Epoxy Resins Market Size, Share, Growth & Industry Analysis, By Type (Bisphenol-A Based, Novolac Resins, Glycidylamine, Aliphatic, Cycloaliphatic, Bisphenol-F Based, Waterborne, Others), By End-use Industry (Automotive, Construction, Aerospace, Electronics , Marine, Oil & Gas/Wind Power, Medical, Packaging, Others), By Form, and Regional Analysis, 2024-2031

Global Epoxy Resins Market Size

Global Epoxy Resins Market size was recorded at USD 13.24 billion in 2023, which is estimated to be valued at USD 13.81 billion in 2024 and reach USD 19.18 billion by 2031, growing at a CAGR of 4.80% from 2024 to 2031.

The growth of epoxy resins is driven by their increasing demand in construction, automotive, aerospace and electronics industries due to their durability, strong adhesion, resistance to harsh conditions, and versatility. In the scope of work, the report includes products offered by companies such as 3M, Aditya Birla Group, Chang Chun Group, Huntsman International LLC, KUKDO CHEMICAL CO LTD, DIC CORPORATION, Sika AG, Atul Ltd, Dow, Olin Corporation.

Epoxy resins play a vital role in various end-use applications, offering durability, strong adhesion, and resistance to heat, chemicals, and moisture. They are widely used in construction, automotive, aerospace, marine, medical, and electronics applications in the form of coatings, adhesives, and composites.

Their market is driven by innovations in material formulations and rising demand for high-performance, sustainable solutions. Advancements in manufacturing processes enable the development of more eco-friendly resins, favoring global sustainability trends. As industries evolve, epoxy resins continue to meet the need for durable, reliable materials.

• Sika AG is working to transition to bio-based alternatives by producing epoxies from waste oils, leftover cooking fats, rapeseed oil, and other vegetable oils. This can reduce Sika’s reliance on fossil fuels and promote more sustainable production practices without compromising on quality or performance.

Epoxy resins belong to a class of strong, durable materials created by combining an epoxide compound with a hardener, which results in a solid, adhesive substance. In the building and construction industry, these resins are known for their exceptional strength, adhesion, and resistance to wear, moisture, and chemicals. The industry itself is experiencing significant growth, fueled by rapid urbanization and infrastructure development.

As construction projects become more complex, the demand for high-performance materials like epoxy resins is expected to gain momentum. These resins are used for bonding concrete, metal, and wood. They can enhance the durability of surfaces and are effective sealants and repair systems. All this is expected to contribute to the expansion of the epoxy resin market.

The rise in construction activities with a focus on sustainable, long-lasting solutions are expected to lead to increased adoption of epoxy resins over the forecast period.

Analyst’s Review

The epoxy resin market is poised for continued growth in construction, automotive, and electronics segments. Manufacturers mainly focus on sustainability by transitioning from fossil-based epoxies to bio-based alternatives, using waste oils and vegetable oils.

This transition not only reduces environmental impact but also promotes the global trend of adopting eco-friendly products. Various companies are investing in R&D to improve formulations, enhance performance, and expand applications of epoxy resins.

• In June 2024, Aditya Birla Advanced Materials partnered with Siemens Gamesa to develop a recyclable epoxy resin system using Recyclamine technology, contributing to sustainability in the epoxy resins market..

Companies are now using strategic partnerships and acquisitions to strengthen their market position, tap into new regional markets, and ensure a competitive edge.

Epoxy Resins Market Growth Factors

Technological innovations are a major factor driving the growth of the epoxy resin market, as advancements in resin formulations and manufacturing processes have greatly improved this product’s performance. These innovations have enhanced the strength, durability, and resistance of epoxy resins, making them ideal for more demanding applications in automotive, aerospace, and construction.

Improved production methods have also reduced costs, making epoxy resins more affordable and accessible for a wider range of industries. Additionally, increasing focus on bio-based and renewable epoxy resins is another major growth factor. As industries move toward more sustainable practices, the demand for epoxy resins made from renewable resources is gaining pace.

Bio-based resins, derived from natural materials like plant oils, help reduce the environmental impact of production compared to traditional petroleum-based resins. This shift aligns with the growing emphasis on sustainability, driven by consumer demand and regulatory pressures.

As a result, bio-based epoxy resins are becoming a preferred choice for companies looking to meet their sustainability goals, while still benefiting from the durability and performance of new and improved epoxy solutions in various industrial applications.

• In October 2024, the iLAuNCH Trailblazer project, was launched as a collaboration between several universities and Change Climate Pvt. Ltd. The project aimed to explore the use of bio-epoxy resins for aerospace applications.

The epoxy resin market faces several challenges like supply chain disruptions due to logistics issues and a shortage of skilled labor. In this regard, building a robust supply chain network can ensure smoother operations, reducing delays and improving reliability. Additionally, outdated technology can drive up production costs.

Addressing this requires investing in workforce training and skill development, as well as regular upgrades in technologies to enhance manufacturing efficiency. By adopting these strategies, manufacturers can reduce costs, streamline operations, and stay competitive in a rapidly evolving market, ultimately strengthening their position in the market.

Epoxy Resins Market Trends

The epoxy resin market is currently undergoing transformation due to a growing focus on sustainability and eco-friendly solutions. Traditional epoxy resins have environmental drawbacks, as they are non-biodegradable and difficult to recycle. In response to the rising environmental concerns, the market is shifting toward bio-based epoxy resins derived from renewable resources like cashew nut shells, natural oils, vegetable oils, and soy proteins.

These eco-friendly alternatives are becoming increasingly popular across construction, automotive, and aerospace industries, offering a lower environmental impact without compromising performance. This shift is helping companies meet the rising demand for greener materials while still providing durability and strength typically offered by epoxy resins.

Looking ahead, the epoxy resin market is set for continued growth, fueled by technological advancements and continuous development of more sustainable materials. One of the key trends favoring the market is the rise of self-healing resins, which offer enhanced durability by automatically repairing minor damage. This innovation is expected to boost the longevity of products, especially in high-performance industries like aerospace and automotive.

Additionally, a stronger focus on improving recycling of epoxy-based products, supporting a circular economy, and reducing waste is expected to aid growth. These ongoing innovations, along with efforts to improve cost-efficiency and energy use, are expected to remain crucial in driving the long-term growth of the market.

Segmentation Analysis

The global market has been segmented based on type, end-use industry, form, and geography.

By Type

Based on type, the market has been segmented into Bisphenol-A Based, Novolac Resins, Glycidylamine, Aliphatic, Cycloaliphatic, Bisphenol-F Based, Waterborne, and Others. The Bisphenol-A Based segment led the market in 2023, reaching the valuation of USD 6.16 billion.

Bisphenol-A (BPA) based liquid epoxy resins are widely used in automotive, construction, aerospace, and electronics applications due to their excellent mechanical strength, chemical resistance, and thermal stability. These resins provide strong bonding, protection, and durability in demanding applications in the form of coatings, adhesives, and composites.

BPA enhances resin performance by improving toughness, adhesion, and resistance to heat, chemicals, and moisture. This makes BPA-based resins ideal for applications requiring high performance, such as automotive parts, protective coatings, and electrical insulations. Additionally, their ease of processing and thermal stability ensure reliability in extreme conditions, boosting their value across industries.

 By End-use Industry

Based on end-use industry, the market has been bifurcated into automotive, construction, aerospace, electronics, marine, oil & gas/wind power, medical, packaging, and others. The construction segment secured the largest revenue share of 31.23% in 2023. Epoxy resins are widely used in commercial construction in the form of strong adhesives, sealants, and fillers.

They are often used as alternatives to mechanical fasteners and also for repairing bridge decks. Due to their strength, durability, and resistance to chemicals, epoxies are used for both indoor and outdoor applications, including flooring, where they protect against wear, prevent slipping, and offer high resistance to chemicals and abrasion.

• In October 2024, Westlake Corporation joined the B4 consortium, which focuses on creating sustainable building materials using trees and plants. Westlake Epoxy is contributing to the Consortium B4 project by replacing fossil fuel-based materials with bio-based alternatives for making epoxy resins. Along with other partners, they are testing and customizing the new bio-based materials to meet the specific needs and performance standards for epoxy products.

By Form

Based on form, the market has been classified into powder and liquid. The liquid segment is projected to dominate the market in 2031, accounting for an estimated 74.06% of the total revenue share. Liquid epoxy resins are expected to capture the largest revenue share due to their versatility, ease of application, and excellent performance in various industries such as construction, automotive, and electronics.

They offer superior adhesion, chemical resistance, and durability, making them ideal for coatings, adhesives, and composites. Additionally, their ability to be customized for specific applications and compatibility with automated processes contribute to increased demand, driving market growth. Their use in sustainable products also boosts their appeal in industries focusing on eco-friendly solutions.

Epoxy Resins Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Asia Pacific emerged as the leading region in the epoxy resins market in 2023, attaining a valuation of USD 4.58 billion. Asia Pacific dominates the epoxy resin market due to a strong epoxy demand across key industries like automotive, construction, and electronics. The region’s manufacturing infrastructure and robust R&D capability, enables the development of advanced resin formulations, including bio-based and sustainable options.

Growing environmental regulations and consumer preferences favoring eco-friendly solutions further drive the demand for these innovative resins. Additionally, the region benefits from a large customer base and increasing investments in infrastructure projects, which require high-performance materials like epoxy resins for durability and longevity. These factors are expected to collectively position Asia Pacific as the leading region in the epoxy resin market.

Europe is expected to witness significant growth over the forecast period at a CAGR of 4.99%. Europe is expected to be the fastest-growing region in the epoxy resin market due to rapid industrialization, urbanization, and increasing demand for high-performance materials across its construction, automotive, and electronics industries. The region is expanding its manufacturing capacities, which will likely enable cost-effective production of epoxy resins.

Additionally, Europe's growing focus on infrastructure development and modernization is driving the need for durable, long-lasting materials like epoxy resins in construction and engineering projects.

Government initiatives supporting green technologies and sustainability are also expected to boost the adoption of bio-based and eco-friendly resins. Rising consumer demand for sustainable and high-quality materials, combined with such policies, is expected to position Europe as a key region of growth in the market.

Competitive Landscape

The global epoxy resins market report provides valuable insights with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers and acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their market shares across different regions.

Strategic initiatives, including investments in R&D activities, establishment of new manufacturing facilities, and supply chain optimization, could create new opportunities for the market growth.

List of Key Companies in Epoxy Resins Market

• 3M
• Aditya Birla Group
• Chang Chun Group
• Huntsman International LLC
• KUKDO CHEMICAL CO LTD
• DIC CORPORATION
• Sika AG
• Atul Ltd
• Dow
• Olin Corporation

Key Industry Developments

• February 2024 (Expansion): DCM Shriram Ltd plans to invest USD 10 billion in the coming years to build a new, advanced epoxy manufacturing plant from the ground up. This investment aims to enhance production capabilities and meet growing demand for high-quality epoxy resins.
• March 2024 (Expansion): Aditya Birla Chemicals’ Advanced Materials division launched an expansion project in Gujarat, India, increasing its epoxy resin and formulation capacity by 123,000 tons. This brings the total capacity to 246,000 tons per year. This expansion is expected to be a key milestone, positioning the company as a stronger player in the global epoxy materials market, supported by its ambitious growth strategies.

The Global Epoxy Resins market has been segmented:

By Type

• Bisphenol-A Based
• Novolac Resins
• Glycidylamine 
• Aliphatic 
• Cycloaliphatic 
• Bisphenol-F Based
• Waterborne
• Others

By End-use Industry

• Automotive
• Construction
• Aerospace
• Electronics
• Marine
• Oil & Gas/Wind Power
• Medical
• Packaging
• Others

 By Form

• Powder
• Liquid

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America