India Epoxy Resin Market Key Takeaways

• The market is estimated at USD 375 million in 2025 and USD 402 million in 2026, reaching USD 610 million by 2032 with a 7.20% CAGR.
• Bisphenol A-based resins lead by resin type, accounting for an estimated 69% share in 2026.
• Paints and Coatings lead by application, with an estimated 38% market share in 2026.
• The market is moderately concentrated, with the top five companies collectively accounting for an estimated 64% share in 2026.

India Epoxy Resin Market Size and Outlook

The India Epoxy Resin Market was valued at an estimated USD 375 million in 2025 and is projected to reach USD 402 million in 2026. It is forecast to expand at a CAGR of around 7.20% during 2026–2032, reaching nearly USD 610 million by 2032.

Demand is anchored by performance requirements in transportation and renewable energy manufacturing. Epoxy resins provide adhesion, corrosion resistance, electrical insulation and structural strength in vehicle coatings, bonding systems, electronic encapsulation and fiber-reinforced components. The Society of Indian Automobile Manufacturers reported FY2025–26 domestic sales of 4.64 million passenger vehicles and 1.08 million commercial vehicles. The Ministry of New and Renewable Energy recorded 58.14 GW of wind capacity by July 2026, including 2.04 GW added during April–July 2026. These operating bases sustain recurring resin consumption across coatings, adhesives, electrical systems and wind-blade composites.

Through 2032, growth is expected to combine higher consumption with migration toward application-specific novolac, cycloaliphatic, waterborne and multifunctional grades. Domestic manufacturing and technical-service expansion should improve availability and support faster customer qualification. However, bisphenol-A and epichlorohydrin volatility, competition from imported material, lengthy validation cycles and substitution by polyurethane, vinyl-ester and other resin systems will restrain faster expansion. The forecast therefore reflects sustained volume gains and gradual product-mix improvement rather than uniformly strong price appreciation.

India Epoxy Resin Market Key Indicators

• The Union Budget FY2026–27 proposed increasing public capital expenditure by approximately 9% from the FY2025–26 budget estimate, according to PIB. The resulting infrastructure pipeline should enlarge requirements for epoxy floor coatings, structural adhesives, repair mortars and protective systems across transport, utilities and public-building projects.
• The Ministry of Electronics and Information Technology reported electronics production rose 15.8% year on year in FY2025–26. Expanding domestic assembly and component manufacturing increases consumption of epoxy laminate systems, encapsulants, molding compounds and potting materials used for circuit protection, insulation, thermal management and reliability.
• The Ministry of Defence reported India’s defense production increased 15.6% in FY2025–26, while private-sector participation reached 24% of output. Broader indigenous manufacturing across aircraft, naval platforms, drones and electronics supports higher-value epoxy demand for lightweight composites, structural bonding, corrosion protection and electrical encapsulation.
• Ministry of Statistics & Programme Implementation’s June 2026 Index of Industrial Production showed capital-goods output rose 14.2% year on year. Stronger machinery and equipment production expands the addressable base for epoxy protective coatings, casting and tooling compounds, electrical insulation systems and maintenance adhesives used in fabrication and plant operations.

India Epoxy Resin Market Manufacturing Capacity and Domestic Supply Analysis

India’s epoxy-resin supply base has expanded, with Gujarat emerging as the main capacity cluster. Grasim commissioned 123,000 tons per annum of epoxy-resin and formulation capacity at Vilayat in December 2023, doubling its Advanced Materials capacity to 246,000 tons. Atul completed a 50,000-ton-per-annum liquid epoxy resin addition in October 2024, lifting capacity from 30,000 to 80,000 ton per annum. Kukdo Chemical’s Dahej plant provides another 40,000 tons, while its December 2025 announced expansion targets 100,000 tons. These additions increase domestic availability across standard liquid resins, formulations and application-specific systems.

The enlarged base shortens lead times, improves technical support and gives coatings, construction, electrical and composite customers more scope to qualify domestic alternatives to imports. However, announced nameplate capacity does not translate directly into saleable supply: utilization depends on feedstock economics, grade mix, customer approvals and demand synchronization. Competition should intensify in high-volume bisphenol-A liquid epoxy grades, where multiple suppliers can pursue the same accounts, while specialized novolac, cycloaliphatic and electronics-grade systems may continue to require imported material or technology-intensive local formulation. Through 2032, producers able to balance base-resin scale with hardeners, reactive diluents and formulations should capture more value, whereas undifferentiated capacity may face utilization and margin pressure.

India Epoxy Resin Market Scope

India Epoxy Resin Market Growth Drivers

Transport-Infrastructure Expansion Enlarges Construction and Maintenance Demand

India’s continuing build-out of transport and urban infrastructure is enlarging both the construction-stage and maintenance-stage demand base for epoxy systems. Unlike commodity architectural coatings, epoxy products are specified where concrete bonding, chemical resistance, load-bearing floors, waterproofing, crack injection or electrical insulation is required. The Ministry of Housing and Urban Affairs reported in March 2026 that India had more than 1,143 kilometers of metro lines operational and around 936 kilometers under construction across 29 cities. Each additional corridor creates requirements across stations, depots, tunnels, viaducts and equipment rooms, while the expanding installed base generates recurring refurbishment demand.

A fresh project sequence reinforces this mechanism. In December 2025, the Union Cabinet approved 16.076 kilometers of Delhi Metro Phase V(A) corridors, followed by approximately 41 kilometers under Jaipur Metro Phase 2 in April 2026. These projects extend epoxy demand beyond initial civil works to flooring, structural repair, corrosion protection, trackside electrical systems and maintenance activities over the asset lifecycle. Suppliers with contractor approvals, application support and systems combining resins, hardeners, grouts and protective coatings can address more project packages than commodity resin vendors. Continued project commissioning through 2032 should therefore lift volumes and favor specification-led formulations with higher value per kilogram.

Recent Trends

Specialty Formulations Gain Ground over Standard Liquid Resins

India’s epoxy market is moving beyond standard liquid resin toward application-specific formulations that solve distinct processing and performance requirements. This shift matters because curing speed, viscosity, pot life, thermal resistance and chemical durability influence customer qualification, making formulation capability more valuable than resin volume alone. A key player’s polymer performance materials portfolio expanded from 47 synthetic products and 268 formulations in FY2022–23 to 50 products and 276 formulations in FY2024–25; its India sales increased 21% during the latter year. The widening portfolio indicates greater emphasis on differentiated systems.

The pattern is also visible at another key player’s advanced materials business. Its June 2025 corporate dossier reported an expanded portfolio of more than 100 epoxy products and eight patent filings, three granted. This breadth enables suppliers to serve protective coatings, construction, renewable-energy, automotive and electrical applications with distinct resin-curing combinations rather than one commodity grade. Broader portfolios strengthen cross-selling and customer retention while defending realizations through technical differentiation, although they increase qualification and service requirements.

Through 2032, producers able to convert base-resin scale into application-ready systems, combining specialized resins, curing agents and reactive diluents, should capture more value. Standard bisphenol-A liquid epoxy will remain the volume anchor, but specialty grades and formulated solutions should gain commercial importance.

India Epoxy Resin Market Opportunities and Challenges

Dumped Imports Constrain Producer Margins While Trade Remedies Enable Localization

Dumped liquid epoxy resin imports created a pricing challenge for Indian producers, limiting cost recovery and investment. An August 2025 investigation by the Directorate General of Trade Remedies (DGTR) found that subject imports increased 153% from FY2020–21 to the January–December 2023 investigation period, while domestic selling prices declined 15% and producer inventories rose more than 223%. Landed import prices fell below domestic cost of sales from FY2022–23, compressing profitability even as demand expanded. This pressure is concentrated in standard liquid epoxy resins, where product substitutability makes customers price-sensitive and allows imported material to reset market benchmarks.

The policy response creates a localization opportunity rather than eliminating competition. Following DGTR’s August 2025 findings, the Ministry of Finance imposed producer-specific anti-dumping duties for five years from November 17, 2025, on liquid epoxy resins originating in China, South Korea, Saudi Arabia, Taiwan and Thailand. Solid, semi-solid, solution, waterborne, blended and modified grades remain outside the measure, preserving competition across adjacent forms. Domestic suppliers can use the improved pricing environment to raise utilization, qualify local grades and offer shorter-lead-time contracts, technical support and formulation packages. Customers may still resist sharp price increases, making reliability and performance essential.

Through 2032, producers that reinvest improved realizations into consistent quality, specialty modifications and multi-year supply arrangements should capture import-substitution revenue without depending solely on tariff-supported pricing.

Segmentation Insights

Bisphenol A-Based Resins Lead Through Broad Formulation Compatibility, Accounting for an Estimated 69% Market Share in 2026

Bisphenol A-based epoxy resins lead the India epoxy resin industry because they provide a practical combination of adhesion, strength, chemical resistance and electrical insulation. Manufacturers can modify these resins for use in protective coatings, flooring, adhesives, composites and electrical components. Their wide availability and established processing methods also make them more economical than specialized chemistries.

Deepak Phenolics, a major manufacturer of phenol, a key raw material used to produce bisphenol A, identifies the latter as an essential ingredient in epoxy resins. The upstream manufacturer has an annual phenol capacity of 345,000 tons and achieved a further 10% increase in plant throughput during FY 2024–25. Although India continues to depend on imported bisphenol A, large-scale domestic phenol production strengthens the upstream supply base for potential future local manufacturing. Bisphenol F and novolac resins should grow faster in demanding applications requiring lower viscosity, greater heat resistance or stronger chemical protection. Nevertheless, bisphenol A-based resins are expected to remain dominant through 2032 because they are cost-effective, widely understood by formulators and adaptable to numerous applications. Based on resin type, the market is segmented into:

• Bisphenol A-Based Epoxy Resins
• Bisphenol F-Based Epoxy Resins
• Novolac Epoxy Resins
• Cycloaliphatic Epoxy Resins
• Glycidyl Amine Epoxy Resins
• Other Epoxy Resins

Paints and Coatings Lead Through Broad Protective and Maintenance Use, Accounting for an Estimated 38% Market Share in 2026

Paints and coatings account for the largest application share in India epoxy resin industry because epoxy chemistry protects steel and concrete across industrial facilities, transport equipment, marine assets, pipelines and tanks. Demand extends from primers to high-build linings and flooring topcoats, creating broader formulation and maintenance requirements than one-time casting or tooling uses. Epoxy’s adhesion, corrosion resistance and compatibility with pigments and curing agents allow suppliers to tailor systems for immersion, abrasion, chemicals and elevated temperatures.

In August 2025, PPG and Asian Paints renewed their two Indian joint ventures for 15 years, extending the arrangement from 2026 through 2041 across automotive, marine, packaging, protective and powder coatings. The duration and breadth indicate sustained demand for locally supported technologies across multiple end-use industries. Paints and coatings should retain leadership through 2032 as installed assets require recoating alongside new production. Composites are expected to grow faster from a smaller base as lightweight structures raise resin intensity, but qualification cycles and concentrated processing capability limit near-term scale. Suppliers with low-solvent formulations, corrosion-testing capability and contractor support should capture more value than vendors competing only on base-resin price. Based on application, the market is segmented into:

• Paints and Coatings
• Adhesives and Sealants
• Composites
• Electrical and Electronic Laminates, Encapsulation and Molding
• Construction Compounds and Flooring
• Casting, Tooling and Industrial Molding
• Other Applications

India Epoxy Resin Industry Moderately Concentrated with 64% Top-Five Share

The India epoxy resin industry is moderately concentrated, with top five companies holding 64% market share in 2026. The top five companies in the market are Grasim Industries Limited, Atul Limited, KUKDO Chemical Co., Ltd., DCM Shriram Limited and Champion Advanced Materials Pvt. Ltd.

Key Companies in the India Epoxy Resin Market

• Grasim Industries Limited
• Atul Limited
• KUKDO Chemical Co., Ltd.
• DCM Shriram Limited
• Champion Advanced Materials Pvt. Ltd
• Huntsman International LLC
• Olin Corporation
• Westlake Corporation
• Kumho P&B Chemicals Inc.
• Chang Chun Group
• Others

India Epoxy Resin Industry News and Recent Developments

• April 2026 | DCM Shriram Fully Commissions 52,000-Ton Epichlorohydrin Plant

DCM Shriram commissioned the remaining 17,000 tons of annual capacity at its epichlorohydrin plant in Jhagadia, Gujarat, taking the facility’s total capacity to 52,000 tons per year. The first 35,000-tonne phase had commenced operations in October 2025. Epichlorohydrin is a principal raw material used to manufacture liquid epoxy resins.

Impact analysis: The facility improves domestic feedstock availability and supports greater backward integration in epoxy resin manufacturing. It can also reduce exposure to imported epichlorohydrin and provide DCM Shriram with better control over input costs and supply continuity.

• February 2026 | Westlake Expands Epoxy Distribution Partnership with Brenntag into India

Westlake Corporation expanded its distribution partnership with Brenntag to South and West India. Under the agreement, Brenntag will distribute Westlake’s EPON, EPIKOTE, EPIKURE and EPI-REZ epoxy products for coatings, adhesives, and construction applications. The arrangement also provides customers with local technical service, formulation guidance and regional supply support.

Impact analysis: The partnership broadens customer access to imported specialty epoxy systems without requiring Westlake to establish its own extensive distribution infrastructure. Local technical assistance could also accelerate product qualification and increase competition in application-specific formulations.

• June 2025 | DCM Shriram Completes USD 43 Million Epoxy-Business Acquisition

DCM Shriram completed its acquisition of the entire equity interest in Hindusthan Specialty Chemicals Limited for approximately USD 43 million. The acquired company operates a facility in Jhagadia, Gujarat, with more than 17,000 tons of annual liquid epoxy resin capacity and manufactures liquid epoxy resins, hardeners, reactive diluents, solvent cuts, and formulated resins.

Impact analysis: The acquisition gives DCM Shriram an immediate operating presence across base resins and value-added formulations. It also increases domestic-market concentration and creates integration opportunities with the company’s epichlorohydrin operations.