SAN FRANCISCO, Nov. 15, 2021 /PRNewswire/ -- The global epoxy resin market size is expected to reach USD 19.55 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 6.7% over the forecast period. The growing demand for epoxy-based composites across various end-use industries is expected to drive the market during the forecast period.
Key Insights & Findings:
In terms of revenue, the paints & coatings application segment accounted for the largest revenue share in 2020. The segment is expected to witness prominent growth over the forecast period
The construction application segment is projected to progress at the fastest CAGR of 7.7% during the forecast period
Asia Pacific led the market in 2020and will register a steady CAGR from 2021 to 2028
The growing number of manufacturing facilities is boosting construction activities in the region, which, in turn, is anticipated to propel product demand over the forecast period
Strategic partnerships & agreements, capacity expansions, and new product developments are the popular business strategies adopted by most companies operating in the global market
For instance, in November 2020, Sika AG expanded its production facility based in Dubai, UAE for local production of epoxy resins for targeting the flooring market
This helped company increase its flexibility in production, optimize cost structures, shorten the delivery times, and reduce inventories
Epoxy resins are used to manufacture composite materials that are used widely in load-bearing applications, such as automotive, aerospace, construction, oil & gas, and marine, owing to its properties, such as high mechanical properties, super adhesiveness, and others. The demand for high-performance composites is expected to witness high demand from the commercial airplane sector. Moreover, emerging opportunities in various applications, such as wind turbines and pressure vessels, will boost market growth.
However, the relatively high cost and labor-intensive production of advanced composites are anticipated to prevent these composites from penetrating high-volume and price-sensitive markets. Increasing demand for composites from the automotive and aerospace industries, particularly in Europe and North America, is expected to remain a key driving factor for the market. Rising fuel prices coupled with the rapidly growing commercial aviation sector are expected to drive product demand over the forecast period.
The construction application segment is estimated to witness significant growth over the forecast period. In construction applications, epoxy resins are used as sealers, hardeners, grouts, and mortars, and laminates for walls, roofs, and decks. Properties, such as low water permeability, excellent cleaning material, chemical resistance, good mechanical properties, low cure shrinkage, and excellent adhesion, are projected to fuel product demand in construction applications.
Increasing spending on infrastructure development, rising urban population, coupled with favorable government initiatives for providing affordable houses to the masses are expected to contribute to the growth of the construction industry globally, thereby creating product demand. For instance, in March 2020, the U.S. government announced an investment worth USD 2 trillion as a part of coronavirus response for the development of infrastructure including hospital buildings, roads, and other infrastructure. In addition, the rising awareness among the masses about the benefits of green buildings is anticipated to fuel the growth of the construction industry globally. This, in turn, is projected to lead to increased product demand in construction applications over the forecast period.
Grand View Research has segmented the global epoxy resin market on the basis of application and region:
Check out more studies related to epoxy resin and its applications, conducted by Grand View Research:
Waterborne Epoxy Resins Market – The global waterborne epoxy resins market is expected to witness substantial growth owing to increasing use in the end-use segment including automotive, construction, textiles, furniture, and packaging. Increasing demand from the paint & coatings industry is anticipated to drive the global waterborne epoxy resin market over the forecast period.
Paints & Coatings Market – The global paints and coatings market size was valued at USD 146.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. The market is expected to be driven by the increasing product consumption in the construction, automotive, and general industries application sectors.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.