The global waterborne epoxy resins market is expected to witness substantial growth owing to increasing use in the end-use segment including automotive, construction, textiles, furniture, and packaging. Increasing demand from the paint & coatings industry is anticipated to drive the global waterborne epoxy resin market over the forecast period. In addition, properties such as amorphous thermosets with excellent mechanical strength, toughness coupled with good thermal and electrical properties make waterborne epoxy resin the most widely used resin in industries which in turn is slated to propel market growth. Increasing demand for waterborne epoxy resin-based composites from wind energy and aerospace industries is likely to augment market growth over the forecast period. Waterborne epoxy resin finds its largest application in paints & coatings industry owing to growing use in end-use industries including automotive, electrical & electronics, and marine. The automotive industry accounted for the largest share in end-use owing to the growing use of waterborne epoxy resins as anti-rust protective coatings. These coatings are essential for preventing rust formation on vehicles which in turn extends longevity. Electrical & electronics application accounted for second-largest market share owing to large scale use of waterborne epoxy resin in the manufacturing of printed circuit boards. In addition, the use of water-borne epoxy resins in the LED industry is on a rise owing to various benefits including improved light aesthetics providing clear lighting.
Furthermore, these resins are used to offer a hazy texture to improve light diffraction. The growing use of waterborne epoxy resins in the manufacturing of electrical laminates for motors, generators, switchgears, and insulators are expected to augment waterborne epoxy resins market growth over the forecast period. The marine industry contributes a significant market share in waterborne epoxy resins due to the commercial manufacturing of components where a high strength to weight ratio is required. In addition, its superior adhesion to almost all the materials including timber, metal, and plastics promotes its use in the marine industry. Furthermore, enhanced gap filling properties make it an important material for boat manufacturing. Aerospace application of waterborne epoxy resin includes its use as a structural matrix used in the manufacturing of aircraft structures, such as airframes reducing the overall weight of an aircraft owing to its lightweight properties. Wind energy application of waterborne epoxy resin includes its use in designing aerodynamically efficient blades to improve the efficiency of electricity generation. However, meeting the high demand for raw material including bisphenol A and volatility in raw material prices is expected to obstruct growth and pose a major threat to industry participants over the forecast period. in addition, consumer shift towards bio-based resins is expected to pose a major challenge to the growth of the market. Low manufacturing costs and ease in manufacturing coupled with superior performance characteristics are expected to drive a waterborne epoxy resin market over the next seven years.
Asia Pacific accounted for the largest market share for waterborne epoxy resin and is expected to dominate over the forecast period owing to its widespread use in various end-user industries including paint and coatings, electrical, and electronics. Demand for waterborne epoxy resin is expected to grow at a higher pace owing to lower production costs and abundant availability of raw materials, particularly in China and India. In addition, the booming electronic industry particularly in China is expected to prompt demand for waterborne epoxy resins. North America held the second-largest market share for waterborne epoxy resin and is anticipated to grow at a significant rate over the forecast period owing to demand from various industries including marine, turbine, and aerospace. In Europe, the growing demand for renewable energy generation is expected to propel the demand for wind turbines which in turn is expected to augment the waterborne epoxy resin market. Furthermore, Europe is expected to witness sluggish growth as compared to other regions owing to the slow revival of manufacturing industries from the economic downturn. Africa accounted for a minimal share in the waterborne epoxy resins market and is expected to witness a significant growth rate owing to a rise in infrastructure projects particularly in Nigeria and South Africa. Major players operating in the waterborne epoxy resins market include Dow Chemical Company, Aditya Birla, Chemicals Co Ltd, Huntsman Corporation, Hexion Inc., Incorez (UK), Hexion Inc., Spolek Pro Chemickou a Hutni Vyrobu A.S., BASF SE, DSM, Allcoat Technology Inc., Gellner Industrial LLC, Conren Limited, Eastman Chemical Company, and 3M.
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