Waterborne Epoxy Resin Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1607
Waterborne Epoxy Resin Market size is estimated to grow at a significant CAGR in the forecast timeframe. Global product market is estimated to witness a substantial growth due to the increased use in end-use industries such as automotive, textiles, furniture, packaging, etc.
Due to the rising industrialization, the demand of coatings and paints has considerably increased which will propel the product market. Growing demand from aerospace and wind energy industries is anticipated to augment the demand of the product over the forecast period. With the environmental legislation becoming stricter in various countries, waterborne coatings have become popular in industrial coatings which will drive the product market. Another major factor for the incline of the product market is its low volatile organic compound (VOC) emission.
However, fluctuating raw material prices and meeting high demand of bisphenol A which is used to manufacture epoxy resin, can impede the growth of the market. Emerging bio-based resins can also hamper the demand of waterborne epoxy resins.
The replacement of solvent-based counterparts by the product has increased the demand for environment friendly waterborne epoxy resin. The product has excellent adhesion properties on different substrates, good protective and chemical resistance properties. It exhibits good dilution efficiency, high stability and high tensile strength. Aqueous epoxy resins comprise of non-ionic epoxy functional emulsifiers which permit emulsifiers to be a portion of the cured product.
The product coatings are essential to prevent rust formation on vehicles which increases the life of the vehicles. It also provides clear lighting from LEDs and is used to improve light diffraction. The increased demand for the product to manufacture electrical laminates for generators, motors and insulators have boosted the product market. Waterborne epoxy resins are widely used in boat manufacturing due to excellent gap filling properties. The product finds its application in aerodynamically efficient blades which has driven the product market in aerospace industry.
The product market can be segmented on the basis of application, means of dispersion and region. Based on application, the product market can be divided into coatings & paints, adhesives, composites, sealants, electricals and others such as binders in textiles, etc. Coatings & paints is the largest application segment of the product market which will grow at a fast pace owing to the use in end-use industries such as automotive, marine, electrical & electronics, etc. The product is widely used in printed circuit boards which has escalated the product market in electricals segment. Based on means of dispersion, the product market can be segmented into polyethylene oxide, polyethylene glycol and fatty acids.
Based on region, the market can be segmented into Europe, North America, Latin America, Asia Pacific, and Middle East & Asia. Asia Pacific holds the major market share in terms of volume. The growing population, investment opportunities in developed & developing countries, growing manufacturing sector, and government initiatives to encourage industrial growth are the key drivers that will drive the product market in the region. In terms of consumption, U.S. and China hold the key shares in the market. Russia, South Korea and Germany are some of the countries where the product market is expected to grow at a robust rate. MEA is expected to witness growth in the product market owing to increasing infrastructure opportunities.
Some of the major companies capturing the product market are Aditya Birla Chemicals, Allnex, Hexion Inc., Kukdo Chemical Co., Ltd., Olin Corporation, Nan Ya Plastics Corporation, Air Products and Chemicals, Inc., Huntsman Corporation, Miller-Stephenson Chemical Company, Inc., Perma Enterprise Co., Ltd., etc.
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