by The Waterborne Epoxy Resins Market is estimated to be valued at US$ 3,173.7 Mn in 2022 and is expected to exhibit a CAGR of 7.73% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Waterborne epoxy resins are water-based epoxy resins made by dissolving epoxy polymers in water. They are used as coatings on products like metal, concrete, and wood. They offer benefits like low toxicity, low odor, and ease of application when compared to solvent-borne epoxy resins. They are used in industries like automotive, construction, and furniture manufacturers to provide protective and durable coatings.
Market Dynamics:
The growth of the market is supported by the rising infrastructure development activities around the world and growing end-use industries. Rapid urbanization and industrialization have increased construction activities for buildings, roads, bridges etc. which requires durable coatings and this drives the demand for waterborne epoxy resins in infrastructure segment. Also, expanding automotive, electronics and other manufacturing industries utilize waterborne epoxy resins for painted, coated and laminated products which is another factor fueling the market growth. Strict environmental regulations regarding emissions of volatile organic compounds from solvent-borne coatings have boosted replacement rate by water-based coatings using waterborne epoxy resins.
Segment Analysis
The waterborne epoxy resins market is dominated by the building and construction sub-segment. This sub-segment accounted for over 35% of revenue share in 2022 due to the high usage of waterborne epoxy resins for concrete floor coatings, protective and decorative coatings in the building and construction industry.
PEST Analysis
Political: Many countries are implementing strict regulations regarding VOC emissions which has encouraged the demand for water-based and low-VOC epoxy resins.
Economic: The growth of the construction industry especially in emerging economies of Asia Pacific is driving the demand for waterborne epoxy resins which are used in flooring and coatings applications.
Social: Rising environmental consciousness and sustainability trends have increased the popularity of water-based coatings which have low odor and are environment-friendly.
Technological: Advances in resin formulation have improved the performance characteristics of waterborne epoxy resins such that they can replace solvent-borne epoxy resins in many applications.
Key Takeaways
The global Waterborne Epoxy Resins market is expected to witness high growth, exhibiting CAGR of 7.73% over the forecast period, due to increasing infrastructure development and construction activities especially in Asia Pacific and South America.
The Asia Pacific region dominated the global market in 2022 and is expected to witness the fastest growth during the forecast period due to the presence of emerging economies with high construction spending such as China and India.
Key players operating in the waterborne epoxy resins market are Hexion Inc., Dow Chemical Company, Aditya Birla Chemicals Co. Ltd., Huntsman Corporation, BASF SE, Royal DSM N.V., Eastman Chemical Corporation, Conren Limited, Gellner Industrial LLC, and AllCoat Technology Inc. Key players are focusing on capacity expansions and new product launches to strengthen their presence in the high-growth Asia Pacific region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
