According to a new report published by Allied Market Research, titled, "HBPA Epoxy Resins Market by Form and Application: Global Opportunity Analysis and Industry Forecast, 2020-2030," the global HBPA epoxy resins market size was valued at $1.9 billion in 2020, and is projected to reach $3.1 billion by 2030, registering a CAGR of 5.4% from 2021 to 2030.
Rapidly increase in urbanization and development of the electronic industry across the globe, especially in the developing countries such as India, Indonesia, and Brazil have led to increase the demand for HBPA epoxy resins across the globe. In addition, new product innovations such as development of environmentally friendly HBPA epoxy resins are expected to positively impact the demand for HBPA epoxy resins market during the forecast period. Furthermore, rapid increase in population and development of electrical products have increased the demand for electricity. Surge in adoption of HBPA epoxy resins from the building & construction industry and new ground-breaking developments in lightweight materials for application in several end-use verticals such as aerospace and transportation are the major factors driving the growth of the HBPA epoxy resins market during the forecast period. The abovementioned factors will provide remunerative opportunities for the growth of HBPA epoxy resins market during the forecast period.
The Asia-Pacific dominates global HBPA epoxy resins market due to the presence of a huge population in emerging countries such as India and China. This is attributed to rapid increase in per capita income across the region, which has led to increase in demand for various commercial construction activities. .
HBPA epoxy resin is produced on reacting epichlorohydrin with bisphenol A, which results in a chemical substance known as bisphenol A diglycidyl ether. Epichlorohydrin is an expensive raw material and has a severe impact on the production of HBPA epoxy resin. For instance, 500 ml of Epichlorohydrin comes at a price ranging from $5 to $10, as it uses fossil fuels as a raw material. With the development of technology, biofuels are used as a raw materials to produce this product. The fluctuation in prices of fossil fuels is the major factor restraining the growth of HBPA epoxy resins market. Moreover, production of HBPA epoxy resins leads to environment population, which is another factor expected to restrain the growth of HBPA epoxy resins market throughout the forecast period.
On the basis of form, the global HBPA epoxy resins market is segmented into solid and liquid. The applications covered in the study include paints & coating, electrical insulation, construction, automotive, and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this report include Hexion Corporation, Atul Ltd, Huntsman Corporation, Mitsubishi Chemical Corporation, KUKDO CHEMICAL CO. LTD, Aditya Birla Chemicals, Milliken Chemical, SIR Industriale, New Japan Chemical Company, and Emerald Performance Material.
Owing to rapidly increasing demand for HBPA epoxy resins, key manufacturers are expanding their production capacities to meet market demand across the globe. Additional growth strategies such as new product developments, partnership, and acquisition strategies are adopted to attain key developments in the HBPA epoxy resins market trends.
Impact Of Covid-19 On The Global Hbpa Epoxy Resins Market
- Emergence of COVID-19 had a negative impact on the growth of the global HBPA epoxy resins market for a short period.
- This impact is mostly attributed to the significant disruptions during manufacturing and supply chain operations as a result of various precautions and other restrictions imposed by the government to curb the spread of the virus.
- Decrease in demand for many nonessential products and shut down of many electrical infrastructure activities during this period have created a negative impact on the development of HBPA epoxy resins market
- Surge in demand for eco-friendly products such as electric vehicle and the investment of various countries in renewable energy sources during this pandemic period to overcome the energy restraints are expected to provide potential opportunities for HBPA epoxy resins market.
- Thus, the abovementioned factors are expected to limit the global HBPA epoxy resins market growth in current times.
Key findings of the study
- Region wise, the Asia-Pacific HBPA epoxy resins market is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
- As per form, the solid segment accounted for the largest HBPA epoxy resins market share in 2020.
- On the basis of application, the electrical insulation segment accounted for the largest market share in 2020.