The market for HBPA (Hydrogenated Bisphenol A) epoxy resins is expected to register a CAGR of over 5% globally during the forecast period. The increasing demand from the paints and coatings industry and the growing demand from the electrical industry has been driving the market growth. On the flip side, volatile raw material costs have been hindering the growth of the market studied.
- The HBPA epoxy resins market is expected to grow during the forecast period, owing to the increasing demand from the paints and coatings industry.
- The Asia-Pacific region dominates the market studied across the world, with the largest consumption from countries, such as China, India, and Japan.
Key Market Trends
Increasing demand from the Electrical Industry
- HBPA epoxy resins are widely used in the electrical industry and is expected to grow rapidly during the forecast period.
- HBPA epoxy resins are manufactured through the condensation polymerization of epichlorohydrin and bisphenol-A. HBPA epoxy resins provide high-quality insulation to the electrical appliances or electrical components.
- 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. The increase in demand from the electrical industry has been driving the growth of the HBPA epoxy resins market.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for dispersing agents during the forecast period, as a result of the increase in demand from various applications in countries, like China, India, and Japan.
- HBPA epoxy resins are widely used in the paints and coatings, construction, and electrical industry. The increase in demand for paints and coatings in the building and construction is expected to drive the market studied in the region.
- According to the National Development and Reform Commission, China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, which are expected to be completed by 2025.
- Moreover, HBPA epoxy resins are used as protective coatings for high- voltage equipment such as transformers, insulators, electrical coatings in the power generation industry. Furthermore, they are used during the manufacturing of windmill blades and turbines.
- As a part of India’s green energy initiative, India's renewable energy capacity is expected to reach 175GW by 2022 from a current value of 85GW through solar and wind energy generation. 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.
The global HBPA epoxy resins market is partially fragmented, with players accounting for a marginal share of the market studied. Few companies include Atul Ltd, KUKDO CHEMICAL CO., LTD., Epoxy Division Aditya Birla Chemicals (Thailand) Limited, Hexion, and Mitsubishi Chemical Corporation.
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