The global epoxy market is expected to grow at a CAGR of 6.8% during the forecast period, 2023–2031.
Epoxy resin belongs to the family of oligomeric material. It is further made to chemically react with curing agents in order to form a thermoset polymer that showcases a high degree of chemical and corrosion resistance property. It is created by mixing Bisphenol A (BPA) and epichlorohydrin (ECH), which eventually forms the basic monomer unit of epoxy resin called BADGE or DGEBA.
It is referred to as any class of adhesives plastics or any other material that are polymers of epoxides. The term epoxy has broadly been accepted for more than its original usage for fiber-reinforced polymer composites. The product is known for its excellent adhesive property, making it versatile for application in several industries. Owing to its heat resistance and chemical application attributes, epoxy is an ideal choice for usage where stronghold under pressure is required. However, it is not water-resistant, and repeated exposure to wet and moist conditions may cause degradation of the product over time, thereby hampering its durability.
| Report Metric | Details |
|---|---|
| Base Year | 2022 |
| Study Period | 2021-2031 |
| Forecast Period | 2023-2031 |
| CAGR | 6.8% |
| Market Size | |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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One of the primary drivers of the epoxy resin market is the wind power energy sector. The global demand for epoxy is stoked by increased wind energy capacity installation caused as a result of the rapid exhaustion of conventional sources of energy. The epoxy resins are used as both composites and coatings in the creation, transformation, and allocation of various types of renewable and non-renewable energy. Epoxy resins are used in making composites that are used as a standard component of large-sized windmill rotor blades. It is also used in turbine insulators and smart grids. On the other hand, epoxy resins are also utilized as a coating for steel and concrete towers of windmills. In order to protect and prevent the structure from salt-water corrosion, the wind turbine poles in the North sea are coated with epoxy resins. On account of its property of being highly durable, low brittleness, high mechanical strength, and light-weight, it is used extensively in offshore energy farms. Epoxy resins enhance the strength to weight ratio of large and tall wind turbines, thereby making it possible to manufacture linger blades. The total wind installed capacity, in terms of megawatts, has increased by multi-fold since the past decade.
Since 1950, epoxy resins have excessively been used in several end-use industries like construction and flooring, food packaging, paintings, and coatings, etc. The product has now come to stand-still in terms of growth in the market. Traditionally being used for various purposes, the manufacturers have now found novel alternatives for epoxy resin, owing to its negative environmental implications. Epoxy coatings exhibit diverse properties like excellent processability, high stability, and low cost. However, the food companies are seeking substitutes to replace BPA-based epoxy resins. On that note, the food manufacturers might also switch completely to other types of packaging like paper preservatives, plastic packaging, etc instead of replacing epoxy coatings.
The paintings and coatings sector, too, has shown concern regarding the BPA emission by epoxy resins. Polyurethane and phenolic resins are the top alternatives used in the market. Recently, polyolefin and non-BPA epoxy coatings have been developed to substitute for traditional epoxy resin coatings.
Metal packaging plays a significant role in the process of food preservation. It is commonly known as canning. In this fast-paced world, canned food has become an essential part of the human diet in most of the developed countries. Food and beverages can preserve the taste and nutritional values of the food content for longer years To store food for a longer period of time, it is important that the interaction between the metal and food is minimal. Cans are typically covered with organic coatings to prevent chemical migration into the food. There are a limited number of coatings available for metal-based food packaging. The different epoxy resins utilized in the metal food packaging industry are Epoxy-anhydride used for internal white for three-piece cans, Epoxy- amino used for beer and beverage cans, etc. There is a huge market for canned food and beverages, which is likely to increase the traction for the epoxy resin market. According to the Food Packaging Forum, more than 300 billion beverage cans are manufactured each year worldwide.
In the year 2011, approximately 75 billion food cans were sold globally. In 2013, the food and beverage cans accounted for USD 9 billion and USD 30 billion, respectively. Dating back to 1950, epoxy resin has widely been used to coat aluminum and steel cans. Its market share in 2013 was anticipated to be 95%. These coatings prevent the metal from getting corroded and can endure a broad range of heat and acidic conditions. The epoxy resins mostly find usage in the aluminum and steel packaging. In the year 2014, 90% of the beverage cans were aluminum-based, and 10% were made of steel. The global metal food packaging sector was recorded at USD 64 billion in 2014, thereby offering new opportunities for the epoxy resin market worldwide.
The rising wind capacity installations in Europe is most foreseen to accelerate the demand for epoxy resin market. In the year 2019, Europe installed 15.4 GW new wind power capacity, which was a 27% hike compared to 2018. Europe now records 205 GW of wind energy capacity. It has seen some wavering wind -turbine installation trends in the past few years with a total installed capacity of 15.4 GW. This was up by 27 percent but was 10 percent less than its highest installation record year by 10 percent. While Spain remained the top installer of new offshore wind turbines with an installed capacity of 22.2 GW, Germany witnessed a decline in the capacity of its onshore wind turbine installations. Furthermore, Sweden and Spain maintained the top spots in the installation capacity, and the U.K saw a sharp rise, whereas the installed capacity in France remained stable.
Below enlisted are some of the prominent players of the epoxy market:
