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What is the Projected Growth Rate of the Epoxy Resin Market from 2024 to 2033?

The epoxy resin industry’s dimensions have been expanding considerably in the previous few years. The market will see a surge from $11.65 billion in 2023 to $12.72 billion in 2024, boasting a compound annual growth rate (CAGR) of 9.2%. The significant increase during the historical period is primarily due to factors such as the upswing in construction, development in the automotive industry, expansion of electronics production, infrastructure growth, and strict environmental norms.

Anticipations are high for a robust expansion of the epoxy resin market size in the forthcoming years. It’s projected to swell to $17.99 billion by 2028, boasting a compound annual growth rate (CAGR) of 9.1%. This anticipated expansion during the projection period can be explained by a multitude of factors including advances in electronics, biocompatible materials, initiatives advancing the circular economy, global trade acceleration and surging electric vehicles (EVs) usage. Key trends to watch during this period comprise advancements in renewable energy technologies, burgeoning applications in 3D printing industry, increased demand from the wind energy sector, growing appeal of waterborne epoxy resins, and amplified utilization in electronic and electrical contexts.

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What Are the Key Drivers of Growth in the epoxy resin Market?

The booming requirement for epoxy resin in the automobile industry is expected to drive the epoxy resin market’s upward trend. Epoxy resin finds its application in painting the bodies of vehicles in the automotive industry, which concerns designing, manufacturing, and selling motor vehicles. By using these resins as protective coatings, the lifespan of automobiles is significantly increased. The Organization Internationale des Constructeurs d’Automobiles (OICA), an international trade organization based in France, noted a 3% surge in global car production in 2021, from 77.8 million the previous year to 80.14 million. This rise in vehicle production calls for an increased epoxy resin requirements. Hence, the growth in the epoxy resin market can be credited to the escalating demand from the automotive sector.

What Are the Notable Segments in the Epoxy Resin Market?

1) By Type: DGBEA (Bisphenol A And ECH), DGBEF (Bisphenol F And ECH), Novolac (Formaldehyde And Phenols), Aliphatic (Aliphatic Alcohols), Glycidylamine (Aromatic Amines And ECH), Other Types

2) By Physical Form: Liquid, Solid, Solution

3) By Application: Paints And Coatings, Composites, Adhesives And Sealants, Other Applications

4) By End-User: Building And Construction, Automotive, Large And Heavy Vehicles And Railroads, General Industrial, Consumer Goods, Wind Power, Aerospace, Marine, Other End-Users

Which Emerging Trends Are Altering the Epoxy Resin Market?

The epoxy resin market is witnessing a rising trend of product innovation. Top businesses in this market are concentrating on innovative products to solidify their market standing. Hexion Inc., for example, an American chemical firm that specializes in performance resins and chemical materials, released two new products, EPON LY Resin 1810 and EPIKURE LY Curing Agent 3801, in April 2022. These products are designed to reduce the yellowing effect on epoxy coatings used in residential and commercial settings, thereby enhancing performance, curing procedures, reducing air emissions and boosting surface durability.

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Which Regions Are Most Influential in Expanding the Epoxy Resin Market?

Asia-Pacific was the largest region in the epoxy resin market in 2023. The regions covered in the epoxy resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Epoxy Resin Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the epoxy resin market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Epoxy Resin Market Include

1. Epoxy Resin Market Executive Summary

2. Epoxy Resin Market Segments

3. Epoxy Resin Market Size And Template Market Growth Rate

4. Key Epoxy Resin Market Trends

5. Major Epoxy Resin Market Drivers

……

25. Key Mergers And Acquisitions In The Epoxy Resin Market

26. Top Epoxy Resin Companies

27. Epoxy Resin Market Opportunities And Strategies

28. Epoxy Resin Market, Conclusions And Recommendations

29. Appendix

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