Japan Epoxy Resins Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

The Japan Epoxy Resins Market is projected to witness a growth in its revenue from US$ 197.8 Mn in 2021 to US$ 226.2 Mn by 2027. The market is registering a CAGR of 2.3% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 1.1% over the projection period. Epoxy resins, also known as polyepoxides, are a class of reactive prepolymers and polymers which contain epoxide groups. Further, epoxy resins can be combined with varied curing agents and modifiers to achieve the properties required for a specific application. The key properties of epoxy resins are high strength, low shrinkage, excellent adhesion to various substrates, effective electrical insulation, chemical & solvent resistance, and low toxicity among others. Epoxy resins have a wide range of applications including paints & coatings, composites, adhesives & sealants, and encapsulation among others.

The market is majorly driven by factors such as an increase in demand for lightweight composites and infrastructural development. Epoxy systems are used in industrial applications to produce molds, master models, laminates, castings, fixtures, and other industrial production aids. This "plastic tooling" replaces metal, wood, and other traditional materials, and generally improves efficiency, lowers the overall cost, and shortens the lead-time for many industrial processes. Epoxies are also used in producing fiber-reinforced or composite parts. In addition, epoxy resin formulations are important in the electronics industry, and are employed in motors, generators, transformers, switchgear, bushings, insulators, printed wiring boards (PWB), and semiconductor encapsulants. Moreover, epoxy composites are of potential interest for the aerospace and transportation industries as a lightweight material that can improve fuel efficiency and add impact strength. Thus, the emergence of lightweight and fuel-efficient vehicles is expected to provide a lucrative opportunity for market expansion. Furthermore, Japan has a very advanced and well-maintained physical infrastructure, which undergoes regular upgrading and expansion, which in turn is expected to propel the market growth. However, the characteristic disadvantages of epoxy resins over alternatives such as vinyl ester resins and volatility in the prices of raw materials are hindering the growth of the epoxy market of Japan.

Key Insights of the Report: 

• Latest study published by Astute Analytica analyzes the Japan Epoxy Resins Market for the study period of 2017-2027; where historical years are 2017-2020, base year is 2021 and forecast period is 2022-2027.
• The research report offers detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of nine chapters distributed across 145 pages with 25 list of tables and 38 list of figures.
• The market is segmented based on type, form, application, and end user.
• The market estimates are presented in terms of value (US$ Mn) and Volume (Kilo Tons).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, epoxy resins manufacturers, distributors, and end users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Japan Epoxy Resins Market Report:

• Based on type, the DGBEA (Bisphenol A and ECH) holds the highest share in the epoxy resins market of Japan in 2021. Important epoxy resins are produced from combining epichlorohydrin (ECH) and bisphenol A to give bisphenol A diglycidyl ethers. Bisphenol A-based resins are the most widely commercialized resins. However, the novolac segment registers the highest CAGR over the projection period.
• Based on form, liquid form has the highest market share in 2021. Liquid epoxy resin has high application in coatings, adhesives, composites, laminates, and electronic materials such as potting compounds. Further, the solid segment holds the highest annual compound rate over the forecast period.
• In terms of application, paints & coatings leads the Japan epoxy resins market in 2021. Epoxy resins provide a tough, protective coating with excellent hardness. Further, epoxy coatings are formulated as an emulsion in water and can be cleaned up without solvents. Fusion Bonded Epoxy Powder Coatings (FBE) are extensively used for corrosion protection of steel pipes and fittings used in the oil and gas industry, potable water transmission pipelines (steel), and concrete reinforcing rebar. Also, metal cans and containers are often coated with epoxy to prevent rusting.
• In terms of end users, the building & construction industry dominates the epoxy resins market of Japan in 2021 owing to increasing investment in this sector. More recently, the industry has been influenced by preparations for major events, most notably the 2020 Summer Olympics, and a push towards sustainability. Epoxy resins are used to perform different applications, including coatings, flooring, and laminating, among others in the building and construction industry.

Competitive Landscape

The key players in the Japan Epoxy Resins Market are Sumitomo Chemical Co., Ltd., Adeka Corporation, Huntsman International LLC, Jiangsu Sanmu Group, Olin Corporation, Dic Corporation, Mitsubishi Chemical Corporation, NIPPON STEEL Chemical & Material Co., Ltd., Sakamoto Yakuhin Kogyo Co., Ltd., and New Japan Chemical Co., Ltd., among others. Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisition in order to have a grip in the stabilized Japanese market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview

The following are the different segments of the Japan Epoxy Resins Market:

By Type segment of the Japan Epoxy Resins Market is sub-segmented into:

• DGBEA (Bisphenol A and ECH)
• DGBEF (Bisphenol F and ECH)
• Novolac (Formaldehyde and Phenols)
• Glycidyl amine (Aromatic Amines and ECH)
• Aliphatic (Aliphatic Alcohols)
• Others

By Form segment of the Japan Epoxy Resins Market is sub-segmented into:

• Liquid
• Solid
• Solution

By Application segment of the Japan Epoxy Resins Market is sub-segmented into:

• Paints & Coatings
• Composites
• Adhesives & Sealants
• Encapsulation
• Others

By End User segment of the Japan Epoxy Resins Market is sub-segmented into:

• Building & Construction
• Aerospace
• Consumer Goods
• Marine
• Wind Power
• Others