Market Size of Asia-Pacific Epoxy Resins Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR (2024 - 2029) | 6.50 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Epoxy Resins Market Analysis
The Asia-Pacific Epoxy Resins Market size is estimated at 2.34 Million tons in 2024, and is expected to reach 3.26 Million tons by 2029, growing at a CAGR of greater than 6.5% during the forecast period (2024-2029).
- Factors such as strong growth in the wind turbine industry and rising demand for electrical and electronic devices are driving the market's growth.
- However, health and environmental concerns associated with the use of epoxy resins and volatile raw material prices are hindering market growth.
- The significant growth potential of epoxy resin for a wide range of applications in the developing countries of the region is projected to influence the industry players in the near future.
- China dominates the Asia-Pacific epoxy resin market, followed by India and Japan.
Asia-Pacific Epoxy Resins Industry Segmentation
Epoxy resins, as a class of prepolymers and polymers, create a robust substance when combined with hardeners or curing agents. This substance is found to be extensively used in both commercial and industrial settings. Owing to their durability, exceptional adhesion, and chemical resistance, epoxies are favored in a diverse array of applications, spanning from consumer to industrial needs.
The Asia-Pacific epoxy resin market is segmented by raw material, application, and country. By raw material, the market is segmented into DGBEA (bisphenol A and ECH), DGBEF (bisphenol F and ECH), novolac (formaldehyde and phenols), aliphatic (aliphatic alcohols), glycidylamine (aromatic amines and ECH), and other raw materials. By application, the market is segmented into paints and coatings, adhesives and sealants, composites, electrical and electronics, wind turbines, and other applications. The report also covers the market size and forecasts for the epoxy resins market for five major countries. For each segment, the market sizing and forecasts are done in terms of volume (tons).
By Raw Material | |
DGBEA (Bisphenol A and ECH) | |
DGBEF (Bisphenol F and ECH) | |
Novolac (Formaldehyde and Phenols) | |
Aliphatic (Aliphatic Alcohols) | |
Glycidylamine (Aromatic Amines and ECH) | |
Other Raw Materials |
By Application | |
Paints and Coatings | |
Adhesives and Sealants | |
Composites | |
Electrical and Electronics | |
Wind Turbines | |
Other Applications |
By Geography | |
China | |
India | |
Japan | |
South Korea | |
ASEAN Countries | |
Rest of Asia-Pacific |
Asia-Pacific Epoxy Resins Market Size Summary
The Asia-Pacific epoxy resins market is poised for significant growth, driven by the robust expansion of the construction industry and the increasing demand for electrical and electronic devices. Epoxy resins, known for their strength, durability, and chemical resistance, are extensively used in coatings to enhance the durability of floors and metal applications. Their quick drying, toughness, and excellent adhesion properties make them ideal for protecting metals and other surfaces. The automotive, marine, and aerospace sectors also utilize epoxy coatings for corrosion protection. The rapid growth in the paints and coatings industry, particularly in automotive and industrial applications, is expected to further propel the demand for epoxy resins in the region.
China stands out as a dominant force in the Asia-Pacific epoxy resins market, largely due to its expansive electronics manufacturing base and substantial construction activities. The country's electronics sector, bolstered by rising disposable incomes, is experiencing steady growth, driving the demand for epoxy resins. Additionally, China's construction industry, a significant contributor to its GDP, continues to thrive, further boosting the market for paints and coatings. Despite challenges such as health impacts and the lingering effects of the COVID-19 pandemic, the market remains partially fragmented with key players like 3M, Covestro AG, Hexion, Huntsman International LLC, and Olin Corporation actively participating in the region.
Asia-Pacific Epoxy Resins Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Strong Growth in Wind Turbine Industry
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1.1.2 Rising Demand for Electrical and Electronic Devices
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Health and Environmental Concerns Associated with the Use of Epoxy Resins
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1.2.2 Volatile Raw Material Prices
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1.2.3 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 By Raw Material
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2.1.1 DGBEA (Bisphenol A and ECH)
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2.1.2 DGBEF (Bisphenol F and ECH)
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2.1.3 Novolac (Formaldehyde and Phenols)
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2.1.4 Aliphatic (Aliphatic Alcohols)
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2.1.5 Glycidylamine (Aromatic Amines and ECH)
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2.1.6 Other Raw Materials
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2.2 By Application
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2.2.1 Paints and Coatings
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2.2.2 Adhesives and Sealants
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2.2.3 Composites
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2.2.4 Electrical and Electronics
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2.2.5 Wind Turbines
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2.2.6 Other Applications
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2.3 By Geography
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2.3.1 China
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2.3.2 India
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2.3.3 Japan
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2.3.4 South Korea
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2.3.5 ASEAN Countries
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2.3.6 Rest of Asia-Pacific
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Asia-Pacific Epoxy Resins Market Size FAQs
How big is the Asia-Pacific Epoxy Resins Market?
The Asia-Pacific Epoxy Resins Market size is expected to reach 2.34 million tons in 2024 and grow at a CAGR of greater than 6.5% to reach 3.26 million tons by 2029.
What is the current Asia-Pacific Epoxy Resins Market size?
In 2024, the Asia-Pacific Epoxy Resins Market size is expected to reach 2.34 million tons.