The global epoxy resin market size was valued at USD 8.70 billion in 2020. The market is anticipated to rise from USD 11.59 billion in 2021 to USD 17.10 billion by 2028 at a 5.7% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Epoxy Resin Market, 2021-2028.”
Epoxy resin is a versatile and widely used synthetic polymer material known for its strong bonding properties and excellent resistance to heat, chemicals, and electrical conductivity. It is formed by mixing two main components: the epoxy resin and a curing agent (also known as hardener). When these two components are combined, a chemical reaction occurs, causing the resin to cure and harden into a rigid, durable material.
Key properties and uses of epoxy resin include:
- Adhesive: Epoxy resins are commonly used as high-strength adhesives for bonding various materials, such as metals, ceramics, glass, wood, and plastics.
- Coatings and Sealants: Epoxy coatings and sealants are applied to surfaces for protection against corrosion, wear, and chemical exposure. They are commonly used in industrial applications, flooring, and marine environments.
- Composite Materials: Epoxy resins are crucial components in the manufacture of composite materials like fiberglass and carbon fiber reinforced plastics (FRP/CFRP). These materials offer excellent strength-to-weight ratios, making them suitable for aerospace, automotive, and sporting goods industries.
- Encapsulation and Potting: Epoxy resin is used to encapsulate electronic components and devices to protect them from environmental factors like moisture, dust, and vibration.
- Art and Crafts: Epoxy resins are popular in the art and craft community for creating clear, glossy coatings on artwork, resin jewelry, and decorative pieces.
- Mold Making: Epoxy resins can be used to create molds for casting various materials like concrete, wax, and other resins.
Major Players Profiled in the Market Report:
- Kukdo Chemical Co., Ltd. (South Korea)
- Huntsman Corporation (U.S.)
- Olin Corporation (U.S.)
- Nan Ya Plastics Corporation (Taiwan)
- Hexion Inc. (Westlake Chemicals) (U.S.)
- Chang Chun Group (Taiwan)
- Aditya Birla Chemicals (India)
- Sika Group (Switzerland)
- DIC Corporation (Japan)
- China Petrochemical & Chemical Corporation (China)
COVID-19 Impact
Supply Chain Disruptions to Dent Market Growth
Industry players expect the rampant COVID-19 pandemic to reshape the business dynamics globally. With a halt in the manufacturing activities and postponement of projects, supply chain disruptions of Bisphenol-A (BPA) and epichlorohydrin (ECH) became noticeable. Prominently, stakeholders across construction, automotive and aerospace industries faced the toll with delays in shipments, confined trades and production shifts.
