Bio-based Epoxy Resin Market: Introduction
Transparency Market Research delivers key insights on the global bio-based epoxy resin market. In terms of revenue, the global bio-based epoxy resin market is estimated to expand at a CAGR of 5.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global bio-based epoxy resin market.
The global bio-based epoxy resin market is broadly affected by several factors, including increase in usage of bio-based epoxy resin in various applications such as paints & coatings, adhesives, composites, laminates and other. The expansion of the residential sector across the globe has led to significant rise in the usage of bio-based epoxy resin. Increase in demand and use of bio-based epoxy resin in residential building construction are expected to be drive the global bio-based epoxy resin market. The rise in demand for paints & coatings and adhesives is also propelling the bio-based epoxy resin market.
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Bio-based Epoxy Resin Market: Dynamics
Bio-based epoxy resins are utilized in the construction industry, which, in turn, is boosting the demand for bio-based epoxy resins. Bio-based epoxy resins are produced using plant-based sources. Bio-based epoxy resins offer various benefits to products using techniques that require minimum energy and produce less harmful toxins, thereby reducing greenhouse gas emission.
Superior performance to petroleum-based resins, no nasty smell, low VOC and odor, high strength, and UV resistance are a few key benefits offered by bio-based epoxy resins, thereby leading to its extensive usage in various industries.
The global construction industry is expected to expand considerably during the forecast period. Thus, rise in use of paints and coatings is projected to boost the demand for bio-based epoxy resins during the forecast period.
Manufacturers are focusing on the paints & coatings, adhesives, and laminates segment, as the share held by this segment in the bio-based epoxy resins market is likely to increase during the forecast period
Bio-based Epoxy Resin Market: Prominent Regions
Europe holds major share of the global bio-based epoxy resin market. The market in the region is anticipated to expand at a CAGR of 5.2% during the forecast period. Increase in demand for bio-based epoxy resin in various applications, such of paints & coatings, is driving the bio-based epoxy resin market in Europe. Germany is a key country of the bio-based epoxy resin market in Europe. It held significant share of the bio-based epoxy resin market in Europe in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Asia Pacific is also a prominent region of the global bio-based epoxy resin market. China led the bio-based epoxy resin market in Asia Pacific in 2020. The increase in demand for bio-based epoxy resin for paints and coatings also propels the market in China.
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Bio-based Epoxy Resin Market: Major Players
The global bio-based epoxy resin market is consolidated, with the presence of key players. Prominent players operating in the global bio-based epoxy resin market include Kukdo Chemical, Supreme, Silicones, Entropy Resins, ECOPOXY Coatings, Sicomin Epoxy Systems, Bitrez Ltd, ALPAS, Cardolite Corporation, and Paladin Paints & Chemicals Pvt. Ltd.
Global Bio-based Epoxy Resin Market: Segmentation
Bio-based Epoxy Resin Market, by Type
- Vegetable Oil-based
- Soybean Oil-based
- Cardanol-based
- Furan-based
- Lignin-based
- Others (including Rosin, Gallic Acid, and Vanillin-based)
Bio-based Epoxy Resin Market, by Application
- Paints & Coatings
- Adhesives
- Composites
- Laminates
- Others (including Flooring, Primers and Sealers)
Bio-based Epoxy Resin Market, by End-use
- Building & Construction
- Automotive & Transportation
- Wind Energy
- Consumer Goods
- General Industrial
- Others (including Electronics and Packaging)
Expanding AEC Industry Catalyzes Demand for Bio-based Epoxy Resins
Biological epoxy resins derived from vegetable sources are gaining a strong foothold, owing to the advantages of reduced greenhouse gas emissions and lowered risk from fossil fuel products to consumers. The products derived from bio-based epoxy resins are used as parts of machines, paints, coatings and as standalone adhesive solutions.
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The demand for epoxy resins is due to growth in end markets such as the architecture, engineering and construction (AEC) industry in the upcoming years. Hence, these manufacturers are expected to focus on better market penetration and outreach by acquisition & mergers, which brings in increased amounts of raw materials and new consumer-base within reach to increase output of bio-based epoxy resins.
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