The global waterborne epoxy resins market is expected to witness substantial growth owing to increasing use in end-use segment including automotive, construction, textiles, furniture and packaging. Increasing demand from paint & coatings industry is anticipated to drive 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 makes waterborne epoxy resin 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 growing use in end-use industries including automotive, electrical & electronics and marine. Automotive industry accounted for the largest share in end-use owing to 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 manufacturing of printed circuit boards. In addition, use of water-borne epoxy resins in LED industry is on a rise owing to various benefits including improved light aesthetics providing clear lighting. Furthermore, these resins are used to offer hazy texture to improve light diffraction. Growing use of waterborne epoxy resins in manufacturing of electrical laminates for motors, generators, switchgears and insulators are expected to augment waterborne epoxy resins market growth over the forecast period. Marine industry contributes a significant market share in waterborne epoxy resins due to commercial manufacturing of components where 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 marine industry. Furthermore, enhanced gap filling properties makes 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 structure 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 high demand for raw material including bisphenol A and volatility in raw material prices is expected to obstruct growth and pose 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 is expected to drive waterborne epoxy resin market over the next seven years.
Asia pacific accounted for 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, booming electronic industry particularly in China is expected prompt demand for waterborne epoxy resins. North America held 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, growing demand for renewable energy generation is expected to propel demand for wind turbines which in turn is expected to augment waterborne epoxy resin market. Furthermore, Europe is expected to witness sluggish growth as compared to other regions owing to slow revival of manufacturing industries from economic downturn. Africa accounted for a minimal share in waterborne epoxy resins market and is expected to witness significant growth rate owing to 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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