PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350302
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350302
The Global Epoxy Resin Market was valued at US$ 42.03 Bn 2022, exhibiting a CAGR of 6.5% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 69.69 Bn by 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 42.03 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 6.50% | 2030 Value Projection: | US$ 69.69 Bn |
Epoxy resin is a thermosetting polymer formed by copolymerization of an epoxide with another compound having two hydroxyl groups. It is majorly used for non-reinforced applications such as paints and coatings, adhesives, and composites. Currently, vehicle manufacturers adopt lightweight composite materials to meet the demand for increased design freedom, flexibility, high strength, and reduced vehicle weight. More companies in more industries and more individuals have been using epoxy resin in recent years. The reasons for this are that epoxy resin does not corrode when exposed to most chemicals. The same is true when it's exposed to the elements. It doesn't show the general wear and tear that most other materials on Earth do. Epoxy resin is also very pliable and flexible. These are some of the reasons why transportation and other industries want to use epoxy resin.
The global epoxy resins market has witnessed significant growth in recent past years, owing to the rise in growth in construction industry and industrial development in Asia Pacific region. Asia Pacific is expected to be the fastest-growing region in the epoxy resins market, owing to the rising infrastructural developed, along with high growth in the automobile industries in the region.
Major players in the global epoxy resins market are increasing their investments on innovative product launchings, research and development and marketing and promotional activities to capitalize on emerging trends in various end-use industries such as transportation, construction, packaging, machinery, and others. This is expected to fuel the market growth during the forecast period.