The global epoxy resin market size was USD 8.70 billion in 2020 and is expected to grow from USD 11.59 billion in 2021 to USD 17.10 billion by 2028 at a CAGR of 5.7% during the forecast period 2021-2028. Asia Pacific dominated the global market with a share of 68.62% in 2020.
the epoxy resin market had been experiencing steady growth and was projected to continue expanding in the coming years. Epoxy resins are widely used in various industries such as construction, automotive, electronics, aerospace, and coatings due to their excellent adhesion, chemical resistance, mechanical properties, and versatility.
Several factors were contributing to the growth of the epoxy resin market, including:
- Increasing Demand in Construction: Epoxy resins are commonly used in construction applications such as adhesives, coatings, and composites. The growing construction industry, especially in emerging economies, was driving the demand for epoxy resins.
- Booming Electronics Industry: With the proliferation of electronic devices, epoxy resins are extensively used in the electronics industry for encapsulation, printed circuit boards (PCBs), and semiconductor packaging. The rapid advancement of technology and the increasing adoption of electronic devices were fueling the demand for epoxy resins.
- Automotive Sector Growth: Epoxy resins find applications in automotive coatings, adhesives, and composites. The automotive industry's shift towards lightweight materials for improved fuel efficiency and performance was driving the demand for epoxy-based composites.
- Infrastructure Development: Infrastructure development projects, particularly in developing regions, require materials with high durability and strength. Epoxy resins are preferred for their ability to enhance the performance and longevity of infrastructure components.
- Advancements in Technology: Ongoing research and development activities were leading to the development of new epoxy resin formulations with enhanced properties, such as higher heat resistance, faster curing times, and improved environmental sustainability.
- Growing Awareness of Environmental Regulations: There was a rising emphasis on environmentally friendly products and sustainable manufacturing processes. As a result, manufacturers were focusing on developing eco-friendly epoxy resin formulations and production methods.
LIST OF KEY COMPANIES
- 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)
Information links-https://www.fortunebusinessinsights.com/epoxy-resin-market-106597
