PUBLISHER: The Business Research Company | PRODUCT CODE: 1428106
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428106
High-purity epoxy resin, also termed low-chlorine epoxy resin, denotes an epoxide-based reactive compound with minimal chlorine content. These resins undergo reactions facilitated by catalysts or combine with diverse co-reactants such as amines, phenols, and thiols.
The primary categories of high-purity epoxy resin include electrical grade, optical grade, and industrial grade. Electrical grade pertains to products suitable for the production of electrical components. They find application in semiconductor encapsulation, electronic components, LED packaging, fiber optics, and serve various industries such as electronics, aerospace, automotive, communication, and energy.
The high-purity epoxy resin market research report is one of a series of new reports from The Business Research Company that provides high-purity epoxy resin market statistics, including high-purity epoxy resin industry global market size, regional shares, competitors with a high-purity epoxy resin market share, detailed high purity epoxy resin market segments, market trends, and opportunities, and any further data you may need to thrive in the high purity epoxy resin industry. This high-purity epoxy resin market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The high-purity epoxy resin market size has grown strongly in recent years. It will grow from $1.49 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. During the historical period, the growth can be credited to the surge in electronics manufacturing, expansion within the aerospace sector, the growing automotive industry, increased projects in renewable energy, and extensive infrastructure development.
The high-purity epoxy resin market size is expected to see strong growth in the next few years. It will grow to $1.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The forecasted growth is expected due to ongoing advancements in electronics, heightened demand for medical devices, emphasis on sustainable materials, increasing installations in wind energy, and progress in aerospace materials. Key trends in the forecast period involve prioritizing bio-based sources for epoxy resin, adherence to strict quality standards and regulations, innovative applications of epoxy resin, global expansion of supply chains, and persistent efforts in research and development.
The growth of the high-purity epoxy resin market is poised to benefit from the expansion of the electronics sector, particularly in the realm of semiconductors. The electronics sector encompasses the manufacturing of household electronic equipment and components, including semiconductors, circuit boards, and electronic devices. High-purity epoxy resin stands out as a valuable material in semiconductor packaging assemblies, offering physical protection, mechanical strength, and tailored performance properties based on specific applications. In February 2023, the Semiconductor Industry Association (SIA) reported record-high global semiconductor sales, reaching $574.1 billion in 2022, reflecting a 3.3% increase from the previous year's total of $555.9 billion. This underscores the pivotal role of high-purity epoxy resin in supporting the growth of the electronics sector.
The high-purity epoxy resin market is anticipated to experience growth propelled by increasing urbanization trends. Urbanization involves the rising concentration of populations in urban areas, accompanied by extensive infrastructure development, including buildings, bridges, and roads. High-purity epoxy resins find significant applications in construction materials and adhesives due to their superior bonding capabilities and durability. The surge in demand for modern infrastructure in urban settings contributes to the escalating need for high-purity epoxy resin. According to The World Bank's data as of April 2023, over 50% of the global population resides in urban areas, and this figure is projected to reach 68% by 2050, signifying a substantial market opportunity for high-purity epoxy resin in construction and infrastructure development to meet the evolving needs of urban expansion.
The high-purity epoxy resin market is experiencing a significant trend towards product innovation, with major companies actively introducing groundbreaking products to enhance their market presence. In May 2022, Hexcel Corporation, a prominent US-based manufacturer specializing in epoxy resins and structural materials, unveiled its HexPly Nature Range. This innovative product line includes HexPly M49, M78.1-LT, and M79 bio-derived epoxy resin components, retaining exceptional properties while delivering robust mechanical performance and consistent processing features. Notably, the HexPly Nature Range extends to pre-preg alternatives reinforced with natural fibers, facilitating seamless integration into contemporary manufacturing processes. Targeting applications in automotive, winter sports, marine, and wind energy, this product line exemplifies the industry's commitment to sustainability and performance.
Major players in the high-purity epoxy resin market are strategically focusing on product launches to fill existing market gaps and offer top-tier solutions. The introduction of a Line of Epoxy Products involves presenting a diverse collection of items, coatings, adhesives, or materials formulated with epoxy resin as a central component, catering to a variety of applications in industrial, construction, and do-it-yourself (DIY) settings. For instance, Royce Global, a reputable US-based company specializing in dyes and specialty chemicals, demonstrated its commitment to market needs by launching the ReOxy line of epoxy products in April 2023. This comprehensive range not only marks Royce's re-entry into the epoxy market but also emphasizes the significance of customization, local manufacturing, and professional service. The ReOxy line is poised to address specific market demands resulting from recent industry shifts, presenting a customer-centric approach that aims to redefine the high-purity epoxy resin market landscape through diversified applications and personalized solutions.
In January 2021, Huntsman International LLC, a prominent US manufacturer specializing in high-purity epoxy resins, specialty chemicals, surfactants, and aerospace composites, completed the acquisition of Gabriel Performance Products for $250 million. This strategic move was aimed at broadening Huntsman International LLC's portfolio within the specialty chemicals sector. Gabriel Performance Products, also based in the US, is recognized for its production of epoxy resins and various other chemical products.
Major companies operating in the high-purity epoxy resin market report are Dow Inc., Mitsubishi Chemical Corporation, 3M Company, Sika AG, Nan Ya Plastics Corporation, Olin Corporation, Huntsman Corporation LLC, DIC Corporation, Aditya Birla Chemicals Limited, Kolon Industries Inc., ADEKA Corporation, Nippon Kayaku Co. Ltd., Kukdo Chemical Co. Ltd., Hexion Inc., Osaka Soda Co. Ltd., Atul Ltd., TIGER Coatings GmbH & Co. KG, Momentive Inc., Reichhold LLC, Guangzhou Lushan New Materials Co. Ltd., Nanjing Hongbaoli Corp Ltd, Allnex Belgium NV, Nama Chemicals Company, Incorez Ltd., Epic Resins, Miller-Stephenson Inc., Cardolite Corporation, Leuna-Harze GmbH, Chang Chun Petrochemical Co., Shina T And C Incorporated Co. Ltd.
Asia Pacific was the largest region in the high-purity epoxy resin market in 2023. The regions covered in the high-purity epoxy resin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the high-purity epoxy resin market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The high-purity epoxy resin market consists of sales of LX-01 high-purity epoxy resin and LX-02F high-purity epoxy resin. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
High-Purity Epoxy Resin Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on high-purity epoxy resin market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for high-purity epoxy resin ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The high-purity epoxy resin market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.