Architecture, Construction, and Engineering (ACE) Industry to be Epicenter of Bio-based Epoxy Resin Market
WILMINGTON, Del., Aug. 2, 2024 /PRNewswire/ -- As per the latest report published by Transparency Market Research (TMR), the global bio-based epoxy resin market is estimated to reach US$ 8.6 Bn by 2031 at a noticeable CAGR of 5.5% between 2023 and 2031.
Bio-based epoxy resins are derived from biological structures such as vegetable oils in place of petrochemicals. A bio-resin is a plastic or polymer made up of new carbon resources that are obtained from sustainable and renewable agricultural crops and residual agricultural waste.
Bio-based epoxy resins are generally manufactured using algae, lignocellulose, whey, sugar beet, potatoes, and sugarcane, apart from corn and soybean by-products. Bio-based epoxy resins have reported to be high-performance ones as compared to their counterparts.
The ongoing trend constitutes utilization of cardanol-based epoxy resins. Cardanol is referred to as a phenol obtained from cashew shell, which is one of the by-products of processing cashews. Cardanol can be chemically modified in order to include epoxy groups that can be cured through epoxy curing agents.
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Bio-based Epoxy Resin Market Report by TMR highlights the factors that accelerate as well as restrain the bio-based epoxy resin market growth. The latest trends and opportunities have also been captured in the report.
Key Takeaways from Bio-based Epoxy Resin Market Report
- Bio-based Epoxy Resin increasingly used in Paints & Coatings, Composites, Adhesives, and Laminates
Bio-based epoxy resin is used as a coating for protecting surface of various objects from corrosion, wear, and the other environmental hazards. It can also be used for improving appearance/function of an object.
Bio-based epoxy resin is used in adhesives as a curing agent. It ascertains that adhesive material makes provisions for better bonding along with water resistance. Its ecofriendly nature makes it a perfect choice for some applications such as insulation and boat building. The other advantages of bio-based epoxy resins include lower VOC emissions, absence of unpleasant smell, and lessened dependence on the fossil fuels.
Bio-based epoxy resin is broadly employed as one of the primary binders in coatings and paints due to higher adhesion properties. It could be used on wood surfaces for creating a protective seal preventing damage due to moisture.
Along the above-mentioned lines, in January 2023, Avantium N.V. inked an agreement with Henkel for supplying furan dicarboxylic acid produced at the former's FDCA Flagship Plant.
- Soybean Oil-based Epoxy Resin Dominating Bio-based Epoxy Resin Market Scope
Soybean oil-based epoxy resin's production cost is lower than the other epoxy resins, which makes it suitable for getting deployed in various industries such as healthcare & pharmaceuticals, food & beverages, sealants & adhesives.
Epoxidized soybean oil (ESO) is referred to as oxidation product of soybean oil containing acetic or formic acid and hydrogen peroxide obtained by conversion of double bonds into epoxy groups. This conversion is of a higher chemical reactivity and non-toxic.
Soy-based epoxy resin is developed for replacing Bisphenol-a (BPA) based resins. It is compatible with several crosslinkers and capable of forming the coatings comparable to BPA-based coatings.
Bio-based Epoxy Resin Market Report Scope:
Report Coverage | Details |
Forecast Period? | 2021-2031 |
Base Year? | 2017-2020 |
Size in 2023 | US$ 4.8 Bn |
Forecast (Value) in 2034 | US$ 8.6 Bn |
Growth Rate (CAGR) | 5.5 % |
No. of Pages | 269 Pages |
Segments covered | By Type, By Application, By Region |
Bio-based Epoxy Resin Market Regional Insights
- North America and Europe - The Dominating Geographies
North America holds the largest bio-based epoxy resin market share. This is due to the government of the U.S. taking initiatives regarding sustainability, along with higher demand for green packaging solutions. Europe also contributes significantly toward growth of bio-based epoxy resin industry due to stringent rules pertaining to plastic pollution.
- Asia Pacific Poised to Create Greater Strides in Bio-based Epoxy Resin Industry
The packaging sector in Asia Pacific is expected to reach its zenith during the forecast period. The flourishing e-Commerce sector is responsible for this pinnacle. Moreover, the densely populated economies such as China and India are witnessing an exponential rise in demand for consumer goods.
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Leading Players in Bio-based Epoxy Resin Industry
Kuko Chemical, Supreme Silicones, Entrophy Resins, ECOPOXY Coatings, Sicomin Epoxy Systems, Bitrez Ltd., ALPAS, Cardolite Corporation, and Paladin paints & Chemicals Ltd.
Key Strategies by Prominent Bio-based Epoxy Resin Manufacturers
The leading players are entering into collaborations and partnerships along with organic modes of development such as new product/project launch For instance, in January 2023, Braskem announced launching a project for assessing a venture regarding production of carbon-negative bio-based polypropylene (PP) in the U.S.
In March 2023, Avantium inked an offtake contract with Kvadrat for expanding PEF for interior textiles application. KVADRAT decided buying the 100$ recyclable and plant-based polymer PEF (polyethylene furanoate) from the former's FDCA Flagship Plant, which is on the verge of witnessing production at commercial stage in 2024.
Market Segmentation
- Feedstock
- Bio Oil
- Cellulosic Organic Waste
- Municipal Solid Waste (MSW)
- Others
- Application
- Residential Heating
- Industrial Heating
- Cooking and Catering
- Transportation
- Power Generation
- Others
- End-use
- Residential
- Commercial
- Industrial
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