Hydrogenated Bisphenol A (HBPA) Epoxy Resin Market Forecasts to 2028 – Global Analysis By Type (Automatic, Semi-Automatic, Manual), Physical Form (Solid, Liquid), Application (Automotive, Casting, Other Applications), and By Geography

Hydrogenated Bisphenol A (HBPA) Epoxy Resin Market Forecasts to 2028 – Global Analysis By Type (Automatic, Semi-Automatic, Manual), Physical Form (Solid, Liquid), Application (Automotive, Casting, Other Applications), and By Geography

According to Stratistics MRC, the Global Hydrogenated Bisphenol A (HBPA) Epoxy Resin Market is accounted for $2.13 billion in 2022 and is expected to reach $3.03 billion by 2028 growing at a CAGR of 6.0% during the forecast period. HBPA is a type of chemical used in the formation of alkyd, epoxy resins & unsaturated polyester which is used as the raw materials for the various engineering plastics and paints to improvise the stability of the weatherability, color for lasting the quality. HBPA epoxy resin has properties such as high thermal stability with high initial degradation temperature, rigidity, and flexibility.

In 2020, the production volume of epoxy resins in Japan amounted to approximately 107.73 thousand tons. This represented a decrease from a production volume of around 150 thousand tons in 2012.

Market Dynamics:

Driver:

Rising demand from the electrical industry

The increase in demand from the electrical industry has been driving the growth of the HBPA epoxy resins market. Hiking demand from the electrical industry is the vital factor escalating the market growth, also a slew of applications of HBPA epoxy resin in electronics and electrical coatings and rising applications of HBPA epoxy resin in electronics and electrical coatings and industrial coatings are the major factors among others driving the HBPA epoxy resin market. Because of its typical physical properties, HBPA epoxy resin is mainly used in coatings for high-voltage electrical components or equipment to protect from extreme weather conditions and prevent yellowing of surfaces, as a result of its high gloss stability. HBPA epoxy resins have high resistance to moisture and UV light, and higher heat deflection temperature. It also has higher impact resistance and better dimensional stability at higher temperatures. Moreover, HBPA epoxy resins are used in potting compounds and encapsulations in the electrical and electronics industry.

Restraint:

Uncertainty in raw material costs

Volatile raw material costs are a major factor among others acting as a restraint and will further challenge the growth of HBPA epoxy resin market. Most of the raw materials used in the production of HBPA epoxy resin are petroleum-based derivatives, which are vulnerable to fluctuations in commodity prices. The prices of these raw materials have been highly volatile in recent times, which have affected the growth of the market.

Opportunity:

Presence of industrial giants

The presence of industrial giants in the automobile sector and energy sector in emerging regions has shown a positive impact on HBPA epoxy resins market. For instance, the presence of electrical automobile giant Tesla and its rapid advancements in technology to make electrical vehicles more comfortable and efficient for customers is one of the driving factors for the growth of HBPA epoxy resins market. The presence of Space X and their rapid development toward industrial production of rockets have boosted the demand for HBPA epoxy resins, these resins find their application in the production of space vehicles due, to their heat-resistant properties and electrical insulation properties.

Threat:

Stringent regulatory landscapes

During the production, HBPA epoxy resins produce harmful gases that can harm environment causing global warming and pollution. Fewer than 10% of epoxy users react when overexposed to epoxy resin or hardener. The most common reaction is contact dermatitis or skin inflammation. Both epoxy resin and hardener can cause acute contact dermatitis. Discomfort can be severe but usually disappears after stopping contact with the irritant. Repeated skin contact with resins and hardeners may also cause chronic contact dermatitis, which is usually milder but longer lasting. If left untreated for long periods it can progress to eczema, a form of dermatitis that can include swelling, blisters, and itching. Partially cured epoxy sanding dust, if allowed to settle on the skin, can also lead to contact dermatitis. Hence, during the production of HBPA epoxy resins, manufacturers must adhere to stringent regulatory landscapes as it exhibits toxic effects, due to its volatile organic compounds in nature that may lead to dermatitis.

Covid-19 Impact

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 vehicles and 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.

The electronics and electric (E&E) coating segment is expected to be the largest during the forecast period

The electronics and electric (E&E) coating segment is estimated to have a lucrative growth. Electronics and electric (E&E) coating is the larger and faster-growing application of HBPA epoxy resin. Owing to its excellent physical properties, HBPA epoxy resin is mainly used as a coating material for high-voltage electrical machines to protect these from external weather conditions and prevent the yellowing of their surfaces. The population growth and rapid industrialization lead to an increase in demand for power generation and distribution infrastructure, which, in turn, drives the demand for HBPA epoxy resin coating in the E&E application.

The liquid segment is expected to have the highest CAGR during the forecast period

The liquid segment is anticipated to witness the fastest CAGR growth during the forecast period. Liquid form is the larger and faster-growing segment in the HBPA epoxy resin market. It is easy to apply and mainly used in flooring, adhesives, and wind power applications. It is the most widely used resin as it caters to almost every application. Due to their moldable properties and their final hardness, these resins have many applications. They are used, for instance, to produce floor coatings, electronics casings, and even decorative sculptures. One of the most popular applications of liquid resin, however, is casting. Liquid resin casting supplies are fairly inexpensive and the process can be easily performed in a home workshop.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period. There is considerable demand for steel from the construction industry. The automotive market of Spain is driven by strict government regulations for safety and the presence of leading industrial vehicle manufacturers. In Spain, the construction industry growth is attributed to the growing residential construction and the launch of the highway investment plan. Also, the new residential housing construction is on the rise. Such factors, along with the commencement of major construction projects, contribute to the European market growth.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to the rise in the number of product application in the region which has escalated the massive innovation in the business & the extensive rise in the manufacturing of products drives the market in this region. The increase in population and rapid industrialization drives the growth of epoxy resins in the electrical industry. The aforementioned factors, coupled with government support, have been contributing to the increasing demand for HBPA epoxy resins in the Asia-Pacific region, during the forecast period.

Key players in the market

Some of the key players profiled in the Hydrogenated Bisphenol A (HBPA) Epoxy Resin Market include Atul Ltd, Aditya Birla Chemicals, Anhui Xinyuan Chemical Company, Emerald Performance Material, Huntsman Corporation, Hexion, New Japan Chemical Company, Kukdo Chemical, Sir Industriale S.p.A, and Nagase America LLC.

Key Developments:

In February 2020, Kukdo Chemical, has restarted of its epoxy resins plant following a prolonged shutdown. A Polymerupdate source in China informed that, the company resumed operations at the plant. The plant was shut on January 19, 2020 for maintenance and continued to remain off-line owing to logistic issues caused by the Wuhan coronavirus outbreak.

In January 2021, Huntsman Advanced Materials completed the acquisition of Gabriel Performance Products, a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, from Audax Private Equity.

Types Covered:
• Automatic
• Semi-Automatic
• Manual

Physical Forms Covered:
• Solid
• Liquid

Applications Covered:
• Industrial Coating
• Electronics and Electric (E&E) Coating
• Paints and Coatings
• Construction
• Electrical Insulation
• Automotive
• Casting
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements