Epoxy Resins Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Epoxy Resins Market is segmented by Raw Material (DGBEA, DGBEF, Novolac, Aliphatic, Glycidyl Amine, and Other Raw Materials), Application (Paints and Coatings, Adhesives, Composites, Electrical and Electronics, Marine, Wind Turbines, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). For all the above segments, market sizing and forecasts have been done on the basis of volume (kiloton).

Epoxy Resins Industry Overview

Epoxy Resins Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: > 6 %

Major Players

Epoxy Resins Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Epoxy Resins Market Analysis

The epoxy resins market was estimated at over 3,500 kiloton in 2021, and the market is projected to register a CAGR of over 6% during the forecast period (2022-2027).

The market was negatively impacted due to the COVID-19 pandemic in 2021, owing to the pandemic scenario and strict regulations in several countries. This affected various industries such as paints and coatings, adhesives and sealants, electrical and electronics, and others due to supply chain disruptions, work stoppages, and labor shortages. However, the condition is expected to get better in 2022, thereby restoring the growth trajectory of the market over the forecast period.

Over the medium term, the strong growth of the construction industry and the rising demand for electrical and electronic devices are driving the market growth.

On the flip side, the health impacts of epoxy on health and the negative impact of the COVID-19 pandemic are expected to hinder the growth of the market.

By application, the paints and coatings segment is expected to account for the largest share during the forecast period.

Asia-Pacific dominated the market across the world, with the majority of demand coming from China and India.

Epoxy Resins Industry Segments

Epoxy resins are reinforced polymer composites derived from petroleum sources; by themselves, they are the result of a reactive process involving epoxide units. The epoxy resins market is segmented by raw material, application, and geography. By raw material, the market is segmented into DGBEA, DGBEF, novolac, aliphatic, glycidyl amine, and other raw materials. By application, the market is segmented into paints and coatings, adhesives, composites, electrical and electronics, marine, wind turbines, and other applications. The report also covers the market size and forecasts for the market in 16 countries across the major regions. For all the above segments, market sizing and forecasts have been done on the basis of volume (kiloton).

Raw Material
DGBEA (Bisphenol A and ECH)
DGBEF (Bisphenol F and ECH)
Novolac (Formaldehyde and Phenols)
Aliphatic (Aliphatic Alcohols)
Glycidylamine (Aromatic Amines and ECH)
Other Raw Materials
Paints and Coatings
Adhesives and Sealants
Electrical and Electronics
Wind Turbines
Other Applications
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Epoxy Resins Market Trends

This section covers the major market trends shaping the Epoxy Resins Market according to our research experts:

The Paints and Coatings Segment is Expected to Dominate the Market

Epoxy resins are used as binders for coating applications to enhance the durability of coatings for floor and metal applications.

Epoxy resins help in the development of several properties in coatings, such as strength, durability, and chemical resistance. Their properties and abilities of quick-drying, toughness, excellent adhesion, good curing, abrasion resistance, and excellent water resistivity make it suitable for providing protection to metals and other surfaces.

The growing construction industry is expected to augment the growth of the paints and coatings industry. In Europe, the German government made an announcement regarding its plan to construct around 1.5 million housing units by the end of 2021. Similarly, the growth in construction activities in countries like Russia, France, the United Kingdom, etc., is expected to drive the growth of the epoxy resins market.

According to Statista, 21.8 million heavy buses, light commercial vehicles, and trucks were produced worldwide in 2020. Thus, the growth in the production of lightweight and commercial vehicles is expected to drive the overall market of epoxy resins used in the automotive coatings industry.

The automotive, marine, and aerospace industries use epoxy coatings as primers for corrosion protection. The usage of epoxy coatings is expected to further grow due to the rising demand from the electric vehicle (EV), marine, and aerospace industries.

Such factors are expected to have a significant impact on the demand for epoxy resins in paints and coatings, thereby affecting the growth of the epoxy resins market during the forecast period.

Epoxy Resins Market, Volume (%), by Application, Global, 2021

The Asia-Pacific Region is Expected to Dominate the Market

China has the world’s largest electronics production base and offers tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, among others, have the highest growth in the consumer electronics segment of the market in terms of demand. With the increase in the disposable incomes of the middle-class population, the demand for electronic products is projected to increase steadily in the future, thereby driving the market studied.

Additionally, China is one of the major countries in Asia-Pacific with ample construction activities, with the industrial and construction sectors accounting for approximately 50% of the GDP.

In India, in the residential segment, the government is pushing huge projects in the next few years. India has an investment budget of USD 1400 billion for infrastructure - 24% on renewable energy, 19% on roads and highways, 16% on urban infrastructure, and 13% on railways. Under the Smart Cities Mission till June 2021, 2,734 projects have been completed, of the total 5,956 projects. Thus, growth in the residential segment is excepted to drive the epoxy resins market in the Asia-Pacific region.

The Japanese electrical and electronics industry is one of the world’s leading industries. In 2021, domestic production by the Japanese electronics industry surged by 11% year-on-year to JPY 10,932.2 billion due to the strong export performance of electronic components and devices and the growth in telecommunications infrastructure equipment due to lifestyle changes.

Japan’s construction sector is expected to expand at a moderate pace over the next five years, owing to increasing investments in public and private infrastructure, renewable energy, and commercial projects. This, in turn, is improving both consumer and investor confidence.

Such factors are expected to increase the demand for epoxy resins in the Asia-Pacific region during the forecast period.

Epoxy Resins Market - Growth Rate by Region, 2022-2027

Epoxy Resins Market Competitor Analysis

The epoxy resins market is partially fragmented in nature, with the presence of various players in the market. Some of the major companies in the market (not in a particular order) include Hexion, Olin Corporation, Huntsman International LLC, DuPont, and KUKDO Chemical Co. Ltd, among others.

Epoxy Resins Market Top Players

  1. Hexion

  2. Olin Corporation

  3. Huntsman International LLC

  4. Dupont


*Disclaimer: Major Players sorted in no particular order

Epoxy Resins Market Concentration

Epoxy Resins Market Recent Developments

  • In November 2021, Hexoin Inc. announced that it had entered a definitive agreement with Westlake Chemical Corporation. Hexion Inc. was to sell its global epoxy business for approximately USD 1.2 billion to Westlake Chemical Corporation. This transaction is anticipated to be completed in the first half of 2022, following customary closing conditions.
  • On April 1, 2021, Covestro successfully completed the acquisition of the Resins & Functional Materials business (RFM) from the Dutch company Royal DSM. The acquisition will help Covestro expand its portfolio of sustainable coating resins.

Epoxy Resins Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Epoxy-based Composites from the Aerospace and Automotive Industries

      2. 4.1.2 Strong Growth in the Construction Industry

      3. 4.1.3 Rising Demand for Electrical and Electronic Devices

    2. 4.2 Restraints

      1. 4.2.1 Hazardous Impact of Epoxy Resins

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Raw Material

      1. 5.1.1 DGBEA (Bisphenol A and ECH)

      2. 5.1.2 DGBEF (Bisphenol F and ECH)

      3. 5.1.3 Novolac (Formaldehyde and Phenols)

      4. 5.1.4 Aliphatic (Aliphatic Alcohols)

      5. 5.1.5 Glycidylamine (Aromatic Amines and ECH)

      6. 5.1.6 Other Raw Materials

    2. 5.2 Application

      1. 5.2.1 Paints and Coatings

      2. 5.2.2 Adhesives and Sealants

      3. 5.2.3 Composites

      4. 5.2.4 Electrical and Electronics

      5. 5.2.5 Marine

      6. 5.2.6 Wind Turbines

      7. 5.2.7 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Spain

        6. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 3M

      2. 6.4.2 Aditya Birla Chemicals

      3. 6.4.3 Atul Ltd

      4. 6.4.4 BASF SE

      5. 6.4.5 Chang Chun Group

      6. 6.4.6 Covestro AG


      8. 6.4.8 DuPont

      9. 6.4.9 Hexion

      10. 6.4.10 Huntsman International LLC

      11. 6.4.11 Jiangsu Sanmu Group

      12. 6.4.12 Kemipex

      13. 6.4.13 KUKDO Chemical Co. Ltd

      14. 6.4.14 NAMA Chemicals


      16. 6.4.16 Olin Corporation

      17. 6.4.17 Sika AG

      18. 6.4.18 SPOLCHEMIE

    5. *List Not Exhaustive

    1. 7.1 Growing Construction Industry in the Emerging Countries of Asia-Pacific and Middle-East and Africa

**Subject to Availability
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Epoxy Resins Market Research FAQs

The Epoxy Resins Market is studied from 2018 - 2028.

The Epoxy Resins Market is growing at a CAGR of >6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

Asia Pacific holds highest share in 2021.

Hexion, Olin Corporation , Huntsman International LLC, Dupont, KUKDO CHEMICAL CO., LTD. are the major companies operating in Epoxy Resins Market.

Epoxy Resins Industry Reports

In-depth industry statistics and market share insights of the Epoxy Resins sector for 2020, 2021, and 2022. The Epoxy Resins research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Epoxy Resins report PDF.

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