Bio-based Epoxy Resins Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Bio-based Epoxy Resins Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
Bio-based Epoxy Resins Market Introduction
Bio-based epoxy resins are produced using plant-based sources. Bio-based epoxy resins offer various benefits to the 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 some of the key benefits of bio-based epoxy resins leading to its wide application in various industries. The chemical industry is increasingly focusing on using bio-based epoxy resins owing to its low-cost, inbuilt biodegradability, and less impact on the environment. However, the biggest drawback of bio-based epoxy resins is the poor mechanical properties as compared to petroleum-based epoxy resins.
Bio-based Epoxy Resins Market: Notable Highlights
- Sicomin Epoxy Systems in 2018 established a new marine partnership. The company is also planning to launch new bio-foaming epoxy, known as PB 360 GS, an addition in its GreenPoxy range of bio-based epoxies.
- In 2018, Tesla launched new surfboards reinforced with lightweight carbon fiber, along with bio-based epoxy resins. Epoxy resins are emerging as a new trend in the surfboard industry, however, manufacturers are focusing on using plant-based epoxy resins to add durability and strength to the product.
- Wessex Resins announced the production of ENTROPY RESINS for markets in the Middle East, Europe, Africa, India, and Turkey. The resins are plant-based formulations and used extensively in the production of surfboards, sailboards, snowboards, paddle boards, skateboards, ice hockey sticks, and other sports equipment. ENTROPY RESINS six bio-based epoxy resins product ranges.
Some of the most prominent competitors operating in the competitive landscape of global bio-based epoxy resins market include –
- Sicomin
- Spolchemie
- ALPAS
- Nagase ChemteX Corporation
- ATL Composites
- Adhesives Technology Corp.
- Wessex Resins
Bio-based Epoxy Resins Market Dynamics
Bio-based Epoxy Resins Demand Surges against Backdrop of Regulations on Emission
Complying with the regulations on emission and growing environmental concerns across industries, combined with limited petrochemical resources is driving the demand for bio-based epoxy resins. There has been a rapid rise in the research and development of new bio-based epoxy resins in recent years. Owing to the eco-friendly nature and low cost, manufacturers are focusing on using renewable resources such as plant oils and starches to develop bio-based epoxy resins and polymers.
Industries including construction, electronics, coatings, and adhesives are increasingly focusing on using green composites. These industries are also focusing on product transparency including information on material ingredients in an effort to reduce the use of higher toxicity components. Furthermore, automotive OEMs are also researching on the use of bio-based resins, particularly in the interiors, in the quest of weight reduction.
Novel Chemical Formulations Driving Mechanical Properties of Bio-based Epoxy Resins
Manufacturers and researchers are focusing on developing new chemical formulations to increase the mechanical properties of bio-based epoxy resins, thereby, driving its application in various industrial sectors. With the increasing demand for natural-derived epoxy, the manufacturers are focusing on using new natural feedstock to develop new materials. Recently, there has been an increased emphasis on using epoxidized soybean oil to produce bio-based epoxy resins.
Comprising chemical structure and resulting in better mechanical properties, there has been increasing use of new materials such as natural-oil based, rosin-based, isosorbide-based, and epoxidized natural rubber to develop new formulations to enhance bio-based epoxy resins properties. Aiming to develop innovative bio-based epoxy resins, the producers are focusing on advanced functionalities including reprocessability, recyclability, and reparability.
Fluctuation in Raw Material Prices to Hamper Bio-based Epoxy Resins Market Growth
High fluctuation in the price of raw materials used in bio-based epoxy resins is emerging as the biggest challenge for manufacturers as well as end-use industries. Although the demand for bio-based epoxy resins is increasing, the rise in the cost of raw materials including natural oil, plant-based materials the demand is likely to be affected.
Bio-based epoxy resins are made using plant-based materials that are more costly to process compared to the petrochemical, moreover, it typically takes a lot of plant matter to produce bio-based chemicals as compared to the hydrocarbons. However, manufacturers are researching on alternative sources to produce bio-based epoxy resins at a low-cost, exhibiting favorable properties.
Bio-based Epoxy Resins Market Segmentation
Based on the product type, the bio-based epoxy resins market is segmented into
- Hemp
- Plant Oils
- Vegetable Glycerol
- Soybean oil
- Canola
- Others
Based on the application, the bio-based epoxy resins market is segmented into
- Adhesives
- Coatings
- Composites
- Electronics
- Others
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