The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Bio-based Epoxy Resins Market: Introduction
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.
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.
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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:
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: