The Worldwide Bio-Based Epoxy Resins Industry is Expected to Reach $220 Million by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Bio-Based Epoxy Resins Market, By Type, By Ingredient, By Form, By Application, By End User, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.

The global bio-based epoxy resins market held a market value of USD 166.5 million in 2020 and is estimated to reach USD 220.1 million by the year 2027. The market is anticipated to register a CAGR of 4.4% during the forecast period. Furthermore, the market volume was projected to be 24,703.6 tons in 2020.

Companies Mentioned

• ALPAS
• Bitrez Ltd.
• Chang Chun Group
• COOE (Change Climate)
• EcoPoxy
• Entropy Resins
• Gougeon Brothers
• Greenpoxy
• Huntsman Corporation
• Kukdo Chemical
• Nagase ChemteX Corporation
• Resin Research Bio Epoxy
• Resoltech
• Sicomin Epoxy Systems

Bio-based epoxy resins are created from plant-based carbon instead of petroleum-based carbon. Bio-based epoxy resins utilize green chemistry methods that need a smaller amount of energy and generate fewer hazardous bi-products, thus lowering the greenhouse gas emission from manufacture of resins by 50%. The bio-based epoxy resins market is increasing drastically due to the factors, such as increasing awareness regarding carbon emissions, rising initiatives by government and non-government agencies, expanding application of bio-based epoxy resins.

Flexible epoxy resins are utilized in making adhesives, coatings, sealants, composites, as well as flooring products, which are significant parts of the building and construction industry. The epoxy resin-based adhesives are used for creation of laminated woods for decks, walls, roofs and other building applications. The rising usage and preference rates boost the growth rate of the market.

The varying cost of raw material is restricting the growth of the bio-based epoxy resins market. Several economies focus on import and exports for the raw materials, and the unstandardized process limits the growth rate of the market to a limited extent.

Growth Influencers:

Government Regulations to curb the carbon emissions

Governments across the world are focused on imposing restrictions and regulations to streamline the increasing gas emissions. For instance, in December 2018, the US Environmental Protection Agency (EPA) proposed new greenhouse gas emissions (GHG) regulations for modified and reconstructed power plants. The recommended rule would replace EPA's 2015 carbon pollution standard for new power plants, which established New Performance Source Performance Standards (NSPS) to restrict the carbon dioxide emissions from fossil fuel-fueled power plants. Thus, such regulations promise the environmental sustainability and push the demand for bio-based epoxy resins, thus raising the growth rate of the market.

Increased Applications of Bio-based Epoxy Resins

The bio-based epoxy resins have many applications in several industries, including building industry. These resins are used as sealant covers, floor covers, building materials, and adhesives. Moreover, bio-based epoxy resins are used at a significant rate in the manufacturing industry for glass fiber materials, marine crafts, rainwater tanks, electrical circuit boards, and water repelling materials, among others. For instance, in March 2020, Bitrez Ltd, one of Europe's foremost manufacturers of specialist polymers and chemicals, launched a new set of regulatory compliant bio-based resins for the composites industry. This new family of bio-based resins, including bio-epoxy systems and Polyfurfuryl Alcohol (PFA), are specifically designed for composite applications and are Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) compliant. Such wide applications bio-based epoxy resins aid in the growth of the market during the forecast period.

Segments Overview:

The global bio-based epoxy resins market is segmented into type, ingredient, form, application, and end user.

By Type

• Bio-based Carbon Content: 28-50%
• Bio-based Carbon Content: ?50%

By Ingredient

• Glycerol
• Hemp
• Vegetable
• Plant Oil
• Soybean Oil
• Linseed Oil
• Canola Oil
• Karanja Oil
• Others

By Form

• Liquid & Solution
• Solid

By Application

• Diglycidyl Ethers of Isosorbide (DGEI)
• Epoxidized Cardanol (Coatings)
• Epoxidized Linseed Oil
• Furan diepoxy of 2,5-bis (hydroxymethyl)-furan (BHMF)
• Liquid epoxidized natural rubber (LENR)
• Terpene-maleic estertype epoxy (TME)

By End-User

• Aerospace
• Building & Construction
• Consumer Goods (Market Volume Size will cross 10,000 tons in 2026)
• Electrical & Electronics
• Marine
• Wind Power
• Others

Regional Overview

By region, the global bio-based epoxy resins market is divided into Europe, North America, Asia Pacific, Middle East & Africa, and South America.

The North American region is expected to hold the largest market share of around 36% owing to the presence of established infrastructure and manufacturing capabilities in countries, such as US and Canada. Furthermore, Asia Pacific is one of the regions expected to hold the fastest rowing rate of 5.1% owing to the increasing applications and usage of bio-based epoxy resins in countries, such as Japan, India, and China.

The European region is anticipated to grow substantially owing to the rising awareness and increasing demand. The Latin American region is also anticipated to grow at a considerable rate.

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