The global epoxy type stabilizer market is estimated to grow at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to its use in a wide range of coating and adhesive applications owing to their versatility, including wood, concrete, PVC, metals, and glass. Along with these, their ability to improve material strength, thermal stability, and corrosion resistance is also expected to drive market growth in the coming years. Urbanization increases per capita income while attracting more people to cities. As a result of this combined effect, industrial demand for building & construction, food & beverages, automobiles, and others gradually increases. Therefore, industrialization and urbanization around the world and the emphasis of market players on expanding their product portfolios are projected to offer ample growth opportunities to the market in the near future. According to the United Nations Organization, as of May 2018, about 55% of the global population lives in urban areas, and is anticipated to increase to about 68% by 2050.
Stabilizers are important in improving the appearance and physical properties of polymer materials. However, with the growing demand for better stabilizers from a variety of industries, consumers’ attention has shifted to epoxy type stabilizers. Epoxy type stabilizers are advanced stabilizers with exceptional adhesiveness given the presence of an epoxy group. Epoxy is a polymer, which is a class of chemical compounds composed of large molecules with repeating subunits. Stabilizing resins, such as epoxy resins (molecular formula: C21H25ClO5) are composed of epoxy groups of molecules that harden (or cure) through chemical reactions caused by combining them with other substances or heating them to a high temperature. According to the data published in ITC Trade Map, the global value of the export of epoxy resin was USD 88,93,926 Thousand in 2021, up from USD 59,27,070 Thousand in 2020.
Growing Use of Epoxy Resin in Various Applications-The increasing usage of epoxy resin in various applications, such as adhesives, coatings, construction, and others, is expected to drive the market growth. Owing to its increasing use in the construction industry, approximately 123 billion pounds’ of resin were produced in the United States in 2020.
Rising Need for the Prevention of UV Light-Induced Distortion-Epoxy type stabilizers extend the life of substrates by preventing decay corrosion and UV light-induced distortion. For instance, UV degradation can affect many natural and synthetic polymers, including rubber, plastics, and more. A brief characteristics of the different types of plastics and their resistance to UV radiation is shared in the table below:
Rising Use of Adhesives in the Automotive & Transportation Industry-The growing demand for automotive parts, as well as the use of adhesives in the automotive industry, backed by the rising production and sales of vehicles, are expected to drive the market growth. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of all vehicles were around 83 million in 2021.
Growing Application of Adhesives for Making Furniture-The rising use of adhesives for making furniture, backed by the increasing exports of furniture globally, is expected to boost the market growth owing to the multi-purpose properties of these adhesives such as water-proof properties, strong bonds and others. Epoxy resin can be used as an adhesive to stabilize wood in a way that is adequate for many applications. For instance, according to the data published in ITC Trade Map the global value of the export of wooden furniture for offices (excluding seats) was USD 4,137,415 Thousand in 2021.
Access to Numerous Low-Cost Alternatives
High Price of Epoxy Type Stabilizers
Harmful Health Effects of These Chemicals
The global epoxy type stabilizer market is segmented and analyzed for demand and supply by application into adhesives & sealants, paints & coatings, and composites. Out of these, the paints & coatings segment is anticipated to garner the largest revenue by the end of 2031, backed by the growing building & construction industry worldwide. For instance, as per the data published by the United States Census Bureau (USCB), privately-owned housing units numbered 1,695,000 in May 2022, up from 1,691,000 units in May 2021 with a 0.2% increase. Furthermore, there were 592,000 structures with 5 or more units as of May 2022. On the other hand, paints and coatings are majorly used in architectural and industrial end-use applications, which is also expected to boost the growth of the segment in the coming years.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global epoxy type stabilizer market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is projected to hold the largest market share by the end of 2031, backed by rapid industrialization and increase in demand for these chemicals from end-use industries such as building & construction, automotive & transportation, consumer goods, and others. Urbanization is associated with a higher standard of living and therefore, people in countries such as the United States and Canada are becoming increasingly interested in improving the appearance of their homes as a result of their changing lifestyles and rising economic expansion. According to the World Bank, the United States' annual GDP growth rate is expected to be 5.7 percent in 2021, up from 2.3 percent in 2019. To improve the aesthetics and prevent degradation of wood, concrete, composite, and plastic products—epoxy resins, coatings, paints, and stabilizers are used. This, in turn, is driving the epoxy type stabilizer market growth in the region.
On the other hand, the market in Asia Pacific is expected to grow at the highest CAGR over the forecast period. The growth of the market in the region can be attributed to the growing demand for packaging materials in end-user industries where these stabilizers are used massively, and for the growing packaging industry in the region, backed by rising trade of products and increasing e-commerce services. For instance, according to the statistics by the Indian Brand Equity Foundation (IBEF), the packaging industry in India is expected to reach USD 204.81 billion by 2050 from USD 50.5 billion in 2019.
The global epoxy type stabilizer market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global epoxy type stabilizer market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing demand for adhesives, paints, coatings in a variety of end-user industries are factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e.,2022 – 2031.
The major players in the market are BASF SE, Evonik Industries AG, Clariant AG, Solvay S.A., ADEKA Corporation, Songwon Industrial Co., Ltd., Huntsman International LLC, Albemarle Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, end-user, and by region.
The paints & coatings segment is anticipated to garner the largest revenue by the end of 2031 and display significant growth opportunities.
Potentially harmful health effects associated with epoxy, access to a variety of alternatives and expensive existence of epoxy type stabilizers are some of the factors estimated to hamper the market growth.
The market in Asia Pacific region is projected to provide more business opportunities in the future.
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