San Francisco, March 09, 2022 (GLOBE NEWSWIRE) -- The global epoxy resin market size is expected to reach USD 19.55 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 6.7% over the forecast period. The growing demand for epoxy-based composites across various end-use industries is expected to drive the market during the forecast period.
Key Insights & Findings from the report:
- In terms of revenue, the paints & coatings application segment accounted for the largest revenue share in 2020. The segment is expected to witness prominent growth over the forecast period.
- The construction application segment is projected to progress at the fastest CAGR of 7.7% during the forecast period.
- Asia Pacific led the market in 2020and will register a steady CAGR from 2021 to 2028.
- The growing number of manufacturing facilities is boosting construction activities in the region, which, in turn, is anticipated to propel product demand over the forecast period.
- Strategic partnerships & agreements, capacity expansions, and new product developments are the popular business strategies adopted by most companies operating in the global market.
- For instance, in November 2020, Sika AG expanded its production facility based in Dubai, UAE for local production of epoxy resins for targeting the flooring market.
- This helped company increase its flexibility in production, optimize cost structures, shorten the delivery times, and reduce inventories.
Get Sample of this market research report, “Epoxy Resin Market Size, Share & Trends Analysis Report By Application (Paints & Coatings, Construction), By Region (APAC, North America, Europe), And Segment Forecasts, 2021 - 2028”, published by Grand View Research.
Epoxy Resin Market Growth & Trends
Epoxy resins are used to manufacture composite materials that are used widely in load-bearing applications, such as automotive, aerospace, construction, oil & gas, and marine, owing to its properties, such as high mechanical properties, super adhesiveness, and others. The demand for high-performance composites is expected to witness high demand from the commercial airplane sector. Moreover, emerging opportunities in various applications, such as wind turbines and pressure vessels, will boost market growth.
However, the relatively high cost and labor-intensive production of advanced composites are anticipated to prevent these composites from penetrating high-volume and price-sensitive markets. Increasing demand for composites from the automotive and aerospace industries, particularly in Europe and North America, is expected to remain a key driving factor for the market. Rising fuel prices coupled with the rapidly growing commercial aviation sector are expected to drive product demand over the forecast period.
The construction application segment is estimated to witness significant growth over the forecast period. In construction applications, epoxy resins are used as sealers, hardeners, grouts, and mortars, and laminates for walls, roofs, and decks. Properties, such as low water permeability, excellent cleaning material, chemical resistance, good mechanical properties, low cure shrinkage, and excellent adhesion, are projected to fuel product demand in construction applications.
Increasing spending on infrastructure development, rising urban population, coupled with favorable government initiatives for providing affordable houses to the masses are expected to contribute to the growth of the construction industry globally, thereby creating product demand. For instance, in March 2020, the U.S. government announced an investment worth USD 2 trillion as a part of coronavirus response for the development of infrastructure including hospital buildings, roads, and other infrastructure. In addition, the rising awareness among the masses about the benefits of green buildings is anticipated to fuel the growth of the construction industry globally. This, in turn, is projected to lead to increased product demand in construction applications over the forecast period.
Epoxy Resin Market Segmentation
Grand View Research has segmented the global epoxy resin market on the basis of application and region:
Epoxy Resin Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Paints & Coatings
- Wind Turbines
- Composites
- Construction
- Electrical & Electronics
- Adhesives
- Others
Epoxy Resin Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Europe
- Germany
- France
- U.K.
- Asia Pacific
- China
- India
- Japan
- Taiwan
- South Korea
- Central & South America
- Middle East & Africa
List of Key Players of Epoxy Resin Market
- 3M
- Aditya Birla Management Corporation Pvt. Ltd.
- Atul Ltd.
- BASF SE
- Solvay
- Huntsman International LLC
- Kukdo Chemical Co., Ltd.
- Olin Corp.
- Sika AG
- Nan Ya Plastics Corp.
Check out more related studies published by Grand View Research:
- Corrosion Resistant Resin Market - The global corrosion resistant resin market size is expected to reach USD 11.50 billion by 2025, according to a new report by Grand View Research, Inc. The modernization of construction industry is a huge development figure, which is driving the overall market advancement of corrosion resistant resins. Corrosion resistant resins are utilized as a part of end-use industries, for instance, in chemical processing, marine, car, oil and gas, and others. Therefore, the increasing use of corrosion resistant resins in the end-use industry is positively affecting the market. The preference for corrosion resistant resins market can be attributed to erosion in structures, hardware, and apparatuses, especially from the substance business plants; particularly parts, for example, boilers, radiators, pumps, and smokestacks.
- Unsaturated Polyester Resin Market- The global unsaturated polyester resin market size is anticipated to reach USD 18.9 billion by 2027, expanding at a CAGR of 6.3%, according to a new report by Grand View Research, Inc. Developments in the building and construction and tank and pipes are likely to drive the demand for the isophthalic in these end-use segments. Increasing use of environment-friendly and energy saving products is also expected to influence the market, positively.
- Filler Masterbatch Market- The global filler masterbatch market size is anticipated to reach USD 521.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2021 to 2028. The market is anticipated to grow well due to the use of filler masterbatches for providing colour variants and imparting other properties to plastic materials used in the automotive, packaging, building and construction, and consumer goods industry across the globe. Calcium carbonate is commonly used as filler in the plastic industry which helps in reducing plastic melting pressure when shaping plastic into product forms.
Browse through Grand View Research’s Plastics, Polymers & Resins Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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