Home Chemical Waterborne Epoxy Resins Market - Trend and Forecast Upto 2026
Waterborne Epoxy Resins Market - Trend and Forecast Upto 2026

Waterborne Epoxy Resins Market - Trend and Forecast Upto 2026

Waterborne epoxy resins are widely used due to their low volatile organic compound (VOC) emission. These resins offers a high degree of compatibility with several components and have the capacity to get formulated with wetting agents, co-solvents, and additives in order to achieve formulations for superior adhesion to substrate high cure corrosion resistance. Waterborne epoxy resins are used in several applications such as adhesives, coatings, composites, and others.

The global waterborne epoxy resins market is expected to witness substantial growth during the forecast period (2019- 2027), owing to increasing demand for eco-friendly products. Among application, in 2018, the coatings segment held dominant position in the global waterborne epoxy resins market. The segment accounted for over 50.0% of the revenue share in the overall market, in 2018. Increasing use of waterborne epoxy resin as protective coating in concrete, automotive metal, and marine applications and pipe and coil to withstand corrosive and humid environment is expected to aid in growth of this segment in the market.

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Water-based epoxy resins are also used in manufacturing of composites. Composite materials are used in the preparation of automotive, aerospace, and wind mill components. Structural and marine composites are manufactured by incorporating waterborne epoxy resins to enhance their performance.

Increasing awareness about carbon emissions and growing fuel crisis is shifting consumer demands towards lightweight composite materials in aerospace and automotive industries, which in turn is expected to have positive impact on growth of the composites segment over the forecast period.

Governments of various countries have implemented stringent regulations on the use of volatile organic compounds in epoxy coatings, which is predicted to adversely impact the environment. This is a major restraint for growth of the global waterborne epoxy resin market. The US Environmental Protection Agency (EPA), Ozone Transport Commission (OTC), California Air Resources Board (CARB), and South Coast Air Quality Management District (SCAQMD) have set restrictive limits on the Volatile Organic Compound (VOC) content in architectural and industrial maintenance coatings. According to EPA, limit for exterior coatings has been set as 250 gm of VOC per Liter.

The global waterborne epoxy resins market was valued at US$ 2,764.0 Mn in 2018, and is expected to register a CAGR of 7.7% in terms of revenue over the forecast period, to reach US$ 5,370.1 Mn by 2027.

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Asia pacific accounted for the largest market share in the global waterborne epoxy resins market in 2018. The regional growth is driven by increasing usage of epoxy resins in various end-use industries such as construction and automotive together with growth of these industries in the region. According to Organization for Economic Co-operation and Development (OECD), the construction market in Asia Pacific is expected to witness a growth rate of 7-8% during 2017 to 2025, in order to reach US$ 5.36 trillion by 2025, accounting for around 60.0% of the global construction industry.

Among end-use industries, the construction segment accounted for the largest revenue share of around 33% in 2018 in the global waterborne epoxy resins market. In the construction industry, waterborne epoxy resins are used in coatings due to their high chemical resistance property combined with high gloss and hardness. Ease of penetration into small cracks and high bonding to concrete are some of the important factors that are driving demand for waterborne epoxy resins for concrete coatings.

According to the U.S. Department of Housing and Urban Development, the annual rate of privately owned housing start in September 2017 increased by 10.3% as compared to September 2016. Such growth in construction activities is creating positive environment for growth of the segment.  

Major players operating in the global waterborne epoxy resins market include, 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.

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Key industry players are focused on adopting collaboration strategies in order to enhance their market share. For instance, in 2017, BASF SE and Gustav Grolman GmbH & Co. KG entered into an exclusive collaboration in Europe under which Grolman is expected to market BASF’s specialty chemicals under the Baxxodur brand in France, Norway, Sweden, Finland, and Denmark, for use in epoxy resin-based applications.

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Anagha Kulkarni
Anagha Kulkarni,

Anagha Kulkarni
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