Global Epoxy Resin Market to Grow at a CAGR of 6.40% During 2024-2032, Aided by Increasing Maritime Trade

The rapid globalisation, along with robust economic growth, is increasing maritime trade and shipping demand significantly, which is surging the use of various marine vessels such as ships and boats. This is increasing the demand for marine coatings, therefore propelling the growth of the epoxy resin industry. Epoxy resins are widely used as a raw material in the marine coating during shipbuilding, maintenance, and repair in various parts of marine vessels such as cargo tanks, decks, superstructures, and underwater hulls, among others. Moreover, they can be used in primers, top coats, to prevent corrosion and provide UV resistance while offering decorative purposes. This is contributing significantly to the market growth for epoxy resin. It also enhances the life of marine vessels by protecting them from extreme environmental conditions, which are further fuelling the growth of the epoxy resin industry.

BASF SE (OTCMKTS: BASFY), one of the leading companies in the industry, strengthened its exclusive collaboration with Gustav Grolman GmBH & Co. KG in Europe for marketing of anime-based curing agents for the professional processing of epoxy resins in August 2018. The latter expanded the marketing of the BASF speciality chemicals under Baxxodur brand to Spain, Italy, and Portugal in epoxy resin-based applications. The collaboration makes the company one of the largest distributors of speciality chemicals, therefore strengthening its position in the European market. This is expected to increase the demand for epoxy-resin for various application in major industries. Such collaborations are anticipated to propel the market growth for epoxy resin in the forecast period.

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Market Analysis by Form, Type, Application, End Use, and Region:

• The market, on the basis of form, can be divided into solid, liquid, and solution.

• Based on type, the industry can be divided into DGBEA (bisphenol A and ECH), DGBEF (Bisphenol F and ECH), novolac (formal dehyde and phenols), aliphatic (aliphatic alcohols), and glycidylamine (aromatic amines and ECH), among others.

• On the basis of application, the market is segmented into paints and coatings, adhesives and sealants, composites, and electronic encapsulation, among others.

• The end uses of epoxy resin include building and construction, transportation, general industrial, consumer goods, wind energy, aerospace, and marine.

• The regional markets for epoxy resin include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report: 

• The rising construction and manufacturing activities are aiding the market growth for epoxy resin.

• The market is being driven by the surging use of epoxy resins in canned packaging of food and beverage products to preserve taste, texture, and colour.

• The increasing R&D activities to develop bio-based epoxy resins and surge their use in the aviation industry is augmenting the market growth.

• The surging use of epoxy resins as a substitute for petroleum-based materials in the automotive sector is propelling the growth of the epoxy resin industry.

Key Offerings of the Report:

• The EMR report gives an overview of the global epoxy resin market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the forms, types, applications, end uses, and regions of epoxy resin.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods. 

• The market report also analyses the trade data by covering the major importing and exporting countries. 

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for epoxy resin are BASF SE, Kukdo Chemical Co. Ltd., Jiangsu Sanmu Group Co., Ltd., Hexion Inc., Aditya Birla Chemicals, and Chang Chun Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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