Bio-based Epoxy Resin Market to Expand at CAGR of 5.5% During Forecast Period, Notes TMR Study
- The global bio-based epoxy resin market is likely to be driven by rise in demand and usage of bio-based epoxy resin in construction of residential buildings
- Compared to petroleum-based resins, bio-based epoxy resins provide better performance, as well as no unpleasant odor, high strength, low VOC, and UV resistance
ALBANY, N.Y., March 29, 2022 /PRNewswire/ -- The global bio-based epoxy resin market was worth more than US$ 4.8 Bn in 2020. The market is likely to rise at a CAGR of 5.5% during the forecast period, from 2021 to 2031. The global bio-based epoxy resin market is expected to reach the value of US$ 8.6 Bn by the end of 2031. The use of bio-based epoxy resins in the construction industry is increasing, which is likely to fuel growth of the for the global bio-based epoxy resin market. Plant-based sources are used to make bio-based epoxy resins. Bio-based epoxy resins provide a number of advantages to products made with low-energy procedures that generate less hazardous chemicals, hence lowering greenhouse gas emissions. Bio-based epoxy resins have a number of major advantages over petroleum-based epoxy resins, including high strength, superior performance, no unpleasant odor, UV resistance, and low VOC and odor to name a few.
The global construction industry is predicted to rise significantly during the forecast period. As a result, the demand for bio-based epoxy resins is expected to rise over the forecast period due to increase in its usage of paints and coatings. Companies are centering their efforts on adhesives, paints & coatings, and laminates industries, since this segment's share of the bio-based epoxy resins market is expected to grow throughout the projected period.
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In comparison with fossil fuel-based epoxy resins, bio-based epoxy resins have lower malleability and tensile strength. As a result, firms in the global market are spending on R&D to develop high-tensile-strength bio-based epoxy resins that have the potential to outperform fossil fuel-based resins. The building & construction industry is increasingly making use of bio-based epoxy resin. The surface of numerous objects is coated with bio epoxy resin to safeguard it from corrosion, wear, as well as other environmental effects.
Key Findings of Market Report
- In 2020, the global bio-based epoxy resin market was led by soybean oil-based epoxy resins. This is mostly due to rising demand for soybean oil-based epoxy resin in composites, adhesives, laminates, as well as other applications. Soybean oil-based epoxy resin was formerly one of the most widely utilized raw ingredients in the production of bio-based epoxy resin. When compared to other epoxy resins, the cost of production is extremely low. Food & drinks, adhesives & sealants, and healthcare & medicines are only a few of the businesses that use soybean oil-based resin.
- Bio-based epoxy resins are used for various purposes in residential constructions. Due to its strong adherence, bio-based epoxy resin is frequently used as a major binder in paints & coatings applications. It can be utilized to form a protective barrier on wood surfaces to keep moisture out. Bio-based epoxy coatings are also commonly ornamental, adding color as well as texture to a surface.
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- Epoxidation of renewable precursors such as rosins, unsaturated vegetable oils, terpenes, cardanol, tannins, saccharides, and lignin produces bio-based epoxy resin. Co-reactants, often known as hardeners or curatives, are used to treat them. The kind of curative is determined by the epoxy resin type and its application. It can also be bio-based.
- Europe controls a significant portion of the global bio-based epoxy resin market. The regional market is expected to grow at a CAGR of 5.2% during the forecast period. The bio-based epoxy resin market in Europe is being driven by rise in its demand for various applications such as paints and coatings.
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Global Bio-based Epoxy Resin Market: Growth Drivers
- Biological epoxy resins produced from various vegetable sources are gathering steam, due to benefits of lower greenhouse gas emissions and decreased likelihood of consumers being exposed to fossil fuel products. Bio-based epoxy resins are utilized to make paints, machine components, and varnishes, as well as stand-alone adhesive solutions.
- The Asia Pacific region is also a major player in the global bio-based epoxy resin market. In Asia Pacific, China dominated the regional market in 2020. The market in China is also being propelled by rise in demand for bio-based epoxy resin for use in various applications.
Global Bio-based Epoxy Resin Market: Key Players
Some of the key market players are
- Paladin Paints & Chemicals Pvt. Ltd.
- Sicomin Epoxy Systems
- Cardolite Corporation
- KUKDO Chemical (Kunshan) Co., Ltd
- Entropy Resins
- ECOPOXY Coatings
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Global Bio-based Epoxy Resin Market: Segmentation
Type
- Vegetable Oil-based
- Soybean Oil-based
- Cardanol-based
- Furan-based
- Lignin-based
- Others
Application
- Paints & Coatings
- Adhesives
- Composites
- Laminates
- Others
End Use
- Building & Construction
- Automotive & Transportation
- Wind Energy
- Consumer Goods
- General Industrial
- Others
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