.The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Epoxy resins are a class of advanced thermosetting resins that include a wide variety of crosslinking polymers, including unsaturated polyester resins, phenol-formaldehyde resins and amino resins. Bio-based epoxy resins are made from plant-based carbon in place of petroleum-based carbon. Bio-based epoxy resins employ green chemistry techniques which require less energy and produce less hazardous bi-products, thereby reducing the greenhouse gas emission from production of resins by 50%.
Epoxy resins do not require the addition of volatile reactive diluents, such as styrene, which is a special concern material according to OSHA and ECHA. Epoxy resins have relatively better corrosion resistance and structural property. Stricter regulations for the application of styrene emissions by ECHA is creating lucrative opportunities for the growth of bio-based epoxy resins to be used in composites. That apart, manufacturers are also making efforts to replace petroleum-based feedstock with naturally occurring and environmentally compatible materials, which in turn, is expected to contribute to the growth of bio-based epoxy resins market during the forecast period.
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Bio-based Epoxy Resins Market: Dynamics
Bio-based epoxy resins exhibit certain properties which make them more attractive than other epoxy resins present in the market. Some of these properties are no nasty smell, relatively superior to petroleum based epoxy resins, low VOC, low odor, superior strength and UV resistance transparency. Thus, owing to the favorable properties exhibited by bio-based epoxy resins, the demand for bio-based epoxy resins is expected to propel during the forecast period.
Bio-based epoxy resins find various applications in the building industry as a floor or sealant cover and in adhesives and building materials. It also finds usage in the manufacturing industry; glass fiber products, such as rainwater tanks, marine crafts and electrical circuit boards, etc.; water repelling and adhesives & sealants, etc. Thus, due to the wide applications of bio-based epoxy resins, the sales of bio-based epoxy resins products is expected to increase during the forecast period, thereby leading to the growth of the global bio-based epoxy resins Market. In 2016, Sicomin, presented its full range of bio-based epoxy resins products at the JEC World exhibition held in Paris.
Growth in Electronic, Paints & Coatings Industry coupled with increasing use of Composites and Adhesives in various applications is expected to generate the demand of Bio-based Epoxy Resins thereby paving the lucrative opportunity for Bio-based Epoxy Resins manufacturers to increase their production capacity during the forecast period
Fluctuations in the prices of raw material required for the production of bio-based epoxy resins is expected to act as an obstacle to the growth of the bio-based epoxy resins market during the forecast period.
Bio-based Epoxy Resins Market: Segmentation
By Product Type, the Bio-based Epoxy Resins market can be segmented as:
- Vegetable Glycerol
- Soybean oil
- Plant Oils
By Application, the Bio-based Epoxy Resins market can be segmented as:
Bio-based Epoxy Resins Market: Regional Outlook
North America and Europe are expected to hold a significant share in the global bio-based epoxy resins market and will witness a surge in demand for bio-based epoxy resins during the forecast period, which can be attributed to the growing concerns regarding the use of petroleum based epoxy resins products which create environmental problems.
The Asia Pacific region is expected to witness significant growth in terms of consumption of bio-based epoxy resins during the forecast period which can be attributed to the intense presence of end-use industries such as composites, electronics, coatings, etc.
Latin America and Middle East & Africa (MEA) region are expected to witness steady growth in terms of demand for bio-based epoxy resins during the forecast period.
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Bio-based Epoxy Resins Market: Key Participants
Examples of some of the key participants identified across the value chain of the global bio-based epoxy resins market are:
- pond ApS
- Nagase ChemteX Corporation
- ATL Composites
- Change Climate