According to the survey data of 360iResearch, the global epoxy resin market in 2023 is about 11.85 billion US dollars, and is expected to reach 12.65 billion US dollars in 2024. With a compound annual growth rate of 6.76%, it is expected to reach $18.74 billion by 2030.

Several factors are driving the growth of the epoxy resin market, with growing demand from diverse markets including industries such as automotive, aerospace and wind energy.

The development of the epoxy resin market faces many constraints and challenges, such as fluctuating raw material prices, stringent environmental regulations and sensitivity to external conditions. However, as a response to growing environmental concerns and increasingly stringent environmental regulations, the development of bio-based epoxy resins has created new opportunities for the entire market. At the same time, the exploration of new applications of 3D printing technology and investment in research and development of high-performance epoxy resin systems are helping the entire market to develop new products.

Regional insight

• The Americas, especially the United States and Brazil, have a strong epoxy resin market, mainly driven by the aerospace, automotive and construction industries. In North America, advances in lightweight, fuel-efficient vehicles are driving the demand for high-performance materials, including epoxy resins. In addition, there is a growing emphasis on renewable energy, especially in the field of wind power, which uses a lot of epoxy resins to produce turbine blades.
• The Latin American market is also growing, albeit from a smaller base, with increased demand in the construction and manufacturing sectors.
• The Europe, Middle East and Africa region demonstrates a diverse market landscape. Europe is at the forefront of consumption with its strong manufacturing base, particularly Germany, France and the UK. The region's focus on sustainability and circular economy is driving innovation in bio-based epoxy resins. In the Middle East, especially in the Gulf Cooperation Council countries, with the continuous development of the construction industry, the application of epoxy resins in coatings has great potential. Africa's construction and wind energy sectors are on the rise, driven by infrastructure and renewable energy projects.
• Driven by rapid industrialization and manufacturing expansion in China, India, South Korea and Japan, the global epoxy resin market in Asia Pacific has experienced substantial growth. China is a major consumer and producer of epoxy resins, with its large electronics, automotive and construction industries driving this growth. The region is investing heavily in renewable energy, especially wind and solar, which is further driving the market demand for epoxy resins. In addition, the surging usage of automotive lightweight materials and technological advancements in the Asia-Pacific region are expected to sustain the high growth rate of the epoxy resin market.

New utilization of natural resources of epoxy resin
    Naturally sourced epoxy resins represent an emerging area of research and development aimed at reducing dependence on fossil fuels and minimizing environmental impact. These bio-based epoxies are made using vegetable oils, lignin, cellulose and other renewable materials. They provide a sustainable alternative to traditional epoxy resins and can be used in various industries such as automotive, construction and consumer goods.
    However, compared to petroleum-based epoxies, natural sourced epoxies currently face some challenges, such as poor performance in some applications but higher production costs. Petroleum-based epoxy resins are synthesized from petrochemical feedstocks and mainly involve the reaction between epichlorohydrin and bisphenol A (BPA) or other phenolic compounds.

These types of epoxies have become industry standards for their excellent mechanical properties, thermal stability and chemical resistance. They are critical in a variety of applications, and while concerns about their environmental impact and sustainability have prompted the search for biob-based alternatives, performance advantages and a proven manufacturing infrastructure still make petroleum-based epoxies the market of choice.

Source: CATIA-CHINA/ China International Composite Materials Exhibition
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