Liquid epoxy resins find wide application in coatings, adhesives, composites and electrical laminates industries due to their excellent adhesion, chemical and heat resistance properties. They offer benefits such as high strength, low shrinkage and excellent surface protection in applications. The growing electronics industry has fuelled the demand for liquid epoxy resins in printed circuit boards, semiconductor packaging and other electrical components.
The Global Epichlorohydrin Market is estimated to be valued at US$ 2.95 Billion in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the liquid epoxy resins market are Momentive Performance Materials Inc., Solvay S.A., Hexion Inc., DOW Chemical Company, Mitsubishi Chemical Corporation, Aditya Birla Chemicals, Hubei Greenhome Chemical Co., Ltd., NAMA Chemicals, Jiangshan Chemical Co., Ltd., Olin Corporation, Zhejiang Jianye Chemical Co., Ltd., Arkema S.A., Hanwha Solutions Corporation, BASF SE, and Koppers Inc.
Epichlorohydrin (ECH) Market Growth offers significant growth opportunities for liquid epoxy resins manufacturers. Miniaturization of electronic devices has increased the demand for high strength, low shrinkage and heat resistant adhesives and encapsulants.
Global players are expanding their production capacities in Asia Pacific and Latin America to tap the growing demand from developing nations. Huntsman Corporation expanded its epoxy resin facility in Thailand in 2021 to meet the needs of electrical, industrial and infrastructure industries in Southeast Asia.
Market drivers: Rising electronics production, especially in countries like China, India and Vietnam is driving the demand for liquid epoxy resins used in printed circuit boards, semiconductor packaging and electrical laminates. Miniaturization and electrification trends have increased the usage of epoxy resins in electronics.
Market restraints: Stringent environmental regulations around VOCs emissions during epoxy resin production can increase compliance costs. Further, volatility in crude oil prices which is the raw material for epoxy resins can impact the price of liquid epoxy resins in the global market.
Segment Analysis
Epichlorohydrin (ECH) Market Size and Trends can be segmented based on application and end-use industry. Based on application, the bisphenol-A segment holds the largest market share owing to its widespread application in the production of epoxy resins. Bisphenol-A accounted for over 60% of global epichlorohydrin demand in 2020. The glycerol segment is expected to grow at the fastest rate over the forecast period due to the increasing consumption of glycerol in personal care and pharmaceutical applications.
Global Analysis
Asia Pacific dominates the global epichlorohydrin market with a share of over 50% in 2020. The high demand from China and India is the major factor responsible for the region's large market share. China is the world's largest epichlorohydrin and epoxy resin consumer. With growth in its GDP and industrialization, the demand for epichlorohydrin in China is expected to continue rising going forward. Europe is another major market for epichlorohydrin owing to the growth of end-use industries such as electronics, automotive and construction in the region. Germany, Italy, and France account for the bulk of demand in Europe. The North American market is expected to witness stable growth over the forecast period with the US being the largest consumer.
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