에폭시 수지 시장 : 예측(2024-2029년)

The global epoxy resins market is expected to grow at a CAGR of 5.34% during the forecast period (2024-2029).

Epoxy resins are reactive intermediates that are cross-linked by polymerization into a three-dimensional infusible network with co-reactants before these can be used. The cross-linking process can occur through hydroxyl groups or epoxide. Epoxy resins are curing agents that usually contain at least one reaction site per molecule, and the curing process forms a three-dimensional network.

Epoxy technology helps renewable sources, including wind, solar, and new battery technologies, be more efficient, scalable, and affordable. These resins are further used in the construction industry as they help increase the lifespan of buildings. This is achieved by improved durability of structural parts, engineering adhesives, and paints. Alongside this, epoxy resins are used in the food and beverage industry as protective layers that separate food and drinks from the metal used in cans. To avoid compromise in the safety of food and drinks, the epoxy resin coatings help minimize the metal corrosion.

GLOBAL EPOXY RESINS MARKET DRIVERS:

• The rise of the electrical and electronics sector has a significant influence on the epoxy resins market, owing to its growing use in wires, cables, and transformers. Epoxy resins are crucial for encapsulating and potting electronic components and safeguarding them from environmental factors. According to the World Electronics Update 2020, the electronics sector crossed $2.9 trillion as reported by PIB. In the same year, electronics alone had a global market worth that was equal to India's gross domestic product, $2.9 trillion.

Moreover, manufacturers shield semiconductors from environmental factors such as moisture, dust, and mechanical stress by encapsulating semiconductors. This encapsulation process is essential for performance and efficiency since it enhances thermal conductivity, improves heat dissipation, and helps maintain optimal operating temperatures for semiconductor devices. In January 2022, the Department of Commerce released a Request for Information to assist steer CHIPS Act-funded programs to support a robust domestic semiconductor sector. Furthermore, countries like India rely heavily on imports for their semiconductor requirements. As per the International Trade Administration, India imports 95% of its semiconductors from China, Taiwan, South Korea, and Singapore. Amidst the growing market for semiconductors and electronics, the epoxy resin market is anticipated to propel.

• Product innovation in the epoxy resin market expands its reach across multiple industries, including automotive, electronics, and aerospace. Low-VOC and bio-based options are some advancements in formulations that help meet the evolving environmental standards and consumer preferences. Solvay, for instance, announced the launch of CYCOM EP2190, an epoxy-based system that offers thick and thin structures, in October 2021. As the company's new flagship product for aerospace primary structures, the material competes with existing wing and fuselage applications solutions in most aviation market segments, including urban air mobility, private and commercial aerospace (sub and supersonic), defense, and rotorcraft.

Besides this, SR Greenpoxy 33, offered by Sicomin Epoxy Systems, is an excellent example of product innovation in the market. This epoxy resin uses 35% biobased carbons in its formulations which helps reduce the carbon footprint of the products without compromising its performance. This resin is used for contact lamination, infusion, hot production of composite resins, and vacuum bagging.

Furthermore, multiple companies offer epoxy resin-based products, impacting product utilization. Panacol, for example, created a new epoxy resin adhesive in May 2024 designed exclusively for gluing oil and gas filters. Structalit 5826 VT is extremely resistant to fluids and media and is recommended for bonding filters in engine construction and shipbuilding. Comprehensively, epoxy resins offer durability and reliability, fostering its use in various applications from adhesives to electronic encapsulation and ensuring demand across global markets.

GLOBAL EPOXY RESINS MARKET SEGMENT ANALYSIS:

• By raw material, DGBEA is one of the most popular segments.

Epoxy resins are popularly produced by the reaction between epichlorohydrin (ECH) and Bisphenol-A (BPA). However, the latter can be replaced by other raw materials, including aliphatic glycols, phenol, and o-cresol novolacs. The process for producing epoxy resins involves both the materials being charged into a reactor. As this solution is brought to the boiling point another solution of 20-40% caustic soda is added in the reaction vessel. Once the evaporation of unreacted ECH is completed, the two phases are separated by adding inert solvents. The resin formed is then washed, and the solvent is removed by vacuum distillation.

DGBEA's popularity is mainly due to the excellent mechanical properties, adhesion, and chemical resistance it provides, giving it an edge in the global market. Owing to these properties, it is deemed suitable for application in various industries including construction, electronics, and automotive industries.

• Rising demand from the building and construction industry.

To help increase the lifespan of buildings and decrease the requirement for refurbishing, epoxy resins are used in the building and construction industry. The resins improve the durability of engineering adhesives, structural parts, and paints. Paintings and coatings, flooring, plumbing and pipes, and high-performance adhesives are some of the areas where epoxy resins are utilized. In addition to providing protective coating, epoxy-enhanced paints also dry quickly. These are also utilized in cast steel, cast aluminum applications, and factory cast iron.

As per the new residential construction statistics released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in April 2024, the number of building permits was 14,40,000, whereas the housing completions were 16,23,000.

In addition, the Secretariat of Infrastructure in the Planning Commission is involved in creating world-class infrastructure in India by initiating multiple policies. These policies focus on bridges, dams, power, roads, and urban infrastructure development. These initiatives, coupled with the growth in construction, fuel the demand for the use of pipes and tanks, which in turn upsurges the epoxy resins market expansion.

Nonetheless, epoxies play a significant role in flooring applications, specifically in environments requiring sterile surfaces, such as medical settings and food-processing facilities. These floors can be easily sanitized using stronger cleaning products. Since the epoxy pipe lining is durable and resistant to chlorine and microbes, epoxy resins are used in composite pipes and tanks. It is further utilized in manufacturing laminated wood for decks, walls, and roofs owing to its heat and chemical-resistant properties.

• Asia Pacific epoxy resin market is anticipated to grow significantly.

Asia Pacific is anticipated to be the leading market for epoxy resins globally, supported by high demand from India and China. This growth is also owed to the growth in infrastructure development coupled with growth in the manufacturing industry. China, for instance, has invested heavily in developing various machine tools and digitalized manufacturing technologies. The government of China aims to make China a global leader in advanced manufacturing, for which a five-year plan named" Made in China 2025" has been set.

Along with this, epoxy resins are crucial in safeguarding electronic components. The resins are applied to envelop sensitive parts and shield them from chemicals, moisture, and dust. This extends the operational lifespan and ensures the reliability and durability of electronic devices. As of 2024, the electronics market in India is valued at US$155 Billion, of which domestic production accounts for 65%, as stated by Invest India. This accelerated growth is attributed to the rollout of 5G networks and IoT. Initiatives, including "Digital India" and" Smart City", have ushered in a new era for electronic devices, increasing the demand for IoT. With the growth in per capita disposable income and private consumption, the nation has emerged as one of the largest electronics products markets in the world. Alongside this, to pave the way for India's technological leadership in the industry, the Semicon India Program was established with an incentive outlay of US$10 Billion to develop a sustainable semiconductor and display ecosystem in the nation. Thus, This material serves as a cornerstone and ensures the performance of a wide array of electronic products, which impacts the market growth.

Global Epoxy Resins Market Key Developments:

• In February 2024, DIC Corporation announced that it had succeeded in developing technology for groundbreaking epoxy resin curing agents. This agent resists heat up to 200°C and can also be recycled.
• In October 2023, The leading formulator of epoxy and polyurethane resin systems, Robnor ResinLab, announced the launch of its new bio-based epoxy resin named PX806C. This new resin ensures high performance and durability even in challenging conditions. Robnor ResinLab PX806C is REACH and RoHS compliant and can be purchased in a 500g twin-pack.
• In May 2023, Mitsui Chemicals Inc. acquired the certification for epoxy resins, which is a part of the biomass phenol chain, under the International Sustainability and Carbon Certification (ISCC) PLUS system for certifying sustainable products. Moving forward, the company plans to make further contributions to adopting biomass products in society.
• In May 2022, Hexcel Corporation, a global leader in advanced lightweight composites technology, developed a product range that combines Hexcel resin systems prepared with bio-derived resin content with natural fiber reinforcements to create material solutions for automotive, marine, and wind applications.

The global epoxy resins market is segmented and analyzed as follows:

By Raw Material

• DGBEA (Bisphenol A and ECH)
• DGBEF (Bisphenol F and ECH)
• Novolac (Formaldehyde and Phenols)
• Aliphatic (Aliphatic Alcohols)
• Gycidylamine (Aromatic Amines and ECH)
• Other Raw Materials

By Application

• Paints and Coatings
• Adhesives and Sealants
• Composites
• Electrical and Electronics
• Automotive
• Marine
• Wind Turbines
• Others

By Geography

• North America
• South America
• Europe
• Middle East and Africa
• Asia-Pacific

TABLE OF CONTENTS

1. INTRODUCTION

• 1.1. Market Overview
• 1.2. Market Definition
• 1.3. Scope of the Study
• 1.4. Market Segmentation
• 1.5. Currency
• 1.6. Assumptions
• 1.7. Base and Forecast Years Timeline
• 1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY

• 2.1. Research Design
• 2.2. Research Process

3. EXECUTIVE SUMMARY

• 3.1. Key Findings
• 3.2. Analyst View

4. MARKET DYNAMICS

• 4.1. Market Drivers
  • 4.1.1. Growing Demand in Construction Industry
  • 4.1.2. Advancements in Renewable Energy
• 4.2. Market Restraints
  • 4.2.1. Environmental Regulations
  • 4.2.2. Competition from Substitute Materials
• 4.3. Porter's Five Forces Analysis
  • 4.3.1. Bargaining Power of Suppliers
  • 4.3.2. Bargaining Power of Buyers
  • 4.3.3. The Threat of New Entrants
  • 4.3.4. Threat of Substitutes
  • 4.3.5. Competitive Rivalry in the Industry
• 4.4. Industry Value Chain Analysis

5. GLOBAL EPOXY RESINS MARKET BY RAW MATERIAL

• 5.1. Introduction
• 5.2. DGBEA (Bisphenol A and ECH)
• 5.3. DGBEF (Bisphenol F and ECH)
• 5.4. Novolac (Formaldehyde and Phenols)
• 5.5. Aliphatic (Aliphatic Alcohols)
• 5.6. Gycidylamine (Aromatic Amines and ECH)
• 5.7. Other Raw Materials

6. GLOBAL EPOXY RESINS MARKET BY APPLICATION

• 6.1. Introduction
• 6.2. Paints and Coatings
• 6.3. Adhesives and Sealants
• 6.4. Composites
• 6.5. Electrical and Electronics
• 6.6. Automotive
• 6.7. Marine
• 6.8. Wind Turbines
• 6.9. Others

7. GLOBAL EPOXY RESINS MARKET BY GEOGRAPHY

• 7.1. Global Overview
• 7.2. North America
  • 7.2.1. United States
  • 7.2.2. Canada
  • 7.2.3. Mexico
• 7.3. South America
  • 7.3.1. Brazil
  • 7.3.2. Argentina
  • 7.3.3. Rest of South America
• 7.4. Europe
  • 7.4.1. United Kingdom
  • 7.4.2. Germany
  • 7.4.3. France
  • 7.4.4. Italy
  • 7.4.5. Spain
  • 7.4.6. Rest of Europe
• 7.5. Middle East and Africa
  • 7.5.1. Saudi Arabia
  • 7.5.2. United Arab Emirates
  • 7.5.3. Rest of Middle East and Africa
• 7.6. Asia-Pacific
  • 7.6.1. China
  • 7.6.2. India
  • 7.6.3. Japan
  • 7.6.4. South Korea
  • 7.6.5. Taiwan
  • 7.6.6. Thailand
  • 7.6.7. Indonesia
  • 7.6.8. Rest of Asia-Pacific

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

• 8.1. Major Players and Strategy Analysis
• 8.2. Market Share Analysis
• 8.3. Mergers, Acquisitions, Agreements, and Collaborations
• 8.4. Competitive Dashboard

9. COMPANY PROFILES

• 9.1. 3M
• 9.2. Aditya Birla Chemicals
• 9.3. KOLON Industries
• 9.4. Epic Resins
• 9.5. DIC Corporation
• 9.6. Dow
• 9.7. Orson Resins and Coatings Private Limited
• 9.8. Adhesives Technology Corp. (Meridian Adhesives Group LLC)
• 9.9. Olin Epoxy
• 9.10. Westlake Epoxy