The India Epoxy Resins Market Size was valued at USD 0.51 Billion in 2022. The Epoxy Resins industry is projected to grow from USD 0.54 Billion in 2023 to USD 0.93 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.00% during the forecast period (2024 - 2032).Increasing demand from industries such as construction and automotive and growing adoption of epoxy resins in electrical and electronics applications are the main market drivers anticipated to propel the Epoxy Resins Market in India.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
One of the primary factors driving the growth of the Epoxy resin market CAGR is the growing demand for paint and coatings in various end-use sectors. Epoxy resin-based paints and coatings are commonly used in architecture, automobile OEMs, automotive refinishing, marine coating, industrial coating, wood painting, coil coating, transportation coating, fiber optics coating, and other applications. Paint and coatings are used to coat the interior and exterior surfaces of any object, protecting them from severe temperatures, UV radiation, cracks, stains, chemicals, and blisters. Epoxy resin-based paints and varnishes contain low levels of Volatile Organic Compounds (VOCs) and provide outstanding anti-corrosion resistance and adhesion. As a result of these qualities, it is used in a wide range of industries, including residential, commercial, and infrastructure construction, healthcare, electronics devices, shipbuilding, automotive and transportation, and industrial and wastewater treatment plants. The expansion of the end-use industry will eventually drive up demand for paint and coatings. As a result, increasing firms will eventually expand the market size over the projection period.
According to epoxy resin market dynamics, the demand for consumer goods such as smartphones, wireless entertainment devices, gaming consoles, and others is expanding due to technological improvements and their use in daily activities. For example, according to Invest India, the worldwide electronic devices industry is estimated to be worth over USD 2.9 trillion in 2020 and will continue to increase in the following years as digitization and the Internet of Things progress. As a result, demand for technological devices and consumer products, as well as demand for paint and coatings, will increase over time. Additionally, the increase in the aerospace and defense industries is hastening market growth. According to the Aerospace Industry Association, sales in the US aerospace industry climbed by 2.1% in 2021, while exports increased by 11.2%. The expansion of the aerospace and defense industries will raise demand for paint and coatings throughout aircraft development and maintenance. The expanding firms will eventually increase market size during the predicted time. Thus, driving the India Epoxy Resins market revenue.
The India Epoxy Resins Market segmentation, based on raw material, includes DGBEA (Bisphenol A and ECH), DGBEF (Bisphenol F and ECH), Novolac (Formaldehyde and Phenols), Aliphatic (Aliphatic Alcohols), Glycidylamine (Aromatic Amines and ECH) and Other Raw Materials. The DGBEA (Bisphenol A and ECH) category holds a considerable part of the Epoxy Resins Market. DGBEA is one of the most frequently used raw ingredients in the production of epoxy resin. It has superior mechanical qualities, chemical resistance, and adhesion, making it a popular choice in a variety of sectors. Its versatility and broad variety of applications lead to its significant market presence.
The India Epoxy Resins Market segmentation, based on Application, includes Paints and Coatings, Adhesives and Sealants, Composites, Electrical and Electronics and Other Applications. The paints and coatings category dominated the market in 2023. Epoxy resin-based paints and coatings are widely used in residential and commercial structures, shipbuilding industries, and automobile and wastewater treatment plants, among other places, because of their outstanding resistance to stains, cracks, extreme temperatures, blistering, and chemicals. They have great adhesion, high anti-corrosion performance, and low Volatile Organic Compounds (VOC) levels. Epoxy resin-based paints and coatings are used to protect the inside and exterior surfaces of commercial, residential, institutional, and industrial structures.
Figure 1: India Epoxy Resins Market, Application, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The India Epoxy Resins Market is rapidly expanding and developing. Epoxy resins are widely employed in many industries, including construction, automotive, electrical, and electronics. The market is being pushed by increased infrastructure development, rising demand for long-lasting and high-performance materials, and a growing trend toward environmentally friendly products. The burgeoning construction sector in India, combined with the government's emphasis on infrastructure development, is driving up demand for epoxy resins. Furthermore, the market provides chances for innovation and product development, particularly in industries such as aerospace, marine, and renewable energy.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Epoxy Resins Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Epoxy Resins industry must offer cost-effective items.
Major players in the Epoxy Resins Market are attempting to increase market demand by investing in research and development operations including 3M, Aditya Birla Chemicals, Atul Ltd, BASF SE, Daicel Corporation, DuPont, KUKDO CHEMICAL CO., LTD., Huntsman International LLC, MACRO POLYMERS Pvt Ltd, NAN YA PLASTICS CORPORATION, Olin Corporation, Westlake Corporation (Hexion).
3M
Aditya Birla Chemicals
Atul Ltd
BASF SE
Daicel Corporation
DuPont
MACRO POLYMERS Pvt Ltd
NAN YA PLASTICS CORPORATION
Olin Corporation
Westlake Corporation (Hexion).
In February 2022, Hexion Holdings Corporation (Hexion) closed its sale of the epoxy-based Coatings and Composite businesses or the epoxy specialty resins and base epoxy resins and intermediates in which business operations for about USD 1.2 billion to Westlake Chemical Corporation.
To add more, in April 2021, KUKDO Chemicals further increased its factory construction by building a new Busan YD-128 epoxy resins production capacity plant with an annual plastic molding capacity of 100,000 tons.
In India, the government is looking for massive residential developments to be undertaken in the coming years. India's target for infrastructure investment stands at USD 1400 billion, with 24% of the budget devoted to renewable energy, 19% to roads and highways, 16% to urban infrastructure, and 13% to railways. In total, out of the estimated 5,956 Smart Cities Mission projects, 2,734 were completed as of June 2021. Therefore, growth in the construction segment will lead to growth in the Asia-Pacific epoxy resins market.
In March 2024, within its Chemical Activity, Grasim Industries Limited inaugurated the capacity expansion project of Epoxy resins and formulation capacity at Vilayat, Gujarat. Grasim Industries Limited is a branch of Aditya Birla Group. As a result of this capacity expansion, the company's overall figure for the Advanced Materials segment will increase up to 246,000 tons per annum.
In February 2024, in Indian DCM, Shriram announced the enhancement of its epoxy production site with planned overall investments of USD 120.6 million in forthcoming years.
In May 2023, Dongying Yiruizheng New Material Technology Co., Ltd. announced that it is planning to expand its capacity for the production of epoxy resin in China on the backdrop of rising demand. The Company has earmarked USD 100 million approximately with the aim of achieving its expansion goal.
DGBEA (Bisphenol A and ECH)
DGBEF (Bisphenol F and ECH)
Novolac (Formaldehyde and Phenols)
Aliphatic (Aliphatic Alcohols)
Glycidylamine (Aromatic Amines and ECH)
Other Raw Materials
Paints and Coatings
Adhesives and Sealants
Composites
Electrical and Electronics
Other Applications
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.51 Billion |
| Market Size 2023 | USD 0.54 Billion |
| Market Size 2032 | USD 0.93 Billion |
| Compound Annual Growth Rate (CAGR) | 7.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Raw Material , Application, and Region |
| Countries Covered | India |
| Key Companies Profiled | 3M, Aditya Birla Chemicals, Atul Ltd, BASF SE, Daicel Corporation, DuPont, KUKDO CHEMICAL CO., LTD., Huntsman International LLC, MACRO POLYMERS Pvt Ltd, NAN YA PLASTICS CORPORATION, Olin Corporation, Westlake Corporation (Hexion). |
| Key Market Opportunities | Rising demand for eco-friendly and sustainable epoxy resin products. |
| Key Market Dynamics | Growing adoption of epoxy resins in electrical and electronics applications |
Frequently Asked Questions (FAQ) :
The India Epoxy Resins Market size was valued at USD 0.54 Billion in 2023.
The market is projected to grow at a CAGR of 7.00% during the forecast period, 2024-2032.
The key players in the market are 3M, Aditya Birla Chemicals, Atul Ltd, BASF SE, Daicel Corporation, DuPont, KUKDO CHEMICAL CO., LTD. And others.
The DGBEA (Bisphenol A and ECH) category dominated the market in 2023.
The paints and coatings application had the largest share in the market.
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