Epoxy Resin Market Segmentation: Understanding End-User Industries And Preferences

The global epoxy resin market size was estimated at USD 11.25 billion in 2023 and is expected to grow at a CAGR of 6.3% from 2024 to 2030. Increasing demand for paints and coatings is anticipated to drive market growth significantly during the forecast period. Increasing demand for epoxy resins is attributed to growing spending on construction, particularly residential construction, especially in North America and Western Europe. The rapid growth in global manufacturing activities is expected to fuel the demand for paints & coatings used in the production of motor vehicles and other durable goods, as well as industrial maintenance applications. This is expected to boost the demand for epoxy resins globally.

Asia Pacific has been the leading consumer of epoxy resins, fueled by increasing demand from China and India. Infrastructure development, along with increasing automotive production, has fueled paints & coatings demand in the region. Increasing disposable income and willingness to spend are expected to drive the market over the coming years.

In the recent past, global automotive production increased rapidly due to growing demand from middle-class families and rising disposable income across emerging nations such as China, India, Brazil, Vietnam, and others. The rise in automotive demand propelled the consumption of paints & coatings across the automotive industry, thereby fueling the demand for epoxy resins. However, volatile raw material price of epoxy resin is expected to restrain the market growth during the forecast period.

In addition, the outbreak of COVID-19 negatively impacted the demand for epoxy resin in various applications, including paints & coatings, adhesives, wind turbines, and others, owing to the stalled manufacturing activities, restrictions in supply and transportation, and economic slowdown across the globe in 2020. Moreover, the recommencing industrial operation is projected to positively influence the market demand in the coming years.

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Recent Developments

• In February 2024, DCM Shriram announced the plan to invest over USD 10 billion in advanced material products manufacturing by setting up a greenfield plant in the next few years. The extensive line of advanced materials products includes liquid epoxy resins, solvent cuts, hardeners, formulated resins, and reactive diluents for a variety of industries such as electronics, wind turbines, electric vehicles (EVs), fireproofing, and lightweight.

• In July 2022, DIC Corporation announced the acquisition of Guangdong TOD New Materials Co., Ltd., a China-based coating resin manufacturer. This acquisition helps DIC’s continuous efforts to grow its Asian market coating resin capacity, particularly in China. In the medium to long-term plan, DIC aims to establish a dominant position of coatings resins in the Asian region by broadly supplying resin products that can reduce environmental impact with additional functionality, as well as leveraging the expansion of production facilities at Ideal Chemi Plast of India.

• In November 2021, Solvay introduced a reactive waterborne emulsifier named Reactsurf 0092 for solid epoxy resin, which is mainly used in industrial coatings and paints. The company is continuously producing and supplying products to meet the sustainable development challenges and regulatory requirements for cleaner, healthier paints and coating formulations.