Products
Production baseNews
| Forecast the global epoxy resin market in 2024 |
According to the survey data of 360iResearch, an overseas market research agency, the global epoxy resin market is estimated to be $11.85 billion in 2023 and is expected to reach $12.65 billion in 2024. With a compound annual growth rate of 6.76%, it is expected to reach $18.74 billion by 2030.
Epoxy resins are a class of thermosetting polymers containing epoxy groups and are widely used in a variety of fields due to their excellent properties, such as high mechanical strength, durability and chemical resistance.
Several factors are driving the growth of the epoxy resin market, including increasing demand from the automotive, aerospace and wind energy industries due to the strength, durability and light weight of the material. In addition, there is growth in renewable energy equipment, especially wind turbines, which extensively use epoxy resins as blades and other components.
The development of the epoxy resin market faces many constraints and challenges, such as fluctuating raw material prices, stringent environmental regulations and sensitivity to external conditions. However, as a response to increasing environmental concerns and regulations, the development of bio-based epoxy resins has created new opportunities for the entire market. At the same time, the exploration of new applications of 3D printing technology and investment in research and development of epoxy resin systems with enhanced properties, such as providing better heat and chemical resistance for high-performance applications, contribute to the development of new products across the market.
Regional insight
The Americas, especially the United States and Brazil, have a strong epoxy resin market, mainly driven by the aerospace, automotive and construction industries. In North America, advances in lightweight and fuel-efficient vehicles are driving the demand for high-performance materials, including epoxy resins. In addition, there is a growing emphasis on renewable energy, especially wind energy, which utilizes large quantities of epoxy resins to produce wind turbine blades.
The Latin American market is also growing, albeit from a smaller base, with increased demand in the construction and manufacturing sectors.
The EMEA region showcases a diverse market landscape, with Europe at the forefront of consumption thanks to its strong manufacturing base, especially in Germany, France and the United Kingdom. The region's focus on sustainability and circular economy is driving innovation in bio-based epoxy resins.
In the Middle East, especially in the Gulf Cooperation Council countries, with the continuous development of the construction industry, the application of epoxy resins in coatings has great potential.
Africa's construction and wind energy sectors are on the rise, driven by infrastructure and renewable energy projects.
Driven by rapid industrialization and manufacturing expansion in China, India, South Korea and Japan, the global epoxy resin market in Asia Pacific has experienced substantial growth.
China is a major consumer and producer of epoxy resins, with its large electronics, automotive and construction industries driving this growth. The region is investing heavily in renewable energy, especially wind and solar, which is further driving the demand for epoxy resins.
In addition, the surging adoption of automotive lightweight materials and technological advancements in the Asia-Pacific region are expected to sustain the high growth rate of the epoxy resin market.
Epoxy resin system
Aliphatic epoxides have a clear, colorless appearance and excellent UV resistance, making them ideal for applications that require prolonged exposure to sunlight without yellowing. These resins have excellent weather resistance and flexibility, and cure faster than other types of epoxy resins.
Aliphatic epoxies are used in coatings, flooring and outdoor applications, and aliphatic resins are valued for their aesthetics and durability in harsh environments.
Bisphenol epoxies are one of the most widely used types of epoxy resins because of their extensive mechanical properties, strong adhesion, and high chemical resistance. These resins are formulated from bisA (BPA) or bisphenol F (BPF) and epichlorohydrin and are primarily used in the production of coatings, adhesives and composites. Their versatility and reliability make them a staple in industries that require strong, high-performance materials.
Glycidylamine epoxies are recognized for their high heat and chemical resistance, making them suitable for high-performance applications where materials are required to maintain stability at high temperatures. These resins are made from aromatic amines and epichlorohydrin and have high mechanical properties and electrical insulating properties. They are often used to manufacture circuit boards, composites and packaging materials for the electronics industry.
Phenolic epoxies are known for their enhanced chemical resistance and high temperature resistance, superior to standard bisphenol A-based epoxies. Resins made from phenolics and epichlorohydrin are particularly suitable for applications that involve harsh chemical environments or require high heat resistance, such as coatings, adhesives and composites for the aerospace, automotive and electrical industries, providing robustness under extreme conditions.
Epoxy in liquid and solid state
Liquid epoxy resins are characterized by low viscosity and are widely used in applications that require strong adhesion, chemical resistance and durability. They are commonly used in the manufacture of coatings, adhesives, sealants, and composites, as well as in various encapsulation and potting processes. Liquid epoxies are easy to apply and can be mixed with hardeners and other additives, making it possible to customize the properties of the end product to the specific requirements of the application.
Solid epoxy resins are available in powder or particle form. They have high mechanical properties, heat resistance and dimensional stability. Solid resins are used in applications that require robust curing products, such as molds, fixtures or components in various industrial composites. The solid state of these resins needs to be heated or melted before use, which helps to react with hardeners to form a highly durable cross-linked polymer matrix.
New utilization of natural resources of epoxy resin
Naturally sourced epoxy resins represent an emerging area of research and development aimed at reducing dependence on fossil fuels and minimizing environmental impact. These bio-based epoxies are made using vegetable oils, lignin, cellulose and other renewable materials. They provide a sustainable alternative to traditional epoxy resins and can be used in various industries such as automotive, construction and consumer goods.
However, compared to petroleum-based epoxies, natural sourced epoxies currently face some challenges, such as lower performance and higher production costs in some applications. Petroleum-based epoxy resins are synthesized from petrochemical feedstocks and mainly involve the reaction between epichlorohydrin and bisphenol A (BPA) or other phenolic compounds. These types of epoxies have become industry standards for their excellent mechanical properties, thermal stability and chemical resistance. They are critical in a variety of applications, including coatings, adhesives, composites and electronic systems. Concerns about their environmental impact and sustainability have prompted the search for biobased alternatives, but performance advantages and mature manufacturing infrastructure still make petroleum-based epoxies the market of choice.
Article source: CATIA-CHINA
DATE：[2024-08-14] |