The Epoxy Resin Market is being driven by Increasing demand for paints and coatings in automotive industry
The Epoxy Resin Market is expected to grow at a CAGR of 6.75% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5.18 billion. In the evolving business landscape, the shift towards renewable resources and biobased raw materials, including starch and other crop derivatives, is gaining momentum for the production of bio-based resins. This trend is particularly prominent in the plastics industry, where the demand for bioplastics is surging. Applications for bioplastics span across various sectors, such as packaging and domestic goods, compelling manufacturers to diversify their offerings beyond petroleum-based plastics. Bio-based resins, sourced from renewable origins, offer a sustainable alternative, with a globally abundant supply contrasting the finite nature of petroleum- and fossil-based raw materials. The increasing awareness of fossil fuel source depletion necessitates a proactive approach towards the adoption of bio-based resins.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
183 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.75% |
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Market growth 2024-2028 |
USD 5.18 billion |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
6.29 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Epoxy Resin is a high-performance thermosetting material widely used in various industries due to its exceptional properties such as thermal stability, chemical resistance, and mechanical strength. The Epoxy Resin market can be segmented into Solid grade, Semi-Solid grade, and Liquid grade based on viscosity. Cycloaliphatic Epoxy and Epoxy Phenol Novolac are popular types of Epoxy Resin. The IT sector utilizes Epoxy Resin in making printed circuit boards due to its excellent electrical insulation properties. In the construction industry, Epoxy Resin is used for wastewater treatment plants and infrastructure projects due to its durability and resistance to UV radiation. The shipbuilding industry and automotive production rely on Epoxy Resin for motor vehicles and aerospace applications. The Middle-income population's growing demand for better housing and infrastructure spending in developing countries is driving the demand for Epoxy Resin in the construction sector. Technological advancements in Epoxy Resin formulations are also fueling growth in the paints & coatings sector. Regulatory and sustainability mandates are pushing the industry towards greener Epoxy Resin formulations. The end-use segments include IT, aerospace, automotive, construction, and industrial applications. Overall, the Epoxy Resin market is expected to grow significantly due to its versatility and superior properties.
The Epoxy Resin Market is a significant segment of the global Specialty Chemicals Industry, according to Technavio's market research. This market encompasses businesses specializing in high-value-added epoxy resins utilized in the production of a diverse range of products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. Technavio determines the size of the global Specialty Chemicals Market by aggregating the revenues generated by manufacturers dealing in high-value-added chemicals. Key growth drivers for this market include the increasing preference for specialty adhesives and sealants, which are experiencing significant demand due to their superior performance and versatility in various industries. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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