Global Bio-Based Epoxy Resins Market: Overview
Epoxy resins are chemical substances used as thermosetting polymers in the manufacture of coatings, adhesives and water repellent materials. Although traditionally they have been derived from fossil fuels, biological epoxy resins derived from vegetable sources are gaining a foothold owing to a reduced greenhouse gas emissions and a reduced risk from fossil fuel products to consumers. The products derived from epoxy resins are used as parts of machines, paints, coatings and as stand-alone adhesive solutions.
This is set to drive the global bio-based epoxy resins market on an upward growth trajectory over the period of 2023 to 2030, notes Transparency market Research in its upcoming report. It also states that the growth rate would be sturdy and a whole new set of opportunities will emerge in the vendor landscape.
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Global Bio-Based Epoxy Resins Market: Competitive Landscape
The bio-based epoxy resins market is an upcoming market with a fragmented vendor landscape. manufacture. Names of some of the key manufacturers present in the global bio-based epoxy resins market are:
- Pond ApS
- Nagase ChemteX Corporation
- ATL Composites
- Change Climate
- Wessex Resins
- ALT Composites
The demand for epoxy resins is due to grow in the future. Hence, these manufacturers are expected to focus on better market penetration and outreach by acquisition and mergers which bring increased amounts of raw materials and new consumer-bases within reach to increase output of bio-based epoxy resins.
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Global Bio-Based Epoxy Resins Market: Key Trends and Drivers
- Owing to growth in manufacturing, more industrial components are currently being produced in user-intensive industries like electronics, construction and automobiles, to name a few. As more efficiency and environmental sturdiness is demanded from machines in these sectors, bio-based epoxy resins become vital to ensure apt levels of safety of minor machine components. The water repellent and adhesive properties of epoxy resins make them useful for keeping machine parts working over long-term.
- Bio-based epoxy resins find merit over fossil fuel derived resins owing to their lower VOC emissions, absence of an unpleasant smell, and a reduced dependence on fossil fuels for processing of the resin. This is why these are set to witness higher demand over the forecast period.
- However, a major factor that can work against bio based epoxy resins is that they have less tensile strength and malleability than their fossil fuel derived counterparts. Hence, usage of these products might yet not find an increased acceptance in a world which is ready to accept sustainable materials, but not at the cost of efficiency and productiveness. Yet, research is on for high tensile-strength bio based epoxy resins and this would counteract the current restraint.
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Global Bio-Based Epoxy Resins Market: Regional Analysis
North America and Europe are currently the dominant markets for bio-based epoxy resins and will continue to be so, as evident by the ban on the use of fossil fuel derived epoxy resins in the food packaging industry in Canada and France in recent years. This shift in demand away from fossil fuels should drive the growth curve for sustainable products upward in these regions. Moreover, a growing consumer electronics industry as seen by a rising user penetration at 22% in 2023 will further increase demand for bio based epoxy resins in these regions. The Asia Pacific region (APAC) is an upcoming market for bio-based epoxy resins owing to an upcoming electronics and communication market in these regions with cheap labor.
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