Epoxy resins are thermosetting polymers that are used in the production of coatings, adhesives, and water repellent fabrics. Bio-based epoxy resins derived from vegetable sources are gaining traction due to lower greenhouse gas emissions and a lower chance of consumers being exposed to fossil fuel goods.
Superior mechanical strength, toughness, prolonged durability, corrosion resistance, chemical and moisture resistance, high thermal stability, and superior adhesion are some of the properties that make these resins stand out in a variety of industrial applications. Epoxy resins are used in a variety of industries, including paints and coatings, adhesives, composites, and mechanical encapsulation.
Key Market Dynamics for Bio-based Epoxy Resins Market
The global epoxy resin market is currently being driven by increased demand from end-use industries and a rise in demand for lightweight composites in wind turbine and aerospace applications. Lightweight composite materials are being used by vehicle manufacturers to meet the demand for design freedom, high strength, flexibility, and reduced vehicle weight.
Epoxy resins also provide better mechanical performance in wind turbine blades, especially in terms of tensile and flexural strength. As a result, market growth is expected to be supported by increased adoption of this resin in the wind power industry. Owing to growing income, urbanization, a boom in technology-intensive activities, and the number of end-use industries is increasing, fuels demand epoxy resins. The global market is expected to expand substantially in response to steady economic gains and increased industrialization.
The number of gases released increases as the temperature of combustion rises. Epoxy resins are also non-biodegradable. Thermoset resins are not recyclable and biodegradable. As a result, both of these issues have a direct impact on global market development. Fluctuations in ECH markets affect the cost of producing this resin. Furthermore, shifts in ECH and BPA demand and supply have a significant effect on the industry. However, the production of bio-based epoxy resins is anticipated to provide beneficial opportunities for the market to expand.
North America Dominates the Market with Highest Market Share
In terms of market sales, the bio-based epoxy resin industry in North America accounted for the largest share. Forward product incorporation by ingredient and chemical firms is one of the major industry influencing factors. During the forecast period, the Asia Pacific region is anticipated to exhibit exponential growth in terms of bio-based epoxy resin use, which can be attributed to the increasing presence of various end-use industries such as electronics, coatings, composites, and others. During the forecast period, demand for bio-based epoxy resins is projected to rise steadily in Latin America and the Middle East, and Africa (MEA).
Electronic, Paints & Coatings Applications Key Contributor to Growth of the Market
Growth in the electronics, paints, and coatings industries, as well as increased use of composites and adhesives in various applications, are expected to drive demand for bio-based epoxy resins, providing a significant chance for manufacturers of bio-based epoxy resins to boost their production capacity.
Leading Market Participants
Some of the leading participants present across the value chain of the bio-based epoxy resins market include Specific Polymers, Bitrez Ltd, Pond ApS, Spolchemie, Huntsman Corporation, Kukdo Chemical, Wessex Resins, Nagase ChemteX Corporation, Sicomin Epoxy Systems, Change Climate, Entropy Resins, and Chang Chun Group.
Deep-dive Insights on Bio-based Epoxy Resins Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/bio-based-epoxy-resins-market/request-for-sample