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| Global Epoxy Resin Market Size |
Epoxy resins are tough, rigid polymers that are capable of adhering to an
extensive range of materials. They have excellent mechanical, chemical and
electrical properties. Epoxy resins find wide application in infrastructure
projects like building and construction for flooring, coatings and sealants.
The rising pace of infrastructure development activities especially in the
developing nations has augmented the demand for epoxy resins significantly.
The global
Epoxy Resin Market is estimated to be valued at US$ 51.57 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2031, as
highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The infrastructure development opportunity is expected to drive the global
epoxy resin market during the forecast period. Rapid urbanization, rising
disposable income and growing population especially in the developing Asian
economies have increased the infrastructure development activities. The
governments across globe are heavily investing in building transport networks,
commercial spaces, housing, renewable energy projects and utilities. This is
anticipated to generate huge demand for epoxy resins for various construction
applications like coatings, adhesives, protective linings and flooring. Epoxy
resins provide corrosion resistance, high durability and strength to
infrastructure materials and structures which makes them a preferred choice for
construction industry. Therefore, increased construction spending on
infrastructure projects worldwide will promote epoxy resin consumption over the
next few years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires
huge capital investments to set up manufacturing facilities. However, with
presence of large number of suppliers, the threat increases.
Bargaining power of buyers: The bargaining power of buyers is high as the
market has numerous buyers and product differentiation is low. Buyers can
easily switch between suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
suppliers have control over raw material prices and there are alternative raw
material sources available.
Threat of new substitutes: The threat of substitutes is high as alternative
materials like polyester resins and polyurethanes are replacing epoxy resins in
certain applications.
Competitive rivalry: Competition is high among existing players.
SWOT Analysis
Strength: Epoxy resins have high strength, chemical and heat resistance. They
are used in applications requiring high mechanical and electrical properties.
Weakness: Epoxy resins have low flexibility making them unsuitable for
applications requiring impact resistance. They also have limited shelf-life and
release toxic fumes during application.
Opportunity: Growth in end-use industries like automotive, aerospace and
electronics drive epoxy resin demand. Emerging economies offer lucrative
opportunities.
Threats: Stringent environmental regulations for VOC emissions pose threat.
Substitute materials also threaten market growth.
Key
Takeaways
Global
Epoxy Resin Market Size is
expected to witness high growth over the forecast period of 2024 to 2031. The
market size for 2024 is estimated at US$
51.57 Mn and projected to grow at a CAGR
of 6.1% during the forecast period.
Regional analysis - Asia Pacific dominates the global epoxy resin market and
growth is projected to be fastest in this region over the forecast period. China,
Japan, and India are the major consumers in Asia Pacific.
Key players related content - Key players operating in the Epoxy Resin market
are Eli Lilly and Company, BASF SE, Dow Inc., Hexion Inc., and 3M Company. Eli
Lilly and Company is a major producer of epoxy resins in North America while
BASF and Dow dominate the global market.
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