The global epoxy resin market size was estimated at USD 11.25 billion in 2023 and is anticipated to expand at a CAGR of 6.3% from 2024 to 2030. The increasing demand for paints and coatings is expected to be a key driver of market growth during the forecast period. This surge in demand for epoxy resins is primarily due to heightened spending on construction, particularly in the residential sector, with North America and Western Europe witnessing notable growth. Furthermore, the rapid escalation of global manufacturing activities is projected to drive the consumption of paints and coatings, particularly in the production of motor vehicles, durable goods, and industrial maintenance applications, further boosting the demand for epoxy resins worldwide.

In recent years, there has been a significant rise in global automotive production, driven by growing demand from middle-class families and increasing disposable incomes in emerging nations such as China, India, Brazil, and Vietnam. This surge in automotive demand has led to increased consumption of paints and coatings, particularly within the automotive sector, which in turn fuels the demand for epoxy resins. However, the volatility in raw material prices for epoxy resin remains a key challenge that could potentially hinder market growth during the forecast period.

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

Region Insights

North America:

The epoxy resin market in North America is expected to experience notable growth during the forecast period, largely driven by the rapid pace of construction and infrastructure development in the U.S. and Mexico. The demand for non-residential construction, including hospitals, commercial buildings, and colleges, is projected to drive the market forward. With this growing demand for infrastructure, epoxy resins will continue to be integral in construction, coatings, and other applications.

US:

The U.S. epoxy resin market led the North American region in 2023, commanding a dominant 85.85% market share. The growing demand for epoxy resins across various sectors, including paints and coatings, wind turbines, construction, electrical and electronics, composites, and adhesives, is expected to fuel market expansion in the U.S. over the forecast period.

Asia Pacific:

The Asia Pacific region is the largest market for epoxy resins globally, accounting for a dominant 59.11% share of the total revenue in 2023. The market is expected to continue to grow due to robust construction activities and the rising demand from the automotive sector in emerging economies like India, Japan, and South Korea. Additionally, the easy availability of raw materials in the region has created significant opportunities for the use of epoxy resin-based products across diverse sectors, driving overall market expansion.

China:

In 2023, China dominated the regional epoxy resin market. The country’s growing infrastructure development and flourishing manufacturing industry are expected to continue to propel market growth in the coming years. China’s construction sector is poised to outperform other Southeast Asian countries, driven by government initiatives and substantial funding aimed at sustaining growth.

India:

India’s epoxy resin market is projected to witness significant growth during the forecast period, primarily due to the rapidly expanding construction industry. According to Invest India, India has allocated a budget of USD 1.4 trillion for infrastructure projects by 2024, with a significant portion earmarked for renewable energy, highways and roads, urban infrastructure, and railways. This growing investment in infrastructure is expected to bolster demand for epoxy resins.

Europe:

Europe represents the second-largest market for epoxy resins, with increasing demand across various industries such as paints and coatings, construction, wind turbines, and electrical and electronics. This steady demand from diverse sectors is expected to continue driving the market in the region.

Germany:

Germany led the European epoxy resin market in 2023. As the manufacturing hub of Europe and the largest automobile producer in the region, Germany’s advanced automotive industry, particularly with electric vehicles (EVs) and self-driving cars, is expected to further increase the demand for epoxy resins in paints and coatings over the forecast period.

UK:

The epoxy resin market in the UK is projected to grow significantly due to the presence of major automotive manufacturers such as Jaguar, Land Rover, MINI, Aston Martin, Bentley, Rolls Royce, and Lotus Cars. These key players are expected to drive demand for paints and coatings in the automotive sector, subsequently increasing the need for epoxy resins. The rise of driverless cars and other technological advancements in the automotive sector are likely to further boost investments in the industry, fueling the demand for epoxy resins.

Central & South America:

The epoxy resin market in Central and South America is witnessing steady growth, driven by the emergence of construction companies in countries such as Chile and Peru. This growth is expected to continue, driven by infrastructure projects and the rising demand for paints and coatings. The presence of major paint and coatings players like Sherwin-Williams, AkzoNobel, and RPM International in the region will further propel the demand for epoxy resins.

Middle East & Africa:

The epoxy resin market in the Middle East and Africa is expected to experience substantial growth through the forecast period. Over the past few years, industrial manufacturing in the region has witnessed steady growth, and a shift in focus toward the non-oil private sector is expected to further boost manufacturing and other industries. This shift is likely to diversify the economy and increase demand for epoxy resins, particularly in construction and industrial applications.

Browse through Grand View Research's Category Plastics, Polymers & Resins Industry Research Reports.

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Key Epoxy Resin Companies:

The following are the leading companies in the epoxy resin market. These companies collectively hold the largest market share and dictate industry trends.

• 3M
• Aditya Birla Management Corporation Pvt. Ltd.
• Atul Ltd
• BASF SE
• Solvay
• Huntsman International LLC
• KUKDO CHEMICAL CO., LTD.
• Olin Corporation
• Sika AG
• NAN YA PLASTICS CORPORATION
• Jiangsu Sanmu Group Co., Ltd.
• Jubail Chemical Industries LLC
• China Petrochemical & Chemical Corporation (SINOPEC)
• Hexion
• Kolon Industries, Inc.
• Techstorm
• NAGASE & CO., LTD.

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