Epoxy Resin Global Market Report 2023
Major players in the epoxy resin market are Sika AG, Olin Corporation, Huntsman International LLC, Kukdo Chemical, Aditya Birla Chemicals, 3M, Sinopec Corporation, Nan Ya Plastics Corporation, Chang Chun Group, BASF SE, Atul Ltd.
New York, March 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Epoxy Resin Global Market Report 2023" - https://www.reportlinker.com/p06433522/?utm_source=GNW
, Solvay SA, Covestro AG, Jiangsu Sanmu Group Co., Ltd., Jubail Chemical Industries LLC, Kolon Industries Inc., NAGASE & CO LTD and Techstorm.
The global epoxy resin market grew from $10.64 billion in 2022 to $11.55 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The epoxy resin market is expected to grow to $15.77 billion in 2027 at a CAGR of 8.1%.
The epoxy resin market consists of sales of glycidyl or non-glycidyl epoxy resin.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The epoxy resin refers a kind of polymer and prepolymer that is reactive and contains epoxide groups.In the presence of catalysts, these resins either react with one another or with several co-reactants such amines, phenols, thiols, etc.
These are used to increase strength, durability, chemical resistance, and adhesion.
Asia-Pacific was the largest region in the epoxy resin market in 2022. The regions covered in the epoxy resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of applications are paints and coatings, composites, adhesives and sealants, and other applications.Paints and coatings are used in commercial and industrial buildings such as electrical, automotive, and marine applications owing to their mechanical and protective properties, enhance concrete floor, resistance to stains, cracks, and high temperature.
Paints and coatings refer to the use of suspension of polymers mixed with colour pigments to provide an aesthetic appearance and safety to the surface.The various physical forms are liquid, solid, and solution.
The various types are DGBEA (bisphenol A and ECH), DGBEF (bisphenol F andECH), Novolac (formaldehyde and phenols), and Aliphatic (aliphatic alcohols), Glycidylamine (aromatic amines and ECH), other types. The various end-users are building and construction, automotive, large and heavy vehicles and railroads, general industrial, consumer goods (including sporting equipment), wind power, aerospace, marine, and other end uses.
The rising demand for epoxy resin from the automotive industry is expected to propel the growth of the epoxy resin market.The automotive industry refers to the design, manufacturing, and selling of motor vehicles that uses epoxy resin to paint the body of automobiles.
The use of epoxy resin as a protective coating extends the life of automobiles. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), a France-based international trade organization, in 2021, automobile production increased globally by 3%, from 77.8 million produced in 2020 to 80.14 million in 2021. An increase in the production of automobiles increases the need for epoxy resins. Therefore, the rising demand for the automotive industry drives the epoxy resin market.
Product innovation is a key trend gaining popularity in the epoxy resin market going forward.Major companies operating in the epoxy resin market are focused on product innovations to strengthen their position in the market.
For instance, in April 2022, Hexion Inc., a USA-based chemical manufacturer that develops chemical materials and performance resins, launched the products EPON LY Resin 1810 and EPIKURE LY Curing Agent 3801. These chemicals are used to minimize the yellowing of epoxy coating on household and commercial surfaces to improve performance, cure, lessen air emissions, and increase surface strength.
In January 2021, Huntsman Corporation, a USA-based chemical manufacturing company that develops, and markets speciality chemicals, acquired Gabriel Performance Products LLC for a $250 million deal.The acquisition helps Huntsman Corporation to expand its speciality chemical product portfolio and improve its customer base and product reach in North America.
Gabriel Performance Products LLC is a USA-based chemical company that manufactures resin coating and composites.
The countries covered in the epoxy resin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The epoxy resin market research report is one of a series of new reports that provides epoxy resin market statistics, including epoxy resin industry global market size, regional shares, competitors with an epoxy resin market share, detailed epoxy resin market segments, market trends and opportunities, and any further data you may need to thrive in the epoxy resin industry. This epoxy resin market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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