Growing Demand from Electronic and Electrical Industries Surges Growth in the Epoxy Resin Market; FMI Analysts Predict Market Valuation to Surpass US$ 24 billion by 2034

The demand for epoxy resin in the United States is projected to rise at a 5.9% CAGR through 2034. The United States' aerospace and defense industries require high-performance materials, including adhesives, coatings, and aircraft components. These sectors make substantial use of epoxy resins, which are noted for their mechanical strength and lightweight nature.

NEWARK, Del, April 04, 2024 (GLOBE NEWSWIRE) -- The epoxy resin market is anticipated to surpass US$ 13.8 billion in 2024 and is likely to attain a valuation of US$ 24 billion by 2034. The epoxy resin market size is projected to thrive at a CAGR of 5.7% from 2024 to 2034.

Epoxy resins are widely used in the electronics and electrical industries, such as shielding delicate electronic components from moisture, dust, and mechanical harm. The demand for dependable, high-performance materials like epoxy resins rises as technology develops and gadgets get more complicated. The market is anticipated to increase as electronics become increasingly integrated into everyday life, from smartphones to smart home appliances, and as sectors like renewable energy and telecoms grow.

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Waterborne epoxy resins' environmental benefits over solvent-based counterparts drive their growing popularity. Waterborne formulations have fewer volatile organic compounds (VOCs) and dangerous air pollutants than solvent-based resins. Waterborne epoxy resins are likely to be in high demand across various sectors, including paints, adhesives, and composites, as environmental restrictions tighten and customers seek more environmentally friendly goods.

Epoxy resins are widely demanded by the healthcare industry, especially in dental products and medical equipment. Epoxy resins are biocompatible and multipurpose materials that are used to make dental composites, adhesives, and coatings for medical equipment. The capacity of epoxy resin to produce accurate and long-lasting dental components helps the dental business and advances dental treatment. Epoxy resins are used in medical devices to ensure the effectiveness and safety of different equipment, assisting in providing high-quality healthcare services.

"Success in the growing epoxy resin market depends on being flexible enough to adjust to technological changes and keeping sustainability in mind. Meeting the varied demands of the sector requires customization, and maintaining competitiveness requires both innovation and regulatory compliance. Being adaptable is essential for surviving in this fast-paced industry." Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Key Takeaways from the Epoxy Resin Market Report

The global epoxy resin market size expanded at a 7.7% CAGR from 2019 to 2023.
The DGBEA segment is anticipated to rise at a 5.6% CAGR through 2034.
The solvent cut epoxy segment is predicted to develop at a 5.3% CAGR through 2034.
The market size in the United States is projected to rise at a 5.9% CAGR through 2034.
The market size in China is anticipated to develop at a 6.1% CAGR through 2034.
The market size in the United Kingdom is estimated to surge at a 7.2% CAGR through 2034.
The market size in South Korea is expected to increase at a 7.0% CAGR through 2034.

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Competitive Landscape

The epoxy resin market is typified by a competitive environment that includes both local firms like Kukdo Chemical Co., Ltd. and worldwide giants like Hexion Inc. and Huntsman Corporation. Ongoing innovation, strategic partnerships, and sustainability efforts drive competitiveness. Startups introduce disruptive innovations, while market dynamics are reshaped through mergers and acquisitions. A wider trend towards eco-friendly formulations and materials is reflected in the growing importance of sustainability practices for market positioning.

Key Players in the Epoxy Resin Market

Hexion Inc.
Huntsman Corporation
Aditya Birla Chemicals
Kukdo Chemical Co., Ltd.
Olin Corporation
Nan Ya Plastics Corporation
Dow Inc.
Sika AG
Ashland Global Holdings Inc.
3M Company
DIC Corporation
Atul Ltd.
Evonik Industries AG
Kemper System America, Inc.
Reichhold LLC (Polynt Group)

Recent Developments

In November 2023, Induron Protective Coatings introduced Novasafe, their latest product. Novasafe is a furfuryl-modified, thick film, ceramic-filled novolac epoxy that can endure the most severe conditions in treatment facilities.
In October 2023, Matsumoto Fine Chemical (Ichikawa, Japan) introduced X-1366R, a one-part thermosetting epoxy resin designed for composite infusion operations. It does not require pre-mixing and may quickly enter fibers due to its low viscosity at room temperature.

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Epoxy Resin Market Segmentation

By Type:

DGBEA
Novolac
DGBEF
Aliphatic
Glycidylamine
Others

By Technology:

Solvent Cut Epoxy
Liquid Epoxy
Waterborne Epoxy
Others

By Application:

Composites
Paints & Coatings
Grouts & Mortars
Adhesives
Electronic Encapsulation
Others

By End-use:

Aerospace
Automotive & Transportation
Building & Construction
Electrical & Electronics
Marine
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Japan

Authored by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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From 2023 to 2033, global epoxy curing agent demand is projected to rise at 4.6% CAGR. The market observed a 3.7% year-on-year growth in 2022 and is estimated to reach US$ 3,658.7 million in 2023.

The epoxy paints market is likely to estimate a CAGR of 5% through 2032. The market is likely to be estimated at US$ 36.38 Billion by 2032, up from its current valuation of US$ 59.26 Billion in 2022.

The usage of polysulfide resins in the building sector is expected to increase since they provide final goods with remarkable flexibility as well as weather resistance. It is thus likely to have produced US$ 254.61 million by 2033, alongside a CAGR of 4.1% from 2023 to 2033.

The polyurethane resins paints and coatings market was valued at US$ 33786.16 million in 2022, with a CAGR of 4.5% expected during the forecast period.

Asia Pacific epoxy resin industry size reached US$ 4,715.5 million in 2023. In the estimated period 2024 to 2034, epoxy resin demand in the region is anticipated to rise at 5.5% CAGR.

The global epoxy paint thinner market is expected to register a CAGR of 6.5% garnering a market value of US$ 39.42 million by 2033. As of 2023, sales of epoxy paint thinners will most likely reach US$ 21 million in valuation.

The chlorinated polyethylene resins & elastomers market is forecast to reach US$ 600 Million by 2022, expected to flourish at a CAGR of 8% to reach US$ 1,297 Million by 2032.

The global market for dimer acid-based polyamide resins is expected to be valued at US$ 2.5 Billion in 2022, anticipated to flourish at a CAGR of 7% to reach US$ 5 Billion by the end of the 2022-2032 forecast period.

The global amino resin market is expected to reach US$ 19.3 billion by 2032, with a significant CAGR of 6.1% during the forecast period. Currently, the market is expanding at a size of US$ 10.75 billion.

The global ion exchange resins market is estimated to be valued at around US$ 1.47 million in 2023 and is projected to reach US$ 2.37 million by 2033.

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