WATERBORNE EPOXY RESINS MARKET ANALYSIS

The global waterborne epoxy resins market was valued at US$ 3,173.7 Mn in 2022 and is expected to register a CAGR of 7.73% in terms of revenue over the forecast period, to reach US$ 5,755.7 Mn by 2030. Water-based epoxy resins are also used in the manufacturing of composites. Composite materials are used in the preparation of automotive, aerospace, and windmill components. Structural and marine composites are manufactured by incorporating waterborne epoxy resins to enhance their performance.

Global Waterborne Epoxy Resins Market- Impact of Coronavirus (Covid-19) Pandemic

Since it was revealed in December 2019, the COVID-19 virus has affected almost every country in the world. It has been declared a general medical emergency by the WHO. The coronavirus disease 2019 has already had a significant impact on the world, and it will continue to do so during the period of the forecast. Various waterborne epoxy resins businesses experienced the COVID-19 pandemic's effects on a variety of levels, and they now place a strong emphasis on sustained growth in the long run. Waterborne Epoxy Resins companies are likely to see potential opportunities in the near future as the global waterborne epoxy resins markets and other chemicals industries play a crucial role in the economic recovery of countries.

Global Waterborne Epoxy Resins Market – Drivers

• Environmental Regulations

With increasing environmental concerns, there has been a growing demand for eco-friendly products. Waterborne epoxy resins offer a low VOC (Volatile Organic Compounds) solution that reduces the impact of toxic emissions on the environment. For instance, in 2020, the European Union introduced a regulation that limits VOC emissions from coatings and inks. This regulation has increased the demand for waterborne epoxy resins in the region.

• Increasing Demand in Automotive Industry

Waterborne epoxy resins are widely used in automotive coatings due to their superior properties such as corrosion resistance, durability, and high gloss finish. For instance, the growth of the automotive industry in Asia Pacific has led to an increase in the demand for waterborne epoxy resins for coatings and adhesives

• Growing Demand for from Electronics

The electronic industry has been growing at a rapid pace, driven by the increasing demand for consumer electronics and communication devices. Waterborne epoxy resins are used in electronic applications such as coatings and encapsulation due to their excellency adhesion, thermal stability, and electrical properties. For instance, the increasing use of electronic devices, such as smartphones and laptops, has led to a growing demand for waterborne epoxy resins in the electronic industry.

Global Waterborne Epoxy Resins Market - Restraints

• High Cost of Waterborne Epoxy Resins

Many different types of businesses are looking to find the high price of these resins to be a major problem. Aqueous epoxy resin prices are high when compared to epoxy resin costs. Additionally, there have been comparatively minor improvements in the production of novolac and bisphenol resins. These following textilesare widely used as coatings, composites, and adhesives in a variety of end use industries, such as the automotive, commercial, and maritime sectors. The cost and time-consuming process of creating a matrix, which calls for batch procedures in controlled environments at high temperatures, is another factor pushing up the price of these resins. This factor may hinder the growth of the market.

Figure 1. Global Waterborne Epoxy Resins Market, By End Use Industry, 2022

To learn more about this report, request sample copy

Among End Use industries, the construction segment accounted for the largest revenue share of around 35.60% in 2022 in the global waterborne epoxy resins market. In the construction industry, waterborne epoxy resins are used in coatings due to their high chemical resistance property combined with high gloss and hardness. Ease of penetration into small cracks and high bonding to the concrete are some of the important factors that are driving demand for waterborne epoxy resins for concrete coatings. According to the U.S. Department of Housing and Urban Development, Privately-owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,524,000. This is 13.8 percent above the revised January rate of 1,339,000, but is 17.9 percent below the February 2022 rate of 1,857,000.

Global Waterborne Epoxy Resins Market – Regional Insights

Asia Pacific accounted for the largest market share in the global waterborne epoxy resins market in 2022. The regional growth is driven by the increasing usage of epoxy resins in various End Use industries such as construction and automotive together with the growth of these industries in the region. According to Organization for Economic Co-operation and Development (OECD), the Australia construction market size was valued at $169.3 billion in 2021. The market is expected to grow at a CAGR of more than 2.5% during 2023-2030. For instance, in 2020, China’s real estate sector has been growing rapidly with increased investment by the government. The growth in construction is expected to positively affect the paints & coatings market in the country.

Figure 2. Global Waterborne Epoxy Resins Market, By Region, 2022

To learn more about this report, request sample copy

Global Waterborne Epoxy Resins Market – Recent Developments

• In 2017, BASF SE and Gustav Grolman GmbH & Co. KG entered into an exclusive collaboration in Europe under which Grolman is expected to market BASF’s specialty chemicals under the Baxxodur brand in France, Norway, Sweden, Finland, and Denmark, for use in epoxy resin-based applications.
• Engineered Polymer Solutions (EPS) EPS produces high-value and highly innovative construction, industrial, and architectural sustainable coatings solutions. In July 2020, Engineered Polymer Solutions (EPS) launched its new EPS 2400 series in North America. It includes six waterborne acrylic resins that can provide high-performance solutions to wood coating formulators. These can also be used for flooring, furniture, and cabinetry.differentiated resins and colorants, specifically designed for our customers who develop
• Hexion Inc. is a global leader in thermoset resins. Hexion Inc. serves the global adhesive, coatings, composites and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries.In November 2021, Hexoin Inc. entered a definitive agreement with Westlake Chemical Corporation. Hexion Inc. was to sell its global epoxy business for approximately US$ 1.2 billion to Westlake Chemical Corporation. This transaction is anticipated to be completed in the first half of 2022, following customary closing conditions.
• In May 2017, Huntsman Corporation and Clariant (Switzerland) formed a merger of equal shares to form a global specialty chemical company. This merger helped the company enhance its product portfolio.

Global Waterborne Epoxy Resins Market – Key Players

Major players operating in the global waterborne epoxy resins market include Hexion Inc., Dow Chemical Company, Aditya Birla Chemicals Co. Ltd., Huntsman Corporation, BASF SE, Royal DSM N.V., Eastman Chemical Corporation, Conren Limited, Gellner Industrial LLC, and AllCoat Technology Inc.

Definition: Waterborne epoxy resins are extensively used due to their low volatile organic compound (VOC) emission. These resins offer a high degree of compatibility with several components and have the capacity to get formulated with wetting agents, co-solvents, and additives to achieve formulations for superior adhesion to substrate high cure corrosion resistance. Waterborne epoxy resins are used in several applications such as adhesives, coatings, composites, and others.