Europe Epoxy Resin Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Epoxy Resin Market Analysis
The market for Europe epoxy resins is projected to register a CAGR of more than 3% during the forecast period.
- COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
- The growing construction industry and increasing demand for adhesives and sealants from the automotive industry are expected to drive market growth. On the flip side, the hazardous impact of epoxy resins is expected to hinder the market's growth.
- The growing adoption of recyclable and reformable epoxy resin is expected to be a market opportunity in the forecast period. Germany dominates the Europe epoxy resins market, with most of the demand generating from the paints and coatings segment.
Europe Epoxy Resin Market Trends
This section covers the major market trends shaping the Europe Epoxy Resins Market according to our research experts:
Paints and Coatings Segment to Dominate the Market
- Epoxy resins are reinforced polymer composites derived from petroleum sources resulting from a reactive process involving epoxide units. These resins are used as binders for coating applications to enhance the durability of coating for floor and metal applications.
- Epoxy resins help develop several properties in coatings, such as strength, durability, and chemical resistance. Its properties and abilities of quick-drying, toughness, excellent adhesion, good curing, abrasion resistance, and excellent water resistivity make it suitable for protecting metals and other surfaces.
- Epoxy powder coatings are used on washers, dryers, steel pipes, and fittings. Due to its flexible applicability, it is also used in the oil and gas industry, water transmission pipelines, and concrete reinforcing rebar.
- The automotive, marine, and aerospace industries use epoxy coatings as primers for corrosion protection. In 2021, Fincantieri, an Italian shipbuilder, signed a memorandum of agreement (MOA) for the construction of two hydrogen-powered cruise ships to be delivered in 2027-28, driving the demand for epoxy coatings in the marine industry.
- Residential construction is also increasing significantly in the region comprising luxury and middle-class housing, which are expected to drive market growth. For instance, the Thorpebury Housing Community started a construction project worth USD 709 million in Q1 2022. The project aims to construct 4,500 homes on 364 ha of land in East Midlands, England, propelling the growth of the construction industry's epoxy resins paints and coatings segment.
- Furthermore, according to the United Nations Economic Commission (UNEC) for Europe, the construction industry's value as a percentage of GDP varied widely between European countries. In 2021, Albania's construction industry accounted for around 11% of GDP, Germany 5.9%, and France 5.6% , contributing to the demand for epoxy resins in the region.
- Such factors are expected to drive the demand for epoxy resins in paints and coatings, thus increasing the market's growth during the forecast period.
Germany to Witness Highest Growth
- Germany is expected to witness significant market growth during the forecast period owing to the expanding construction, electrical and electronics, and several other industries.
- The construction industry in the country has been growing considerably, driven by the increasing number of commercial construction activities. For instance, the Ostendstraße1-14 Commercial Buildings construction project worth USD 1,293 million was initiated in Q1 2022 in Berlin, Germany. The project aims to fulfill the growing demand for office, retail, hotel, and commercial facilities in Germany.
- Also, several residential construction projects are ongoing. For example, the KrampnitzHousing Development Project worth USD 1,831 million is under construction in Brandenburg, Germany, and is expected to be completed in Q4 2038. The project aims to provide living space for 10,000 people.
- Hence, with the growth of construction and building, and other sectors in the country, the demand for epoxy resins in the paints and coatings industry is expected to grow in the country in the upcoming years.
- Moreover, Germany received orders for the development of LNG-powered cruise ships. For instance, in 2021, Flensburger Schiffbau-Gesellschaft (FSG), a German shipbuilding yard, signed a contract with SeaRoad, a Tasmania-based transport firm, for the construction of a new roll-on/roll-off (RoRo) vessel with liquefied natural gas (LNG) propulsion worth USD 117.29 million. Thus, with the country's expanding marine industry, the demand for epoxy resins also increases significantly.
- Additionally, the country is also witnessing considerable epoxy resin demand from its automotive sector. Germany witnessed an increase in used car and truck sales in 2021, reflecting a 33% and 9% increase, respectively, contributing to the demand for epoxy resins in the automotive refinish sector. In addition, new truck sales increased by about 8% in 2021 compared to 2020.
- Thus, all the above-mentioned factors contribute significantly to the increasing demand for epoxy resins in Germany during the forecast period.
Europe Epoxy Resin Industry Overview
The Europe epoxy resins market is partially fragmented in nature. Some of the major players in the market include 3M, Covestro AG, BASF SE, Huntsman International LLC, and Olin Corporation, among others.
Europe Epoxy Resin Market Leaders
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3M
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Covestro AG
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Huntsman International LLC
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Olin Corporation
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BASF SE
*Disclaimer: Major Players sorted in no particular order
Europe Epoxy Resin Market News
- November 2022: Mitsui Chemicals, Inc. obtained certification under the International Sustainability and Carbon Certification (ISCC) PLUS system for certifying sustainable products for a number of products (including epoxy resins).
- February 2022: Hexion Holdings Corporation completed the sale of its epoxy-based coatings and composite businesses, which include the epoxy specialty resins and base epoxy resins and intermediates product lines, to Westlake Chemical Corporation for approximately USD 1.2 billion.
Europe Epoxy Resin Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Growing Construction Industry
- 4.1.2 Increasing Demand for Adhesives and Sealants from the Automotive Industry
-
4.2 Restraints
- 4.2.1 Hazardous Impact of Epoxy Resins
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
-
5.1 Raw Material
- 5.1.1 DGBEA (Bisphenol A and ECH)
- 5.1.2 DGBEF (Bisphenol F and ECH)
- 5.1.3 Novolac (Formaldehyde and Phenols)
- 5.1.4 Aliphatic (Aliphatic Alcohols)
- 5.1.5 Glycidylamine (Aromatic Amines and ECH)
- 5.1.6 Other Raw Materials
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5.2 Application
- 5.2.1 Paints and Coatings
- 5.2.2 Adhesives and Sealants
- 5.2.3 Composites
- 5.2.4 Electrical and Electronics
- 5.2.5 Wind Turbines
- 5.2.6 Other Applications
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5.3 Geography
- 5.3.1 Germany
- 5.3.2 United Kingdom
- 5.3.3 Italy
- 5.3.4 France
- 5.3.5 Russia
- 5.3.6 Rest of Europe
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 BASF SE
- 6.4.3 Covestro AG
- 6.4.4 Daicel Corporation
- 6.4.5 DuPont de Nemours, Inc.
- 6.4.6 Westlake Corporation
- 6.4.7 Huntsman International LLC
- 6.4.8 Olin Corporation
- 6.4.9 Sir Industriale
- 6.4.10 Spolchemie
- 6.4.11 Epoxy Europe
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Adoption Of Recyclable And Reformable Epoxy Resin
Europe Epoxy Resin Industry Segmentation
Epoxy resins are reinforced polymer composites derived from petroleum sources, resulting from a reactive process involving epoxide units. Epoxide and another molecule with two hydroxyl groups are copolymerized to produce epoxy resin. It is mostly used in applications such as paints and varnishes, adhesives, and composites.
The Europe epoxy resin market is segmented by raw material and application. By raw material, the market is segmented into DGBEA, DGBEF, Novolac, Aliphatic, Glycidylamine, and other raw materials. By application, the market is segmented into paints and coatings, adhesives and sealants, composites, electrical and electronics, and other applications. The report also covers the market size and forecasts for epoxy resins in 5 countries across the European region.
For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
| 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 | |
| Application | Paints and Coatings |
| Adhesives and Sealants | |
| Composites | |
| Electrical and Electronics | |
| Wind Turbines | |
| Other Applications | |
| Geography | Germany |
| United Kingdom | |
| Italy | |
| France | |
| Russia | |
| Rest of Europe |
Europe Epoxy Resin Market Research FAQs
What is the current Europe Epoxy Resins Market size?
The Europe Epoxy Resins Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Europe Epoxy Resins Market?
3M, Covestro AG , Huntsman International LLC , Olin Corporation and BASF SE are the major companies operating in the Europe Epoxy Resins Market.
What years does this Europe Epoxy Resins Market cover?
The report covers the Europe Epoxy Resins Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Epoxy Resins Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Epoxy Resin Industry Report
Statistics for the 2024 Europe Epoxy Resin market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Epoxy Resin analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
