Global Bio-based Epoxy Resin Market  Size (2023 - 2030)

In 2022, the Global Bio-Based Epoxy Resin Market was valued at USD 175.5 million and is projected to reach a market size of USD 357.47 million by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 9.3%.

Industry Overview:

Epoxy resins are a type of super-advanced thermosetting resins that consist of a large range of crosslinking polymers, along with unsaturated polyester resins, phenol-formaldehyde resins, and amino resins. Bio-based epoxy resins are made from plant-based carbon in the vicinity of petroleum-based carbon.

A curing agent is a chemical substance that participates in the cross-reaction of monomers, and oligomers to perform polymerization reactions to produce the end product in the form of resins. The determination of curing agents relies upon the two essential parameters viscosity and the glass transition temperature (Tg). With the assistance of binders and catalyst agents, curing sellers shape 3D structures.

Bio-based epoxy resins employ green chemistry strategies which require much less power and produce less hazardous bi-products, thereby lowering the greenhouse fuel emission from the manufacturing of resins by 50%. Epoxy resins no longer require the addition of unstable reactive diluents, such as styrene, which is a unique concern material in accordance with OSHA and ECHA. Epoxy resins have pretty higher corrosion resistance and structural property. Stricter guidelines for the application of styrene emissions by using ECHA are developing rewarding possibilities for the increase of bio-based epoxy resins to be used in composites. Flexible epoxy resins are utilized in making adhesives, coatings, sealants, composites, as well as ground products, which are vast components of the construction and building industry. Epoxy resin-based adhesives are used for the introduction of laminated woods for decks, walls, roofs, and different constructing applications. The rising utilization and desire costs enhance the boom rate of the market.

COVID-19 impact on the Bio-based Epoxy Resin Market       

Global supply chains are set for the main overhaul, as the COVID-19 outbreak has uncovered the vulnerability of countries and businesses that matter close to a constrained number of trading partners. Hence, businesses in the bio-based epoxy resin market are setting up a balanced relationship with suppliers and ecosystem companions to tap value-grab possibilities in industries like customer goods, transportation, and electronics amongst others. Aggressive capability ramps are developing prominent in the China bio-based epoxy resin market. The bio-based epoxy resin market is placed for a healthy increase in the upcoming months as market stakeholders alter to a new post-pandemic normal.

The world Bio-based Epoxy Resins market, simply like most different industries, has had to face numerous barriers brought about by the onset of COVID-19. Not only have been there extreme disruptions related to the various grant chains of the Bio-based Epoxy Resins market, however, but this pandemic also led a number of corporations to shut keep or work at below-par operational capabilities, ensuing in incalculable losses, each economically and in phrases of a dwindling workforce. And this endured for a while, as long as stringent precautionary restrictions have been positioned on the motion of persons and items through respective governments to curb similar contagion.

MARKET DRIVERS:

The rise in utilization of epoxy resins in various industries are driving the growth of the market

Bio-based epoxy resin is utilized in the construction & development sector. Bio epoxy resin is used as a coating to shield the floor of numerous objects from wear, corrosion, and different environmental factors. It can additionally be used to enhance the look or function of an object. Bio epoxy has been used in adhesives, as it is a curing agent. It ensures that the adhesive material gives higher bonding and additional water resistance. Bio-based epoxies are stated to be greater environment-friendly than petroleum-based ones, which makes them a preferred preference for positive functions such as boat construction and insulation. Bio-based epoxy resins provide greater advantages than fossil fuel-derived resins, owing to their decreased VOC emissions, absence of a disagreeable smell, and decreased dependence on fossil fuels for processing of the resin.

Strong government regulations are driving the growth of the market

Strong authorities respond across the globe, to incorporate carbon emissions and positive sentiments closer to the environmental problems, riding the market demand for bio-based epoxy resins throughout end-use industries. The eco-friendly nature, biodegradability, and low manufacturing fee allow producers to center of attention on renewable sources such as uncooked material, which consists of starch and different plant oils.

MARKET RESTRAINTS:

The high risk of respiratory diseases is restraining the growth of the market

Serious health troubles can end result from sanding epoxy earlier than it is totally cured. When you inhale these dirt particles, they come to be trapped in the mucous lining of your respiratory system. The reactive material can motivate extreme respiratory inflammation and/or respiratory allergies. This is one of the factors which is restraining the growth of the market. Some other factors such as lack of raw materials and skilled technicians are also restraining the growth of the market.

BIO-BASED EPOXY RESIN  MARKET REPORT COVERAGE:

This research report on the global Bio-based Epoxy Resin Market has been segmented and sub-segmented based on the Type, Application, and region.

Bio-based Epoxy Resin Market   - By Type:

• Vegetable Oil-based

• Soybean Oil-based

• Cardanol-based

• Furan-based

• Lignin-based

• Others (including Rosin, Gallic Acid, and Vanillin based)

Based on the type, the soybean oil-based section dominated the world bio-based epoxy resin market in 2021. This can be especially ascribed to an amplification in the demand for soybean oil-based epoxy resin in adhesives, composites, laminates, and a number of other applications. The soybean oil-based epoxy resin phase used to be one of the biggest consumed substances for the preparation of bio-based epoxy resin.

Its manufacturing cost is very low in contrast to other epoxy resins. Soybean oil-based resin is significantly employed in various industries such as adhesives & sealants, food & beverages, and fitness care & pharmaceuticals. Furan-based epoxy resin kind of bio-based epoxy resin is used in restrained applications. Therefore, the Furan-based epoxy resin phase is in all likelihood to amplify at a consistent tempo in the course of the forecast period.

Bio-based Epoxy Resin Market   - By Application:

• Paints & Coatings

• Adhesives

• Composites

• Laminates

• Others (including Flooring, Primers, and Sealers)

Based on the Application, in residential buildings, bio-based epoxy resins are utilized as paint & coating, adhesives, and composites. Bio-based epoxy resin is extensively employed as a major binder in paints and coatings owing to its excessive adhesion. It can be used on timber surfaces to create a shielding seal that prevents moisture damage.

Additionally, bio-based epoxy coatings are regularly decorative and can add color and texture to a surface. Bio-based epoxy resin is a versatile cloth with the greatest bodily and electrical properties, such as stability, greatest chemical resistance, no nasty smell, low VOC and odor, excessive strength, UV resistance warmth resistance, and non-toxic. The adhesive phase is probable to extend at a regular tempo in the course of the forecast period.

Bio-based Epoxy Resin Market   - By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East

• Africa

Geographically, North America and Europe are presently the dominant markets for bio-based epoxy resins and will proceed to be so, evident by the ban on the use of fossil fuel-derived epoxy resins in the meals packaging industry in Canada and France in the latest years. This shift in demand away from fossil fuels should power the boom curve for sustainable products upward in these areas of the bio-based epoxy resin market. North American bio-based epoxy resins industry has several unique chemical substances companies, inside its territory, which sturdy grant chain network, are doing ahead integration, by means of moving feedstock from fossil fuels to naturally derived plant and vegetable oils.

The burgeoning boom of the customer electronics enterprise as viewed through the rising person penetration at 22% in 2021 will, in addition, amplify the demand for bio-based epoxy resins in these regions. APAC vicinity is exhibiting a sizable rise, owing to its high-quality commercial enterprise scenario, massive consumer base, and the strong focus of multi-national corporations in the direction of growing their bio-based epoxy resins market share. The Asia Pacific (APAC) vicinity is an upcoming market for bio-based epoxy resins, owing to the inflow of electronics and conversation gadgets in these areas with less costly labor.

Bio-based Epoxy Resin Market Share by Company

1. Pond ApS

2. Kukdo Chemical

3. Bitrez Ltd

4. Sicomin Epoxy Systems

5. Huntsman Corporation

6. Entropy Resins

7. ALPAS

8. Chang Chun Group

9. Nagase ChemteX Corporation

10. LEUNAHarze GmbH

11. Spolchemie, Specific Polymers

12. ATL Composites

13. Stahl Holdings B.V.

14. Change Climate

15. Wessex Resins

Recently, in January 2020, the UK-based manufacturer of specialty polymers and other chemicals, Bitrez Ltd. introduced a new class of bio-based resins “Poly-furfuryl alcohol” for the composite market. It is derived from the biomass of crop waste, having similar characteristics as phenolic resins, but counts low in carbon emissions.

The market competitive landscape gives important points to competitors. Details covered are organization overview, agency financials, income generated, market potential, funding in lookup and development, new market initiatives, international presence, manufacturing sites and facilities, manufacturing capacities, enterprise strengths and weaknesses, product launch, product width and breadth, and software dominance. The above data factors provided are solely associated with the companies' center of attention associated with most cancer diagnostics markets.

NOTABLE HAPPENINGS IN THE GLOBAL BIO-BASED EPOXY RESIN MARKET  IN THE RECENT PAST:

• Acquisition - In March 2020, Bitrez Ltd, one of Europe's foremost manufacturers of specialist polymers and chemicals, launched a new set of regulatory-compliant bio-based resins for the composites industry. adsan,mdn