
Rotometal, a Polish tooling specialist, has introduced Eco CRO Sleeves GF, which uses composite print cylinders and substitutes 100% rPET for the standard honeycomb volumetric layer material. In addition, a high-performance green epoxy resin for the base layer has 28% of its molecular structure derived from plants.
Swancor has established a strategic partnership to produce recyclable wind turbine blades utilizing EzCiclo, a recyclable thermosetting epoxy resin from Swancor. The partnership aims to achieve carbon neutrality and new material innovation milestones and provide customers with eco-friendly products and recycling solutions.
Pinmar Yacht Supply (PYS), GYG's international superyacht supply brand, announced a new partnership with BM Composites to sell Gurit epoxy resin products in their Spanish outlets. Gurit products' versatility and resilience deliver a solution finely tuned to customer requirements, as evidenced by collaborations with leading teams competing in America's Cup and TP52 yachting series.
Businesses involved in the sector are now more engaged with launching strategies like focused marketing and strategic collaborations to increase their global significance. The fact that these businesses are now aiming to handle a specific business-related activity in a nation that offers advantageous legislation is a discernible trend being noted across the board. Additionally, it describes the landscape of investments and industry dynamics and projects future trends based on several influencing factors.
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Key Questions Answered in the Epoxy Resin Market Report
What are the anticipated trends and consumer behavior patterns for the target market?
Which factors are predicted to boost and hamper the market's overall growth?
What are the potential regional expansion prospects for the market participants?
Which sort of global events and investments has positively impacted the market?
Prominent Players in Epoxy Resin Market
Aditya Birla Chemicals (India)
Kolon Industries (South Korea), Inc.
Kukdo Chemical Co., Ltd (South Korea)
Ciech S.A. (Poland)
Atul Ltd (India)
China Petrochemical Corporation (China)
Huntsman International Llc (U.S.)
Hexion (U.S.)
Nan Ya plastics corporation (Taiwan)
Spolchemie (Czech Republic)
Chang Chun Group (Taiwan)
Macro Polymers (India)
Olin Corporation (U.S.)
Dow (U.S.)
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