Bio-Based Epoxy Resins Market is Projected to Reach US$ 220.1 Million by 2027 |CAGR: 4.4%: Astute Analytica

NEW DELHI, March 16, 2022 /PRNewswire/ -- According to the study published by Astute Analytica, the Global Bio-Based Epoxy Resins Market is estimated to witness a rise in revenue from US$ 170.2 Mn in 2021 to US$ 220.1 Mn by 2027. The market is registering a CAGR of 4.4% during the forecast period 2022-2027. In terms of volume, the market was valued at 24,898.1 tons in 2021 and is registering a CAGR of 4.1% over the projection period. Currently, petrochemicals are used to make 75% of epoxy polymers in the globe. However, it is made from a reprotoxic chemical that is being closely monitored and whose usage in certain applications may be banned in the future. As a result, bio-sourced epoxy polymers could serve as a substitute for renewable and non-harmful epoxy polymers. Bio-based epoxies are a relative new class of bio-sourced resins that are produced by epoxidation of renewable precursors such as unsaturated vegetable oils, saccharides, tannins, cardinals, terpenes, resins, and lignin.

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The growing impetus of the bio-based epoxy resins market is attributed to factors such as government regulations to curb carbon emissions and increased application use of bio-based epoxy resins. The newest generations of biobased epoxy resins reduce the environmental impact of epoxies by replacing a portion of the petrochemicals with renewable, biobased materials. Epoxy resins are one of the most widely used thermosets in different engineering fields, due to their chemical resistance and thermo-mechanical properties. Recently, bio-based thermoset resin systems have attracted significant attention given their environmental benefits related to the wide variety of available natural resources, as well as the resulting reduction in the use of petroleum feedstock. Furthermore, epoxy composites are of potential interest for the aerospace and transportation industries as a lightweight material that can improve fuel efficiency and add impact strength. However, the fluctuating cost of raw materials restricts the market growth.

Segmentation Analysis

Bio-based carbon content: 28-50% segment have the highest market share in 2021

Based on type, the bio-based epoxy resins market is segmented into bio-based carbon content: 28-50% and bio-based carbon content: ≥50%. The bio-based carbon content: 28-50% segment is estimated to have the highest market share in 2021 owing to its highest purity property which has led to its wide scope in various applications. Moreover, the growing environmental concerns related to the disposal of packaging materials and the need for eco-friendly packaging with highest purity has augmented the growth of the segment, thereby driving the market growth.

Plant oil segment holds the highest share in bio-based epoxy resins market in 2021

In terms of Ingredient, the bio-based epoxy resins market is segmented into glycerol, hemp, vegetable (glycerin), plant oil and others. The plant oil is further segmented into soybean oil, linseed oil, canola oil and Karanja oil. The plant oil segment dominates the market owing to its wide availability as a feedstock or raw material. Soyabean oil has the highest share among the plant oils in the bio-based epoxy resins market.

Liquid and Solution form leads the bio-based epoxy resins market

Based on form, liquid and solution has the highest market share in 2021 and also registers the fastest CAGR during the forecast period 2022-2027. Liquid bio-based epoxy resin has high application in coatings, adhesives, composites, laminates, and electronic materials such as potting compounds.

DGEI application segment has the highest share in the bio-based epoxy resins market in 2021

Based on application, the bio-based epoxy resins market is categorized into diglycidyl ethers of isosorbide (DGEI), epoxidized cardanol (coatings), epoxidized linseed oil, furan diepoxy of 2,5-bis (hydroxymethyl)-furan (BHMF), liquid epoxidized natural rubber (LENR) and terpene-maleic estertype epoxy (TME). The diglycidyl ethers of isosorbide (DGEI) application segment has the highest share in the bio-based epoxy resins market in 2021. Diglycidyl ethers of isosorbide (DGEI) has been widely used in food processing industry. With the growing food industry across the world, the segment is projected to gain a high growth in the upcoming years.

Consumer goods are the highest end users of bio-based epoxy resins

In terms of end user, the bio-based epoxy resins market is segmented into aerospace & automotive, building & construction, consumer goods, electrical & electronics, marine, wind power and others. Among these, consumer goods are the highest end users of bio-based epoxy resins in 2021 and also registers the fastest CAGR over the projection period. The growing e-commerce sector acts as a key growth factor for the packaging market. As the consumers are purchasing more and more retail goods and perishables online, it creates a strong demand for sustainable packaging solutions hence employing the use of bio-based epoxy resins.

North America dominates the Global Bio-Based Epoxy Resins Market in 2021

North America is dominating the Global Bio-Based Epoxy Resins Market in 2021. The increasing number of infrastructure projects, growth in construction industry and high demand for coatings in the region have fueled the bio-based epoxy resins market. Further, the rising demand for commercial vehicles and dependency on e-commerce along with technological advancements will continue to spur the demand in the upcoming years.

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Competitive Dashboard

Ø ALPAS specializes in customized resins, adhesives, sealants and composites. There are 3 companies in the AL.P.A.S. SRL corporate family. The company provides strong product portfolio including epoxy resins, polyurethanes, PVC, hybrid polymers, bio polymers and hot melts.

Ø Chang Chun is part of the other miscellaneous store retailer's industry. The company provides epoxy resins that are multi-purpose and high performance developed using its own technologies. It offers broad portfolio of epoxy resins.

Ø Change Climate Pty Ltd (CC) is a ground-breaking commercial organization created from unique research projects initially undertaken by the consulting firm, COOE Pty Ltd (Australia). CC has successfully patented and commercialized a low-VOC, BPA free Bio-Epoxy Resin from waste by-products produced during refining processes in most heavy industries across the globe.

Ø EcoPoxy Inc.  was incorporated in 2013 and is headquartered in MB, Canada. The company is committed to creating, manufacturing, and distributing bio-based epoxies. It offers bio-based, non-toxic epoxies which are environmentally friendly.

Ø Resoltech is a major manufacturer within the Epoxy and Polyurethane resin industry, with highly innovating and technically advanced products.

Segmentation Overview

The following are the different segments of the Global Bio-Based Epoxy Resins Market:

• By Type Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:
• Bio-based Carbon Content: 28-50%
• Bio-based Carbon Content: ≥50%
• By Ingredient Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:
• Glycerol
• Hemp
• Vegetable
• Plant Oil
• Soybean Oil
• Linseed Oil
• Canola Oil
• Karanja Oil
• Others
• By Form Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:
• Liquid
• Solid
• Solution
• By Application Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:
• Diglycidyl Ethers of Isosorbide (DGEI)
• Epoxidized Cardanol (Coatings)
• Epoxidized Linseed Oil
• Furan diepoxy of 2,5-bis (hydroxymethyl)-furan (BHMF)
• Liquid epoxidized natural rubber (LENR)
• Terpene-maleic estertype epoxy (TME)
• By End Use Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:
• Aerospace
• Building & Construction
• Consumer Goods
• Electrical & Electronics
• Marine
• Wind Power
• Others
• By Region Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The U.K.
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Russia
• Poland
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• South America
• Argentina
• Brazil
• Rest of South America
• Middle East
• UAE
• Saudi Arabia
• Egypt
• Rest of Middle East
• Africa
• South Africa
• Nigeria
• Rest of Africa

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Keywords: Bio-Based Epoxy Resins Market, Bio-Based Epoxy Resins Market Size, Bio-Based Epoxy Resins Market Report, Bio-Based Epoxy Resins Market Analysis

SOURCE Astute Analytica