Global Epoxy Resin Market Report and Forecast 2024-2032

Global Epoxy Resin Market Size

The global epoxy resin market attained a value of about USD 7.18 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.40% to reach nearly USD 12.55 billion by 2032.

Epoxy Resin Market Outlook

• In 2024, Huntsman Corporation launched Araldite® GY 40100, a conductive epoxy resin with 2 wt% MIRALON ® filler for electrically conductive materials compatible with epoxy systems.

• In 2024, DIC Corporation announced the successful development of core technology related to a groundbreaking epoxy resin curing agent with high heat resistance over 200°C and recyclability.

• In 2023, Kukdo Chemical developed a meaningful step toward sustainable growth by acquiring the certification of the Compliance Management System of ISO 37301.

• Quality control solutions, driven by AI, ensure product quality through the automated detection of faults at the very beginning of manufacturing, and the improvement of overall efficiency in industrial processes.

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Epoxy Resin Market Growth

The main drivers of epoxy resin include high-performance industries, such as aerospace, automotive, and construction, which are exhibiting a growing demand for epoxy resins due to the high strength and durability they offer. The epoxy resin demand growth is further fueled by growing infrastructure projects and industrialization in emerging markets.

Improvement in the composite material sector, which is mainly served by the application of epoxy resins to improve their mechanical properties, is another important reason for market growth. Not to forget that development and emphasis on sustainability play a very key role as well. Companies are forced to develop and innovate with low-emission and renewable resin options since regulatory pressures and consumer preference drive the call for greener solutions and thereby push the growth of the epoxy resin industry.

Key Trends and Recent Developments

Use of eco-friendly resins, the booming aerospace and automotive sector, and advances in composites are opening up new epoxy resin market opportunities.

July 2024

Chinese state-owned chemical giant Sinochem International is developing a high-performance epoxy resin solution to resolve the problem of Hydrogen storage and transportation.

October 2023

Robnor ResinLab, a leading formulator of epoxy and polyurethane resin systems, has launched its new bio-based epoxy resin, PX806C.

March 2023

Westlake Corporation announced that its subsidiary, Westlake Epoxy, launched its new product line, AZURES, at the 2023 European Coatings Show in Nuremberg, Germany, held from March 28 to March 30, 2023, increasing the demand of epoxy resin market.

March 2019

Axalta has introduced a new epoxy-based casting resin system, Voltacast 3310/Voltacast H134, which further expands the portfolio of Axalta's Energy Solutions business under the brand name Voltacast.

Rising Environment-friendly Epoxy Resin Adoption

The global market for epoxy resin is moving towards green resins produced from natural sources. The trend is caused by more stringent environmental implementation and an increase in consumer demand for sustainable goods. The companies are innovating with bio-based and low-emission epoxy solutions to reduce their environmental impact and boost the overall epoxy resin market revenue.

Growth in Aerospace and Automotive Sector

Many applications are in the aerospace and automotive industries because of their high mechanical strength, durability, and thermal resistance. The trend of lightweight and high-performance structural materials drove the application of advanced epoxy resins in these industries and continues to do so.

Advances in Composites

A rising trend of epoxy resin market is the demand for epoxy resins in composite materials. This has increased and is being driven by the enhanced mechanical properties and durability of these resins. It is from construction to sports equipment, for example, where important performance benefits are lent by epoxy resins, such that innovations being done in composites are driving the demand in said areas.

Growth in Emerging Markets

The rapid growth of the epoxy resin market has been witnessed in emerging economies, and Asia-Pacific has a bias. Major factors currently influencing the consumption of epoxy resins within these regions include the expanded process of industrialization, infrastructure projects, and increased consumer goods demand, all of which set new opportunities for growth.

Epoxy Resin Market Trends

The rising demand for convenience and processed food and beverages is increasing the demand for packaging in both developed and emerging countries. Epoxy resins are used in the internal coatings of cans to enhance the shelf life of canned food and beverage products. They are also used to protect and preserve the taste, texture, and colour of food and beverage products while preventing corrosion.

Moreover, the increasing use of glass packaging is significantly contributing to the epoxy resin market value  as it uses epoxy resin to prevent corrosion in jars and bottles. The introduction of various stringent policies regarding food safety by several governments is increasing the use of epoxy resin, further fuelling the growth of the market.

Increasing research regarding bio-based epoxy resins is expected to aid the market growth. Moreover, the development of bio-based epoxy resins derived from natural polyphenols and natural oils with high mechanical properties as petroleum-based adhesives is anticipated to invigorate the industry growth. The potential use of bio-based epoxy resins in the aviation industry as a substitute for petroleum-based materials is estimated to invigorate the market growth for epoxy resin. As per epoxy resin industry analysis, the increasing usage of such resins in the manufacturing of thermoplastics to create lightweight and sustainable materials is projected to augment growth.

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Epoxy Resin Industry Segmentation

“Epoxy Resin Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

The major forms of epoxy resin are:

• Solid

• Liquid

• Solution

The market can be broadly categorised based on its types into:

• DGBEA (Bisphenol A and ECH)

• DGBEF (Bisphenol F and ECH)

• Novolac (Formaldehyde and Phenols)

• Aliphatic (Aliphatic Alcohols)

• Glycidylamine (Aromatic Amines and ECH)

• Others

Based on application, the market is divided into:

• Paints and Coatings 

• Adhesives and Sealants

• Composites

• Electronic Encapsulation

• Others

By end uses, the industry is classified into:

• Building and Construction 

• Transportation 

• General Industrial

• Consumer Goods

• Wind Energy

• Aerospace 

• Marine

By region, the market is divided into:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Epoxy Resin Market Share

Excellent Mechanical Properties Of Epoxy Resins To Push Its Application In Composites

The demand for epoxy resins will relatively be high in the composites segment. The excellent mechanical properties of epoxy resins feature high strength, toughness, heat resistance, and chemical resistance, all very vital properties in advanced composite materials used in aerospace, automotive, construction, and other such industries.

This trend is thus driven by increasing demand for lightweight and high-performance materials, wherein epoxy resins enhance the structural integrity and performance of composites. The tailoring ability for particular applications has made them ideal to be applied in high-technology and high-demanding environments, tending to increase their prevalence in the composite market.

Epoxy Resins To Gain Prominence In Transportation To Reach Sustainability Standards

Increasing measures taken in the transportation industry to reduce carbon emissions are propelling epoxy resin industry revenue. Epoxy resin adhesives are increasingly used to make automobiles lighter as well as enhance their safety, durability, and efficiency. The rising demand for electric vehicles can also boost market growth as epoxy resins can be used to seal electric motors in electric cars and electric scooters.

For instance, Bayerische Motoren Werke AG (BMW) used a carbon-reinforced composite system using epoxy resin in its latest BMW7 as a lightweight replacement for traditional metals to reduce carbon footprints. This is expected to increase the use of epoxy resins to enhance heat transmission, corrosion protection, and electrical isolation in premium vehicles, therefore augmenting the epoxy resin demand.

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Epoxy Resin Market Regional Analysis

Asia Pacific to Hold a Significant Share of the Epoxy Resin Industry

The epoxy resin industry in Asia Pacific region holds a significant share of the epoxy resin industry due to the robust growth of the construction industry. The increasing automotive production activities in the region are also increasing the demand for epoxy resin. Moreover, the expansion of the consumer electronics industry in countries such as India, China, South Korea, and Japan is further augmenting the industry growth.

Apart from this, North America is witnessing a rapid expansion owing to the increasing investments in the chemical industry in the United States, which is aiding the market growth. The rising demand for consumer goods in the region due to high per-capita income is also augmenting the growth of the industry. As the focus on renewable and clean energy is increasing the adoption of solar energy, epoxy resins are used as an adhesive in solar panels while protecting them from extreme weather conditions, consequently shaping up new epoxy resin market dynamics and trends.

Competitive Landscape

Key players in the global epoxy resin market are focused on innovation to bring evermore advanced and high-performance resins to aerospace and other huge industries, such as the automotive sector. They further underline more eco-friendly formulations for sustainability and regulatory requirements.

BASF SE provides epoxy resins for coatings, adhesives, and composites are a few products among the vast product line.  This company originated in 1865 and is based in Ludwigshafen, Germany. It is the world leader with an innovative solution and vast product lines in the epoxy market.

Kukdo Chemical Co. Ltd. is a major player in the epoxy resin and hardeners market and provides various products for coatings, adhesives, and advanced composites. Incorporated in the year 1968, its registered headquarters are based in Seoul, South Korea. The Company is popularly known for the development of high-performance specialty epoxy products.

Jiangsu Sanmu Group Co., Ltd. offers epoxy resins for coatings, adhesives, and electronic applications. The company was incorporated in 1995 and is based in Jiangsu, China. This group is popularly known for its epoxy business area technological innovation and quality.

Hexion Inc. offers a broad portfolio of epoxy resins and hardeners for adhesives, coatings, and composites applications. Founded in 1899, Hexion is headquartered in Columbus, Ohio within the United States, and is a leader in vast product development and the development of highly complex epoxy solutions.

Other key players in the epoxy resin market report include BASF SE, Kukdo Chemical Co. Ltd., Jiangsu Sanmu Group Co., Ltd., Hexion Inc., Aditya Birla Chemicals, Chang Chun Group, among others.

Key Highlights of the Report

Epoxy Resin Market Report Snapshots

Epoxy Resin Market Size

Epoxy Resin Market Share

Epoxy Resin Market Growth

Epoxy Resin Market Trends

Epoxy Resin Companies

Epoxy Resin Market Regional Analysis