Flexible Epoxy Resin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global market for flexible epoxy resin is expected to grow at a CAGR of more than 5% during the forecast period. Major factors driving the market studied are growing demand from the construction industry and increasing demand for electrical and electronics during the forecast period. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.

Paints & coatings application is expected to dominate the market studied during the forecast period.

Asia-Pacific region is expected to dominate the global flexible epoxy resin market and is also forecasted to be the fastest-growing market over the forecast period.

Key Market Trends

Increasing Demand from Paints & Coatings Application

• Flexible epoxy resin, owing to its properties such as toughness, high strength and elongation rate, high bonding properties, fast curing, high-temperature durability, and moisture-resistant reliability among others, are used in the production of paints & coatings, which are employed in the building and construction industry.
• The consumption of paints & coatings is increasing, with the increase in investments in the construction sector all over the world.
• According to a study by the Institution of Civil Engineers (ICE), the global construction industry is expected to reach a value of USD 8 trillion by 2030, primarily driven by countries such as China, India, and the United States.
• Apart from these, governments of many countries are taking initiatives to increase construction investments in recent times. According to the United Nations, by 2050, two-thirds of the world’s population is expected to live in urban areas, and Asia is likely to be the fastest-growing region. In 2050, Asia is expected to witness urban growth by around 64%.
• Many countries in the Asia-Pacific region, such as Singapore, Myanmar, Thailand, South Korea, Hong Kong, and India, are emerging as the fastest countries, where the largest number of smart cities are present.
• Hence, the construction sector is witnessing strong growth, the demand for paints & coatings in expected to increase, which is further driving the demand for flexible epoxy resins in coming years.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region is expected to dominate the global flexible epoxy resin market and is also forecasted to be the fastest-growing market over the forecast period.
• The Asia-Pacific construction sector is the largest in the world and is increasing at a healthy rate, owing to the rising population, increase in middle-class income and urbanization.
• Additionally, increasing infrastructure construction activity is one of the major drivers for the Asia-Pacific construction sector.
• According to the Asian Development Bank, the region needs USD 1.7 trillion per year of infrastructural investment by 2030, to keep pace with its economic growth.
• Additionally, the electronics industry in the region has also been increasing due to the growing demand from consumers across the world. China represents the world’s largest electronics production base and offers a tough competition to existing upstream producers, like South Korea, Singapore, and Taiwan.
• Japan has one of the major electrical and electronic industry in the world and is a main competitor to the United States, in terms of semiconductor manufacturing, and is home to Sony and Toshiba, which are global leading companies in the electronics industry.
• Therefore, the demand for flexible epoxy resins from various applications is expected to grow in Asia-Pacific region during the forecast period.

Competitive Landscape

The global flexible epoxy resin market is partially consolidated with many healthy competitors in the market. The major companies are DIC Corporation, Dow, Hexion, Olin Corporation, and KUKDO Chemical (Kunshan) Co., Ltd. among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support