Epoxy Resin Market Demand: Impact of COVID-19 and Recovery Strategies

 The global epoxy resin market size is expected to reach USD 16.87 billion by 2030, registering a CAGR of 6.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing demand for epoxy-based composites across end-use industries is expected to drive the market during the forecast period. 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 their high super adhesiveness and high mechanical &other properties. The demand for high-performance composites is expected to witness growth in the commercial airplane sector as well as emerging opportunities in various applications, such as wind turbines and pressure vessels.

 

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. Increasing fuel prices coupled with the rapidly growing commercial aviation sector are expected to drive the 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, mortars, and laminates for walls, roofs, and decks.

 

 

Gather more insights about the market drivers, restrains and growth of the Global Epoxy Resin Market

 

 

Properties, such as low water permeability, excellent cleaning material, and chemical resistance, good mechanical properties, low cure shrinkage, and excellent adhesion, and others are projected to fuel the demand for epoxy resins in construction applications. Increasing spending on infrastructure development and 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 demand for epoxy resins. For instance, in March 2020, the U.S. government announced an investment worth USD 2 trillion as a part of the coronavirus response for the development of infrastructure including hospital buildings, roads, and other infrastructure.

 

 

Epoxy Resin Market Report Highlights

 

·        In terms of revenue, The paints & coatings application segment led the market and accounted for a 37.41% revenue share in 2023.

 

·        The construction application is expected to grow at the fastest CAGR of 7.3% during the forecast period.

 

·        The rising awareness among the masses about the benefits of green buildings is further anticipated to fuel the growth of the construction industry globally.

 

·        This, in turn, is projected to lead to increasing product demand in construction applications over the forecast period.

 

·        Asia Pacific region dominated the global market and accounted for the largest revenue share of 59.11% in 2023 due to a rise in the number of manufacturing facilities that boost construction activities, thereby, propelling the product demand.

 

·        Strategic partnerships & agreements, capacity expansions, and new product developments are the popular strategies adopted by most players 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 the company increase its flexibility in production, optimize cost structures, shorten the delivery times, and reduce inventories.

 

 

Browse through Grand View Research's Bulk Chemicals Industry Research Reports.

 

·        Corrosion Protective Coatings Market: The global corrosion protective coatings market size was valued at USD 20.59 billion in 2023 and is projected to grow at a CAGR of 7.4% from 2024 to 2030.

 

·        Extruded Polypropylene Foam Market: The global extruded polypropylene foam market size was valued at USD 1.30 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2030.

 

 

Epoxy Resin Market Segmentation

Grand View Research has segmented the global epoxy resin market on the basis of on application, and region:

Epoxy Resin Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030­)

·        Paints & Coatings

·        Wind Turbines

·        Composites

·        Construction

·        Electrical & Electronics

·        Adhesives

·        Others

Epoxy Resin Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

·        North America

o   U.S.

·        Europe

o   Germany

o   France

o   UK

·        Asia Pacific

o   China

o   India

o   Japan

o   Taiwan

o   South Korea

·        Central & South America

·        Middle East & Africa

 

Order a free sample PDF of the Epoxy Resin Market Intelligence Study, published by Grand View Research.