Base Epoxy Resins Market Size, Share, Growth, And Industry Analysis, By Type (Glycidyl Epoxy and Non-Glycidyl Epoxy), By Application (Paints & coatings, Wind turbine, Composites, Construction, Electrical & electronics, Adhesives, & Others) Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Base epoxy resins market Report Overview

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The global Base epoxy resins market size was valued at USD 7289.2 million in 2022 and is expected to reach USD 8997.8 million by 2028, at CAGR of 3.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Epoxy resins are a type of thermosetting polymer that is commonly used in a wide range of applications, including adhesives, coatings, composites, and various industrial and consumer products. These resins are known for their exceptional adhesive properties, mechanical strength, chemical resistance, and durability. Epoxy resins are typically made up of two main components: the epoxy resin itself and a curing agent (often a hardener). The choice of epoxy resin can significantly impact the final properties and characteristics of the cured material.

The market has seen steady growth over the years. The market refers to the industry that produces and supplies the core epoxy resin materials used in various applications. This market is a subset of the larger epoxy resin industry, which includes not only base resins but also curing agents, modifiers, and other additives that are used to tailor epoxy systems to specific applications.

COVID-19 Impact: Market Faced a Fall in Demand Due to Production Slowdowns During the Pandemic

There was no single sector unaffected by COVID-19. Many manufacturing facilities had to shut down or operate at reduced capacity to comply with lockdowns and social distancing measures. This resulted in reduced epoxy resin production and potential disruptions in the supply chain for various downstream industries.

Latest Trends

"Use of High-Performance Composites to Enhance the Efficiency in the Market"

The Base epoxy resins market is as dynamic as any other market. Epoxy resins are widely used in composite materials, such as in aerospace, automotive, and wind energy applications. The trend is towards high-performance composites that are lighter, stronger, and more durable. Epoxy-based composites continue to play a crucial role in achieving these objectives.

Base epoxy resins market Segmentation

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• By Type Analysis

According to type, the market can be segmented into glycidyl epoxy and non-glycidyl epoxy.

 In terms of services, glycidyl epoxy is the largest segment, as it holds the maximum share of the market.

• By Application Analysis

Based on application, the market can be divided into paints & coatings, wind turbine, composites, construction, electrical & electronics, adhesives, and others.

Driving Factors

"Growing Construction and Infrastructure Projects to Increase Demand in the Market"

The construction industry is a major consumer of epoxy resins, using them in applications such as flooring, adhesives, and coatings. Increased construction and infrastructure development projects, especially in emerging economies, drive the demand for epoxy resins. The growth in construction and infrastructure projects has a significant impact on the market for several reasons. Epoxy resins are used in various construction-related applications, including adhesives, coatings, and flooring systems.  Overall, the growth in construction and infrastructure projects provides a robust market for epoxy resins. These resins play a crucial role in enhancing the durability, aesthetics, and performance of various construction and infrastructure components, making them essential materials in the construction industry. The continued expansion of these sectors is expected to drive the demand for epoxy resins in the foreseeable future.

"Rising Automotive and Aerospace Industries to Influence the Demand in the Market"

Epoxy resins play a vital role in light weighting and enhancing the mechanical properties of components in the automotive and aerospace sectors. As these industries continue to evolve and emphasize fuel efficiency and advanced materials, the demand for epoxy resins increases. The growth of the aerospace and automotive industries plays a significant role in driving the market. Epoxy resins are utilized in various applications within these industries due to their exceptional mechanical properties, lightweight characteristics, and versatility. As the aerospace and automotive industries continue to grow and evolve, the demand for advanced materials like epoxy resins will remain strong. Epoxy resins enable these industries to meet the challenges of weight reduction, increased fuel efficiency, and improved overall performance while maintaining the structural integrity and safety standards required for their products. In this way this factor resulted in Base epoxy resins market growth.

Restraining Factor

"Health and Safety Concerns to Lead a Declining Trend in the Market "

Epoxy resins contain chemicals that may pose health and safety risks to workers during manufacturing and application. Adherence to safety protocols and regulations, as well as the development of low-VOC formulations, can be a challenge for manufacturers. As a consequence, there can be a declining trend in the market. 

Base epoxy resins market Regional Insights

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"North America to Dominate the Market owing to Advanced Industrial and Technological Base"

North America has the largest base epoxy resins market share as it has a highly developed industrial and technological base. The region is home to numerous industries that use epoxy resins, such as aerospace, automotive, construction, electronics, and marine sectors. These industries have a strong demand for high-performance materials like epoxy resins. North America has a robust aerospace and automotive manufacturing sector. The use of epoxy resins in composites and adhesives for these industries is well-established. The U.S. is a major hub for aerospace innovation and production, with numerous aircraft and spacecraft manufacturers, while Canada and Mexico also play significant roles in the automotive industry.

North America has a strong focus on research and development. This has led to innovations in epoxy resin formulations, allowing manufacturers in the region to produce high-quality, specialized epoxy resins to meet the specific needs of various industries. North America has stringent environmental and safety regulations. These standards drive the demand for epoxy resins with low VOC (volatile organic compounds) and compliance with health and safety requirements. The ability to meet these standards is a competitive advantage for epoxy resin manufacturers in the region.

Key Industry Players

"Key Players Focus on Research and Development and Quality Assurance For Market Expansion"

Key players in the market are typically major companies that manufacture, supply, and distribute epoxy resins and related products. These companies play pivotal roles in shaping the market, driving innovation, and meeting the demands of various industries that rely on epoxy resins. Key players invest in research and development efforts to innovate and improve epoxy resin formulations. This includes developing new epoxy products, optimizing existing formulations, and exploring sustainable and environmentally friendly alternatives. Maintaining product quality and consistency is a crucial responsibility. Key players have stringent quality control processes in place to ensure that their epoxy resins meet industry standards and customer expectations. Key players actively expand their market presence, both domestically and internationally. They may establish distribution networks, partner with local distributors, and explore opportunities in emerging markets to reach a broader customer base.

List of Market Players Profile

• 3M (U.S)
• Aditya Birla (India)
• Atul (India)
• BASF (Germeny)
• DowDuPont (U.S.)

Report Coverage

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Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.