The market for India epoxy resins is expected to grow at a CAGR of over 6% globally during the forecast period. Strong growth of the construction industry in the country is expected to drive the market during the forecast period.
- On the flipside, declining automotive industry and the impact of COVID-19 pandemic are expected to hinder the growth of the market.
- Paints and Coatings segment is projected to dominate the market through the forecast period.
Key Market Trends
Increasing Demand for DGBEA (Bisphenol A & ECH)
- Epoxy resins based on bisphenol A-epichlorohydrin are still the most widely used epoxies. In general, epoxy resins are prepared by the reaction of compounds containing an active hydrogen group with epichlorohydrin, followed by dehydro halogenation.
- The raw material for the commercial synthesis of diglycidyl ether of bisphenol A (DGEBA) are epichlorohydrin and bisphenol A.
- Bisphenol A or bis (4-hydroxy phenyl) dimethylmethane (BPA) is a colourless solid prepared by reacting phenol and acetone. Since phenol and acetone are readily available, synthesis of this intermediate is comparatively inexpensive.
- This is the reason why it has been the preferred dihydric phenol employed in epoxy resin manufacture. Since most epoxy resins are of low molecular weight and colour is not particularly critical, the degree of purity of bisphenol A need not be always very high. Bisphenol A, with a melting point of 153°C, is considered adequate for most applications.
- Many commercial liquid resins consist essentially of the low molecular weight diglycidyl ether of bisphenol A, together with small quantities of high molecular weight polymers. The HCI released during the reaction reacts with caustic soda to form NaCl.
- Epoxy resins based on the diglycidylether of bisphenol A (DGEBA) are most commonly used in formulations for adhesives, coatings, laminates, and encapsulants.
- Such factors are expected to drive the demand for DGBEA during the forecast period.
Paints and Coatings Segment to Dominate the Market
- Epoxy resins are reinforced polymer composites, derived from petroleum sources; by themselves, they are the result of a reactive process involving epoxide units.
- These resins are used as binders for coating applications to enhance durability of coating for floor and metal applications
- Epoxy resins help in the development several properties in coatings, such as strength, durability, and chemical resistance. Its properties and abilities of quick drying, toughness, excellent adhesion, good curing, abrasion resistance, and excellent water-resistivity, make it suitable for providing protection to metals and other surfaces.
- Epoxy powder coatings are used on washers, dryers, and other white goods, on steel pipes and fittings used in the oil and gas industry, water transmission pipelines, and concrete reinforcing rebar, due to their flexible applicability.
- The automotive, marine, and aerospace industries use epoxy coatings as primers for corrosion protection.
- Epoxy coatings can further act as protective coatings to industrial flooring.
- Thus, the rapid growth in the Indian paints and coatings industry (mainly automotive and industrial coatings) is expected to propel the growth of the epoxy resins market during the forecast period.
- Such factors are expected to drive the demand for epoxy resins in paints and coatings, thus increasing the growth of the market during the forecast period.
The Indian epoxy resins market is partially fragmented in nature with the presence of various players in the market. Some of the major companies in India epoxy resins market includes 3M, Covestro AG, Hexion, Huntsman International LLC, Olin Corporation, among others.
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