New Delhi, March 02, 2023 (GLOBE NEWSWIRE) -- The global Bio-Based Epoxy Resins Market is projected to reach US$ 271.1 million by 2031. This is due to their many advantages over traditional petroleum-based epoxy resins. A key factor driving this demand is their positive environmental impact. Bio-based epoxy resins produce 30-50% fewer carbon emissions than petroleum-based resins, according to a study by the University of York. They are also derived from renewable sources, such as crops, which means they are not depleting the world's finite supply of petroleum.
Bio-based epoxy resins are also preferred due to their superior performance. They have high strength and durability, with a tensile strength of up to 80 MPa and Young’s modulus of up to 4 GPa. Their unique chemical structure enables them to form stronger bonds, making them more resistant to chemical and physical degradation. Furthermore, they cure faster and at lower temperatures, increasing efficiency and reducing production costs.
Another factor driving the growth of the bio-based epoxy resins market is their increasing cost competitiveness. The falling cost of renewable materials and advances in production technology have contributed to this trend. Additionally, the use of bio-based resins can reduce production costs due to their fast-curing times and lower temperatures. According to a report by Astute Analytica, the cost of bio-based epoxy resins is expected to decrease by 5-10% by 2031 due to technological advancements and economies of scale.
The growing demand for bio-based epoxy resins market has led to their increased use in a variety of industries. The construction industry is the largest end-user of bio-based epoxy resins, followed by automotive, aerospace, and electronics. The automotive industry is also expected to see significant growth in the use of bio-based epoxy resins due to increasing demand for lightweight materials and stringent emissions regulations. As the demand for these resins continues to grow, it is likely that more companies will begin to adopt them in their production processes in the near future.
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By Ingredient, Glycerol to Contribute Over 34% Revenue Share of Global Bio-based Epoxy Resins Market
Glycerol, a versatile and renewable compound, is a key ingredient in the production of bio-based epoxy resins, contributing to more than 34% of the revenue share. Obtained from vegetable oil, animal fat, and alcohol, glycerol finds widespread use in various industries, including pharmaceuticals, food, consumer goods, and construction materials.
The significance of glycerol lies in its crucial role as a component in the manufacturing of bio-based epoxy resins, polyurethanes, coatings, and adhesives. Its plasticizing properties enhance the flexibility of the resin, thereby reducing production costs globally for bio-based epoxy resins. By decreasing the brittleness of the resin, glycerol makes it more manageable during the manufacturing process.
Moreover, glycerol is a non-toxic and eco-friendly resource that is biodegradable and has excellent solvent properties. As an effective emulsifier, it is utilized in the production of aqueous solutions that are then employed in the manufacture of epoxy resins, adhesives, and coatings. Glycerol's excellent solvent properties make it an ideal raw material for the production of coatings, adhesives, and other compounds.
With its wide-ranging benefits and applications, glycerol is an essential ingredient in the manufacturing of bio-based epoxy resins, and its use is expected to rise further in the future.
Top 6 Players Captures More than 47.42% Revenue of the Global Bio-based Epoxy Resins Market
In the global bio-based epoxy resins market, there is moderate competition with the top players holding a significant share of the market. The cumulative market share of the six major players is close to 47.42%. Among these key players, Chang Chun Group, Entropy Resins, and Sicomin are leading the way in terms of innovation and market penetration.
Huntsman Corp is leading global market with more than 10% market share. On the other hand, Chang Chun Group is a region leader in Asia Pacific region when it comes to the production of bio-based epoxy resins. The company has a strong presence in the Asian market and has been expanding its operations globally. In 2019, the company launched a new bio-based epoxy resin, ECOPOXY, which is derived from plant-based raw materials.
Entropy Resins is another major player in the bio-based epoxy resins market. The company is known for its sustainable and eco-friendly products that are made from renewable resources. In 2019, the company launched a new line of bio-based epoxy resins, Super Sap CLR, which is made from a blend of plant-based materials.
Sicomin is a leading producer of bio-based epoxy resins in Europe. The company offers a wide range of products that are used in a variety of applications, including marine, aerospace, and automotive. In 2020, the company launched a new bio-based epoxy resin, GreenPoxy 33, which is made from plant-based materials and is 33% bio-based.
More than 55% Revenue to Come from Liquid Form in the Global Bio-based Epoxy Resins Market
A detailed analysis of the bio-based epoxy resins market reveals that over 55% of the global consumption of these resins is in the form of liquids and solutions. These forms are preferred due to their ease of handling, transportation, and application. Liquid and solution-based resins are also more compatible with various additives, fillers, and modifiers, making them suitable for a wide range of applications.
Moreover, liquid and solution-based bio-based epoxy resins are used in various industries such as construction, automotive, aerospace, and electronics. The construction industry accounts for the largest share of consumption due to the rising demand for eco-friendly materials in building and infrastructure projects. In the automotive industry, liquid and solution-based resins find use in the production of lightweight parts and components, which help reduce fuel consumption and emissions across global bio-based epoxy resins.
The growing adoption of bio-based epoxy resins in various industries in the global bio-based epoxy resins has also led to the development of new technologies and formulations. For instance, manufacturers in the bio-based epoxy resins market are investing in the development of high-performance liquid and solution-based resins with improved properties such as higher strength, durability, and chemical resistance. The use of liquid and solution-based resins also facilitates the incorporation of natural fibers and fillers, which further enhance the performance of the end product.
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Astute Analytica Says More Than 34% of Bio-Based Epoxy Resins to be Used in Consumer Goods
Astute Analytica, a leading market research firm, has projected that by the end of the decade, over 34% of bio-based epoxy resins will be used in consumer goods across the global bio-based epoxy resins market. This forecast is an encouraging step towards sustainable practices, as bio-based resins are an eco-friendlier substitute for traditional petroleum-based resins. This shift towards sustainable materials in consumer goods has been gaining traction for some time, and the increased use of bio-based epoxy resins is a significant part of this trend. Using bio-based materials helps to reduce global emissions and waste generated during production, and these materials are also known for their durability, making them ideal for long-lasting products.
The demand for consumer goods is growing, and the need to reduce reliance on non-renewable resources is driving the use of bio-based epoxy resins. These resins are gaining popularity in the consumer goods sector due to their superior performance, cost-effectiveness, and eco-friendliness. Bio-based epoxy resins are produced by epoxidizing renewable precursors, such as unsaturated vegetable oils, tannins, cardanols, terpenes, rosins, saccharides, and lignin. They are then cured with a diverse range of co-reactants, depending on the desired properties.
One of the primary factors driving the growth of bio-based epoxy resins market is their exceptional resistance to moisture, chemicals, and corrosion, coupled with high strength and toughness, which provides unmatched adhesion and durability. Additionally, their usage eliminates the need for petroleum-based plastics and resins, thereby reducing the carbon footprint of consumer goods.
Bio-based epoxy resins are used across various consumer goods, including electronics, furniture, toys, and medical devices. As a result, companies are actively seeking to integrate these materials into their manufacturing processes to meet increasing consumer demand for sustainable products.
Huntsman Corp to Capture Leading Position with More than 10% Revenue Share in the Global Bio-Based Epoxy Resins
Huntsman Corporation stands out as a leading producer of bio-based epoxy resins.
Huntsman Corporation is a global chemical company that is committed to developing sustainable solutions. The company has been at the forefront of the bio-based epoxy resins market, with a focus on producing high-quality resins that are derived from renewable sources. Huntsman Corporation's bio-based epoxy resins have gained popularity due to their superior performance and positive environmental impact.
In addition to its bio-based epoxy resins, Huntsman Corporation offers a wide range of other products that are used in various industries, including construction, automotive, and aerospace. The company has a strong global presence, with operations in more than 30 countries and a workforce of over 9,000 employees.
With a strong focus on research and development, Huntsman Corporation has continued to innovate in the bio-based epoxy resins market. The company has recently launched a new line of bio-based epoxy resins that are specifically designed for the automotive industry. These resins offer superior strength and durability, making them ideal for lightweight materials and high-performance applications.
Some of the Top Market Players Are:
- ALPAS
- Bitrez Ltd.
- Chang Chun Group
- COOE (Change Climate)
- EcoPoxy
- Entropy Resins
- Gougeon Brothers
- Greenpoxy
- Huntsman Corporation
- Kukdo Chemical
- Nagase ChemteX Corporation
- Resin Research Bio Epoxy
- Resoltech
- Sicomin Epoxy Systems
- Other Prominent Players
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