Global Waterborne Epoxy Resin Market Overview
As per MRFR analysis, the Waterborne Epoxy Resin Market Size was estimated at 4.85 (USD Billion) in 2022.
The Waterborne Epoxy Resin Market Industry is expected to grow from 5.17(USD Billion) in 2023 to 9.2 (USD Billion) by 2032. The Waterborne Epoxy Resin Market CAGR (growth rate) is expected to be around 6.62% during the forecast period (2024 - 2032).
Key Waterborne Epoxy Resin Market Trends Highlighted
Key market drivers for the Waterborne Epoxy Resin Market include increasing demand for eco-friendly and low-VOC coatings, rising awareness about environmental regulations, and advancements in waterborne technology.
Opportunities for growth lie in the expansion of end-use industries such as automotive, construction, and electronics, as well as the development of new applications for waterborne epoxy resins in areas such as marine coatings and renewable energy.
Recent trends in the market include the adoption of UV-curable waterborne epoxy resins, advancements in waterborne epoxy resin formulations to enhance their performance and durability, and the integration of waterborne epoxy resins into composite materials for improved mechanical properties. These trends are driven by the increasing demand for high-performance, environmentally sustainable coatings and materials.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Waterborne Epoxy Resin Market Drivers
Increasing Demand for Waterborne Epoxy Resins in Protective Coatings
The growing demand for protective coatings is a major driver of the waterborne epoxy resin market. Waterborne epoxy resins are used in a variety of protective coating applications, including automotive coatings, marine coatings, and industrial coatings. These coatings provide excellent protection against corrosion, weathering, and other harsh conditions. The increasing demand for protective coatings is expected to continue to drive the growth of the waterborne epoxy resin market in the coming years. The Waterborne Epoxy Resin Market is expected to grow from USD 4.31 billion in 2023 to USD 7.62 billion by 2032 at a CAGR of 6.9%.The growth of the market is attributed to the increasing demand for waterborne epoxy resins in protective coatings, adhesives, and composites. Waterborne epoxy resins are environmentally friendly and offer several advantages over solvent-borne epoxy resins. They have low VOC emissions, are non-flammable, and have a lower odor. These advantages make waterborne epoxy resins an attractive option for a variety of applications. The increasing demand for waterborne epoxy resins in protective coatings is primarily driven by the growing need for corrosion protection in various industries.Waterborne epoxy resins are used in a variety of protective coating applications, including automotive coatings, marine coatings, and industrial coatings. These coatings provide excellent protection against corrosion, weathering, and other harsh conditions. The increasing demand for waterborne epoxy resins in adhesives is another major driver of the market. Waterborne epoxy resins are used in a variety of adhesive applications, including structural adhesives, laminating adhesives, and assembly adhesives.These adhesives offer high strength and durability, making them ideal for a variety of applications. The increasing demand for waterborne epoxy resins in composites is also driving the growth of the market. Waterborne epoxy resins are used in a variety of composite applications, including aerospace composites, automotive composites, and marine composites. These composites offer high strength and are lightweight, making them ideal for a variety of applications. The Asia-Pacific region is the largest market for waterborne epoxy resins, followed by North America and Europe.The growth of the market in the Asia-Pacific region is attributed to the increasing demand for waterborne epoxy resins in protective coatings, adhesives, and composites. The growing construction industry in the region is also driving the demand for waterborne epoxy resins. The North American market for waterborne epoxy resins is expected to grow at a steady pace in the coming years. The growth of the market is attributed to the increasing demand for waterborne epoxy resins in protective coatings, adhesives, and composites.The growing automotive industry in the region is also driving the demand for waterborne epoxy resins. The European market for waterborne epoxy resins is expected to grow at a moderate pace in the coming years. The growth of the market is attributed to the increasing demand for waterborne epoxy resins in protective coatings, adhesives, and composites. The growing construction industry in the region is also driving the demand for waterborne epoxy resins. The key players in the Waterborne Epoxy Resin Market include BASF SE, The Dow Chemical Company, Huntsman Corporation, and DIC Corporation.These companies offer a wide range of waterborne epoxy resins for a variety of applications. The increasing demand for waterborne epoxy resins is expected to drive the growth of the market in the coming years.
Growing Adoption of Waterborne Epoxy Resins in Adhesives
Waterborne epoxy resins are increasingly being adopted in adhesives due to their excellent adhesion properties and high strength. They are used in a variety of adhesive applications, including structural adhesives, laminating adhesives, and assembly adhesives. Waterborne epoxy resins offer several advantages over solvent-borne epoxy resins, including low VOC emissions, non-flammability, and a lower odor. These advantages make waterborne epoxy resins an attractive option for a variety of applications in the Waterborne Epoxy Resin Market Industry.
Rising Demand for Waterborne Epoxy Resins in Composites
Waterborne epoxy resins are gaining popularity in composites due to their high strength and lightweight properties. They are used in a variety of composite applications, including aerospace composites, automotive composites, and marine composites. Waterborne epoxy resins offer several advantages over solvent-borne epoxy resins, including low VOC emissions, non-flammability, and a lower odor. These advantages make waterborne epoxy resins an attractive option for a variety of applications in the Waterborne Epoxy Resin Market Industry.
Waterborne Epoxy Resin Market Segment Insights
Waterborne Epoxy Resin Market Resin Type Insights
The Waterborne Epoxy Resin Market is segmented by Resin Type into Bisphenol A (BPA) Epoxy Resin, Bisphenol F (BPF) Epoxy Resin, Novolac Epoxy Resin, and Other Epoxy Resins. Bisphenol A (BPA) Epoxy Resin is the most common type of waterborne epoxy resin, accounting for over 60% of the global market in 2023. BPA-based epoxy resins are relatively inexpensive and offer good performance properties, making them suitable for a wide range of applications. However, BPA is a controversial chemical that has been linked to a number of health concerns, including reproductive toxicity and developmental disorders.As a result, the demand for BPA-free epoxy resins is growing. Bisphenol F (BPF) Epoxy Resin is a BPA-free alternative that offers similar performance properties to BPA-based epoxy resins. BPF is not as well-studied as BPA, but it is generally considered to be safer. The demand for BPF-based epoxy resins is expected to grow in the coming years as consumers become more aware of the health concerns associated with BPA. Novolac Epoxy Resin is a high-performance epoxy resin that is resistant to heat and chemicals. Novolac epoxy resins are used in a variety of applications, including aerospace, automotive, and electronics.The demand for novolac epoxy resins is expected to grow in the coming years as these applications continue to expand. Other Epoxy Resins include a variety of specialty epoxy resins that offer unique performance properties. These resins are used in a variety of niche applications, such as medical devices and high-performance coatings. The growth of the market is being driven by the increasing demand for epoxy resins in a variety of applications, including construction, automotive, and electronics. The growing awareness of the health concerns associated with BPA is also driving the demand for BPA-free epoxy resins.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Waterborne Epoxy Resin Market Curing Agent Type Insights
The Waterborne Epoxy Resin Market is segmented based on Curing Agent Type into Amines, Amides, Anhydrides, and Other Curing Agents. Among these, Amines held the largest market share in 2023, accounting for around 45% of the Waterborne Epoxy Resin Market revenue. The growth of this segment can be attributed to the increasing demand for waterborne epoxy resins in the automotive industry, where they are used in coatings and adhesives. Amides are expected to be the fastest-growing segment during the forecast period, with a CAGR of 6.8% from 2023 to 2032.This growth can be attributed to the rising demand for waterborne epoxy resins in the construction industry, where they are used in flooring and coatings.
Waterborne Epoxy Resin Market End-Use Industry Insights
The End-Use Industry segment plays a crucial role in driving the growth of the Waterborne Epoxy Resin Market. Construction, automotive, marine, electronics, and other end-use industries are significant contributors to the market's revenue. In 2023, the construction industry accounted for the largest share of the Waterborne Epoxy Resin Market, with a valuation of USD 3.2 billion. The increasing demand for epoxy resins in construction adhesives, flooring, and coatings is expected to propel segment growth in the coming years. The automotive industry is another major end-use segment, utilizing waterborne epoxy resins in automotive coatings, adhesives, and composites.The rising production of electric vehicles and the growing focus on lightweight materials are anticipated to boost demand in this segment. The marine industry also contributes significantly to the Waterborne Epoxy Resin Market. Epoxy resins are employed in shipbuilding, boat coatings, and underwater adhesives due to their excellent adhesion, corrosion resistance, and durability in marine environments. Furthermore, the electronics industry utilizes waterborne epoxy resins in printed circuit boards, encapsulants, and conformal coatings. The expanding electronics sector is expected to drive demand for epoxy resins in this segment.Other end-use industries, such as aerospace, renewable energy, and sports equipment, also contribute to the growth of the Waterborne Epoxy Resin Market. These industries rely on epoxy resins for their high strength, chemical resistance, and electrical insulation properties.
Waterborne Epoxy Resin Market Application Method Insights
The Waterborne Epoxy Resin Market segmentation by Application Method comprises brush, roller, spray, and other application methods. Among these, the spray application method dominates the market with a substantial market share. The growth of the spray application method can be attributed to its advantages, such as high efficiency, uniform coating, and reduced labor costs. The roller application method is expected to witness significant growth due to its ease of use and suitability for large-scale applications. The brush application method is primarily used in small-scale applications and touch-ups, while other application methods, such as dipping and flow coating, account for a relatively small share of the market.The Waterborne Epoxy Resin Market segmentation by Application Method offers insights into the diverse application techniques used in the industry, providing valuable data for manufacturers and end-users to optimize their production processes and cater to specific market demands.
Waterborne Epoxy Resin Market Viscosity Insights
The viscosity of waterborne epoxy resins is a crucial factor that influences their performance and applications. Resins with low viscosity, typically below 1000 centipoise (cP), offer excellent flow and leveling properties, making them suitable for applications such as coatings, adhesives, and casting. Their low viscosity allows for easy application and spread, resulting in smooth and uniform surfaces. Medium viscosity resins, ranging from 1000 to 5000 cP, provide a balance between flowability and mechanical strength. They are commonly used in protective coatings, primers, and laminates.Their higher viscosity allows for better film build and improved adhesion to substrates. High-viscosity resins, typically above 5000 cP, exhibit limited flowability but offer exceptional mechanical properties. They are often used in structural adhesives, composites, and high-performance coatings. Their high viscosity contributes to increased strength, durability, and resistance to wear and tear. The Waterborne Epoxy Resin Market segmentation by viscosity offers insights into the demand and growth prospects for each viscosity range. This data is essential for manufacturers and end-users to make informed decisions regarding product development, market positioning, and application selection.
Waterborne Epoxy Resin Market Regional Insights
The regional segmentation of the Waterborne Epoxy Resin Market offers valuable insights into the market's geographic distribution and growth dynamics. North America held a dominant position in the market in 2023, accounting for a significant share of the Waterborne Epoxy Resin Market revenue, valued at 2.027 USD Billion and projected to reach 3.557 USD Billion by 2032. The region's well-established construction and automotive industries drive the demand for waterborne epoxy resins. Europe is another key market, valued at 1.218 USD Billion in 2023 and expected to grow to 2.164 USD Billion by 2032, with a strong presence in the automotive and electronics sectors. The Asia-Pacific region is projected to witness the fastest growth over the forecast period, increasing from 1.218 USD Billion in 2023 to 2.18 USD Billion by 2032, driven by rapid industrialization and infrastructure development in countries like China and India.South America and the Middle East and Africa (MEA) also present growth opportunities, with increasing demand from the construction and manufacturing sectors, with values of 0.314 USD Billion and 0.393 USD Billion for 2023, and expected to reach 0.59 USD Billion and 0.708 USD Billion by 2032, respectively. These regional insights help identify target markets and tailor marketing strategies to specific geographic segments, aiding in the expansion of the Waterborne Epoxy Resin Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Waterborne Epoxy Resin Market Key Players And Competitive Insights
Major players in the Waterborne Epoxy Resin Market are constantly striving to maintain their market share by implementing various strategies such as product innovation, expansion of production capacity, and mergers and acquisitions. Leading Waterborne Epoxy Resin Market players are heavily investing in research and development to introduce advanced products and enhance their product portfolio. The Waterborne Epoxy Resin Market industry is witnessing a trend toward consolidation, with larger players acquiring smaller companies to expand their market presence and gain access to new technologies and customer bases. The Competitive Landscape of the Waterborne Epoxy Resin Market is expected to remain dynamic in the coming years, with new entrants and innovative technologies disrupting the market.Leading Waterborne Epoxy Resin Market player, Huntsman Corporation, holds a significant market share, with its main focus on providing high-quality and innovative waterborne epoxy resins. The company has a strong global presence and a diverse product portfolio that caters to various industries, including automotive, aerospace, and electronics. Huntsman Corporation's commitment to sustainability and environmental responsibility aligns with the growing demand for eco-friendly coatings solutions.Another major player in the Waterborne Epoxy Resin Market industry, BASF SE, is known for its advanced resin technology and extensive product offerings. The company offers a wide range of waterborne epoxy resins tailored to specific end-use applications, such as protective coatings, marine coatings, and industrial adhesives. BASF SE's global reach and technical expertise enable it to meet the diverse needs of its customers worldwide. By focusing on innovation and customer-centric solutions, BASF SE maintains a strong competitive position in the Waterborne Epoxy Resin Market.
Key Companies in the Waterborne Epoxy Resin Market Include
- PPG Industries, Inc.
- Covestro AG
- Evonik Industries AG
- AkzoNobel N.V.
- Axalta Coating Systems LLC
- The SherwinWilliams Company
- BASF SE
- Huntsman Corporation
- Clariant AG
- RPM International Inc.
- Dow Chemical Company
- Nippon Paint Holdings Co., Ltd.
- Jotun A/S
- Ashland Global Holdings Inc.
- Hexion Inc.
Waterborne Epoxy Resin Market Industry Developments
The Waterborne Epoxy Resin Market is projected to grow from USD 5.17 billion in 2023 to USD 9.2 billion by 2032, at a CAGR of 6.62% from 2024 to 2032. This growth is attributed to the increasing demand for waterborne epoxy resins in various industries, such as automotive, construction, and electronics.Recent news developments in the market include the launch of new products and the expansion of production capacities. For instance, in January 2023, BASF announced the launch of a new waterborne epoxy resin for use in protective coatings. The new resin is claimed to offer excellent corrosion resistance and adhesion properties.Furthermore, the market is witnessing strategic collaborations and acquisitions. In February 2023, Huntsman Corporation acquired Icynene-Lapolla, a leading manufacturer of waterborne epoxy resins. This acquisition is expected to strengthen Huntsman's position in the waterborne epoxy resin market.
Waterborne Epoxy Resin Market Segmentation Insights
- Waterborne Epoxy Resin Market Resin Type Outlook
- Bisphenol A (BPA) Epoxy Resin
- Bisphenol F (BPF) Epoxy Resin
- Novolac Epoxy Resin
- Other Epoxy Resins
- Waterborne Epoxy Resin Market Curing Agent Type Outlook
- Amines
- Amides
- Anhydrides
- Other Curing Agents
- Waterborne Epoxy Resin Market End-Use Industry Outlook
- Construction
- Automotive
- Marine
- Electronics
- Other End-Use Industries
- Waterborne Epoxy Resin Market Application Method Outlook
- Brush
- Roller
- Spray
- Other Application Methods
- Waterborne Epoxy Resin Market Viscosity Outlook
- Low Viscosity
- Medium Viscosity
- High Viscosity
| Report Attribute/Metric |
Details |
| Market Size 2022 |
4.85(USD Billion) |
| Market Size 2023 |
5.17(USD Billion) |
| Market Size 2032 |
9.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.62% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
PPG Industries, Inc., Covestro AG, Evonik Industries AG, AkzoNobel N.V., Axalta Coating Systems LLC, The Sherwin-Williams Company, BASF SE, Huntsman Corporation, Clariant AG, RPM International Inc., Dow Chemical Company, Nippon Paint Holdings Co., Ltd., Jotun A/S, Ashland Global Holdings Inc., Hexion Inc. |
| Segments Covered |
Resin Type, Curing Agent Type, End-Use Industry, Application Method, Viscosity, Regional |
| Key Market Opportunities |
Automotive coatings Protective coatings Industrial coatings Marine coatings Construction |
| Key Market Dynamics |
Rising demand from automotive growing infrastructure development, increasing use in protective coatings, stringent environmental regulations, and advancements in waterborne technology. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Waterborne Epoxy Resin Market is expected to reach USD 9.2 billion by 2032, exhibiting a CAGR of 6.62% during the forecast period (2024-2032).
North America is projected to be the largest market, accounting for over 55% of the global revenue share by 2032, owing to the rising demand from end-use industries in the region.
Major application segments include protective coatings, marine & offshore, automotive, and others. Protective coatings are anticipated to dominate the market share, driven by their extensive usage in various industrial and infrastructure applications.
Key players in the market include BASF SE, The Dow Chemical Company, Evonik Industries AG, Huntsman International LLC, and Kukdo Chemical Co. Ltd.
Increasing demand for high-performance and environmentally friendly coatings, growing construction and automotive industries, and rising awareness about sustainability are driving market growth.
Fluctuating raw material prices, stringent environmental regulations, and intense competition from alternative materials pose challenges to market growth.
The Waterborne Epoxy Resin Market is projected to grow at a CAGR of 6.62% from 2023 to 2032.
Asia-Pacific is expected to witness the highest growth rate due to rapid industrialization, infrastructure development, and growing demand from the automotive and construction sectors.
Growing adoption of bio-based and sustainable epoxy resins, advancements in UV-curable epoxy resins, and increasing demand for corrosion-resistant coatings are key emerging trends.
Key strategies include product innovation, capacity expansion, strategic partnerships, and mergers and acquisitions to gain market share and enhance competitive advantage.
