What Has Driven the Growth of the Epoxide Market in Recent Years?
The epoxide market has seen considerable growth due to a variety of factors.
• In recent times, the size of the epoxide market has seen significant growth. It is projected to increase from $73.8 billion in 2024 to $78 billion the following year, with a Compound Annual Growth Rate (CAGR) of 5.7%.
The expansion seen in the historical duration can be credited to a number of factors including usage in industrial applications, progress in material science, expansion of construction and infrastructure, automotive sector growth, and the surge in consumer electronics.
What is the Forecasted Market Size and CAGR for the Epoxide Market?
The epoxide market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the epoxide market's dimensions are predicted to experience substantial growth, escalating to $103.45 billion by 2029 at a compounded annual growth rate (CAGR) of 7.3%.
This upward trend during the prediction period is associated with the boom in electric vehicles (EVs), the advent of biocompatible materials, sturdy infrastructure, advancements in electronics manufacturing, and circular economy strategies. The forecast period is primed to witness significant movements like renewable energy technologies, biobased epoxides, high-performance applications, technological progress, and strategic alliances and partnerships.
What Are The Core Factors Supporting Growth In Epoxide Market?
The burgeoning construction and infrastructure sectors are predicted to drive the expansion of the epoxide market. Construction encompasses the creation of structures such as homes, workplaces, or roads, while infrastructure pertains to crucial facilities and systems like power, water, and transportation that bolster societal operations. This surge in construction and infrastructure development can be attributed to factors like urbanization, population expansion, and the requirement for modern facilities. Epoxide resins find wide use in construction materials due to their robust adhesive qualities and longevity, enhancing concrete and coating strength, thereby making buildings and infrastructure more durable and longer-lasting. For example, a report by Deloitte Touché Tohmatsu Limited, a UK-based professional service firm analyzing data from the US Census Bureau in August 2023, indicated that total construction expenditure had risen by 7.4% from August 2022 to $1.98 trillion in 2023. Consequently, the boom in construction and infrastructure is fueling the growth of the epoxide market.
What are the Market Segments in the Epoxide Market?
The epoxide market covered in this report is segmented –
1) By Type: Ethylene Oxide, Propylene Oxide
2) By Component: Epoxies, Hardeners
3) By Application: Coated Fabric, Wire And Cable, Flooring And Wall Coverings, Film And Sheet, Medical Devices, Consumer Goods, Other Applications
Subsegments:
1) By Ethylene Oxide: Ethylene Oxide, Ethylene Glycol, Ethylene Oxide Copolymers, Ethylene Oxide Derivatives
2) By Propylene Oxide: Propylene Oxide, Propylene Glycol, Polyether Polyols, Propylene Oxide Derivatives
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What Trends are Shaping the Epoxide Market?
In the epoxide market, product innovation is becoming a prominent trend. Many corporations in the epoxide sector are focusing on developing and refining their epoxide products, such as styrene-free pure and green epoxy resins. The goal is to extend the product's lifespan, decrease the carbon footprint, and make the process more eco-friendly. For example, in October 2022, Bossong SPA, a renowned Italian manufacturer of mechanical and chemical anchors, introduced an innovative bi-component styrene-free pure epoxy resin called E-Plus. This innovative product is earthquake-proof and an environmentally friendly chemical anchor tailored for the requirements of the construction sector. Moreover, it provides a phenomenal 100-year service life, doubling the lifespan of standard resins while providing fire resistance. It can be employed with wood, masonry, and concrete across various temperatures due to its non-shrinking capabilities.
Who Are the Key Players in the Epoxide Market?
Major companies operating in the epoxide market include:
• Exxon Mobil Corporation
• BASF SE
• Badische Anilin- und SodaFabrik
• Dow Inc.
• Huntsman International LLC
• LG Chem Ltd.
• 3M Company
• Wanhua Industrial Group Co. Ltd.
• Covestro AG
• Solvay SA
• Nan Ya Plastics Corporation
• Eastman Chemical Company
• Olin Corporation
• LANXESS Deutschland GmbH
• Lubrizol Corporation
• Daelim Co. Ltd.
• Daicel Corporation
• ADEKA CORPORATION
• Evonik Industries AG
• Hexion
• Ashland Global Holdings Inc.
• UPC Technology Corporation
• KUKDO CHEMICAL CO. LTD.
• Atul Ltd.
• Dymax Corporation
• Galata Chemicals Galata Chemicals LLC
• INEOS Capital Limited
• Chang Chun Plastics Co. Ltd.
• Jiangsu Sanmu Group
What are the Regional Insights into the Epoxide Market?
North America was the largest region in the epoxide market in 2024. Asia-Pacific is expected to be the fastest-growing region in the epoxide market during the forecast period. The regions covered in the epoxide market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
