The epoxy resin market is anticipated to surpass USD 13.8 billion in 2024 and is likely to attain a valuation of USD 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.
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.
Empower Your Business With Valuable Insights. Request a Sample Industry Overview to Assess Market Potential and Drive Growth!
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 a Lead Analyst at Future Market Insights (FMI).
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.
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.
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.
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