Epoxy Resins Market 2022 - Global & Regional Trends

Epoxy Resins Market 2022 - Global &
Regional Trends

By Shruti Vanjare
Epoxy resins are characterized as a type of reactive polymer and prepolymer constituting epoxide
groups. They react either with themselves in the presence of catalysts or with other co-reactants such
as thiols, phenols, and amines, among others.
Epoxies provide numerous advantages, including chemical and solvent resistance, low shrinkage, high
strength, excellent adhesion to several substrates, thermal solidity, corrosion protection, effective
electric insulation, and moisture resistance. These benefits play a vital role in their adoption across
various applications, thus expanding the global epoxy resins market.
According to Inkwood Research, the global epoxy resins market is set to grow with a CAGR of 5.65%
over the estimated years of 2022 to 2030. The market’s growth is primarily attributed to the
development of the wind energy market, the increasing need for epoxy resins in the aerospace
industry, and the surging demand for paints & coatings.

How Do Paints & Coatings Influence the Epoxy Resins Market?

Epoxy resins are used as additive resins in several coatings in order to enhance properties such as
resistance and adhesion. While major changes have been recorded in the paints & coatings market
over the last four decades, the adoption of new coating technologies represents a significant
transformation. Coatings offer two principal functions, namely, decoration and protection. Without

coatings, the products’ life reduces drastically, and in several cases, they may not be marketable, as
well.

On the other hand, approximately 45% of coatings manufactured across the world are utilized to
decorate and protect new construction and maintain new structures. The remaining coatings, termed
special purpose coatings, are utilized for miscellaneous applications like traffic paints, vehicle
refinishing, and high-performance coatings to safeguard marine structures & vessels. Therefore, the
surge in application of epoxy resins within the paints & coatings industry, coupled with the rising need
for paints & coatings, propels the demand for epoxy resins in the present market scenario.

However, certain properties of epoxy resins, such as lack of insulation and toughness, limit their
application across various segments. Therefore, with the advancement of technology as well as recent
innovations in the industry, epoxy resins have been modified to meet the demand for specific
applications.

Modified Epoxy Resins - Key Opportunity

Presently, epoxy resins can be modified according to the need of the applications. In this regard, the
production of epoxy resins with enhanced toughness, without compromising their mechanical
characteristics majorly helps the material’s development. The two main types of epoxy impact
modifiers are epoxy flexibilities and epoxy toughening agents. Miscible with uncured epoxy resins,
they offer low resin viscosity, integral for affordable and easy processing.

The demand for modified epoxy resins is anticipated to rise extensively owing to the increase in high-
performance application areas. These include the surge in innovations within the industry and the
high adoption rate of modified resins. As a result, this factor represents a major opportunity area for
the global epoxy resins market.

Modified bisphenol A/F based Epotec epoxy resins manufactured by Aditya Birla Group entail a blend
of several epoxy resins and reactive diluents. They are available in numerous viscosities, suitable for
applications in coatings, civil engineering, and laminates. Similarly, Pyralux® GPL Sheet Adhesive by
DuPont is a proprietary B-staged modified epoxy adhesive. It is mainly used to bond flexible inner
layers or rigid cap layers in rigid-flex and flexible constructions. Other players operating in the global
epoxy resin market include BASF, Dow Chemicals, Kukdo Chemical Co Ltd, and others.

Epoxy Resins Market – Regional Trends & Latest Developments

According to the estimations put forth by Inkwood Research, the Europe epoxy resins market is set to
progress with the highest CAGR globally during the forecasting period. Although Europe relies on
several green energy resources, wind power is the most prominent, especially in terms of maintaining
the growing demand for epoxy resins.

As per WindEurope’s Central Scenario, by 2030, 323 GW of cumulative wind energy capacity will be
installed in the European Union (EU), leading to more than 50% of the capacity installed in 2016. With
this significant capacity, wind energy is anticipated to produce 888 TWh of electricity, equivalent to
30% of the European Union’s total power demand.

On the other hand, the construction industry in Germany is gradually rising, mainly fuelled by the
increase in new residential constructions. As the fourth-largest automotive producer globally, the
current share of manufacturing in Germany is over 5%. The country is also likely to spend more on
public infrastructure, with increased investments through public-private partnerships, primarily at the
municipal level. With the development of the construction and automobile industry, the demand for

epoxy resins is estimated to record an accelerating trend, thus facilitating the regional market’s
growth over the forecast period.

Frequently Asked Questions (FAQs) –

1. What is the difference between casting resin and epoxy coating resin?
A: The main difference between epoxy and resin is their intended uses. While epoxy resins
are primarily used for coating applications, casting resins are utilized for casting applications
such as figurines and molds.

2. Is epoxy resin flammable?
A: As an inherently flammable polymer, epoxy resin is also accompanied by the release of a
significant amount of smoke during combustion. Hence, owing to the potential hazard, the
applications of epoxy resins are highly restricted, particularly in electronics and electrical
spheres.