The epoxy resin market is expected to grow at a CAGR of 5.5% to reach USD 17.0 billion by 2028 from USD 12.9 billion in 2023. The market research report gives a purposeful depiction of the area by the practice for research, amalgamation, epoxy resin market size, overview, and review of data taken from various sources. The market growth is driven by various factors, including the significant demand from end-use industries such as building & construction, automotive, general industrial, consumer goods, wind energy, aerospace/aircraft and marine. The Epoxy resin market is driven by the demand for high performance coatings from various industries, including building & construction, automotive, wind energy, aerospace and marine, among other end-use industries. The epoxy resin market has experienced substantial growth in recent years, driven by the widespread adoption of epoxy resins across various industries.
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Epoxy Resin Companies
The key global players in the epoxy resin market, such as Sinopec Corporation (China), Dow Chemical Company (US), 3M (US), Westlake Epoxy (US), DIC Corporation (Japan), Olin Corporation (US), Huntsman Corporation (US), Nan Ya Plastics Corporation (Taiwan), Kukdo Chemical Co., Ltd. (South Korea), Aditya Birla Chemicals (India), Mitsubishi Chemical Group Corporation (Japan), and BASF SE (Germany) have a strong foothold in their respective regions and are exploring geographic diversification options to expand their businesses. They are focusing on increasing their market shares through new product launches and expansions.
THE DOW CHEMICAL COMPANY
The Dow Chemical Company was founded in 1897 and is headquartered in Midland, Michigan, United States. It has a rich history of over a century and has established itself as one of the largest chemical companies globally. Dow operates through several business segments, including Performance Materials & Coatings, Industrial Intermediates & Infrastructure, Packaging & Specialty Plastics, and Agriculture. The Performance Materials & Coatings segment is particularly relevant to the epoxy resin market. Within this segment, Dow offers a comprehensive portfolio of epoxy resins and related products. These epoxy resins find applications in industries such as coatings, adhesives, electrical and electronics, construction, automotive, aerospace, and more. Its expansive reach allows it to serve customers globally, spanning North America, Europe, Asia-Pacific, Latin America, and the Middle East. With its wide range of epoxy resin products and global infrastructure, Dow is well-positioned to meet the needs of customers in the epoxy market.
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WESTLAKE EPOXY
Westlake Chemical Corporation has acquired the global epoxy business of Epoxy inc. The acquired epoxy business, now known as Westlake Epoxy, is headquartered in Rotterdam, The Netherlands, and enjoys a strong reputation as a leader in the industry. Westlake’s epoxy resin products find application in various industries, contributing to the manufacturing of essential consumer goods. Their epoxy resins are utilized in food packaging, medical devices, soaps and detergents, car interiors, fashion, toys, shoes, furniture, electronics, siding, stone veneer, windows, outdoor living products, roofing, and pipe & fittings. These materials serve as critical components that improve the quality and functionality of these end products.
“Liquid based epoxy resin is projected to be the largest form of epoxy resin, in terms of value, during the forecast period.”
Liquid is the most used physical form of epoxy resin. Epoxy resin in its liquid form is typically a low-to-medium viscosity liquid. It is often clear or slightly amber in color. Liquid epoxy resin is commonly packaged and sold in containers such as bottles or cans. Liquid epoxy resin can be applied as a protective coating on surfaces to provide a durable and glossy finish. It is often used on floors, countertops, tabletops, and other surfaces that require high chemical resistance, abrasion resistance, and a smooth, attractive appearance.
“Composites is projected to be the fastest growing application of the epoxy resin, in terms of value.”
Epoxy resin is widely used in composite materials due to its excellent bonding properties, high strength, and durability. Composite materials are made by combining a reinforcement material, such as fiberglass, carbon fiber, or aramid fibers, with epoxy resin as the matrix material. Epoxy resin composites are utilized in the manufacturing of wind turbine blades. The combination of epoxy resin with glass or carbon fibers provides high strength, stiffness, and fatigue resistance, enabling the blades to withstand the harsh operating conditions of wind farms.
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“Asia Pacific is expected to be the fastest growing market for epoxy resins during the forecast period, in terms of value.”
The Asia Pacific region is a significant market for epoxy resin, driven by industrial growth, infrastructure development, and increasing demand from various end-use industries. With its large population, expanding industrial base, and rising consumer demand, the region represents a substantial market for epoxy resin. The market is expected to continue growing due to infrastructure projects, urbanization, and industrialization across countries in the region.
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