Waterborne epoxy resin market is expected to grow owing to increasing use of waterborne epoxy resin composite in industries including wind energy and aerospace. Various properties including superior thermal and electrical properties coupled with high durability allows waterborne epoxy resin to be widely used in various end use segments. Key end-use segments for waterborne epoxy resins include automotive, textiles, packaging, furniture and construction industries. Waterborne epoxy resin are primarily used in paints and coating industry for manufacturing paints owing to its various properties including superior rust-protection and durability. Automotive sector accounted for largest end-use segment followed aerospace, marine and electronic & electrical.
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Electrical & electronic industry accounted for a significant share owing to growing use of waterborne epoxy resin in manufacturing of circuit boards, transformer and motor windings. Waterborne epoxy resin is used in marine industry owing to its superior adhesion and gap filling properties. In addition, rising use of waterborne epoxy resin for component manufacturing where high strength to weight ratio is required is expected to drive the market demand. Rising use of waterborne epoxy resin in aerospace industry for manufacturing aircraft structure such as lightweight airframes is anticipated to augment market growth. Superior performance characteristics of water borne epoxy resin compared to other substitutes is expected to increase its use in various manufacturing and construction industry. However, volatile raw material costs and meeting high demand for raw material including bisphenol A is expected to pose a major challenge to market growth over the forecast period. In addition, consumer shift towards bio based resins is expected to pose major challenge to waterborne epoxy resin owing to lower toxicity and lower manufacturing cost. Asia Pacific accounted for the largest market share and is expected to dominate over the forecast period owing to abundant availability of raw materials and lower production cost. Europe is expected to witness sluggish growth owing to industries registering slow recovery from economic downturn.
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Key market players include Dow Chemical Company, Aditya Birla, Hexion Inc., Huntsman Corporation, Incorez (UK) Hexion Inc. and BASF SE. Dow Chemical Company is involved in manufacturing specialty chemicals, performance chemicals and coatings. Aditya Birla is involved in manufacturing waterborne epoxy resin at its Thailand facility.
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