The market size of HBPA epoxy resin is estimated to be USD 1.7 billion in 2018 and is projected to reach USD 2.2 billion by 2023, at a CAGR of 5.1%, between 2018 and 2023. One of the major restraints of the HBPA epoxy resin market is the volatility in raw material prices. The primary raw materials of HBPA epoxy resin are epichlorohydrin and bisphenol A. These are petroleum-based derivatives and are vulnerable to fluctuations in commodity prices.
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Owing to its low viscosity and excellent weatherability, HBPA epoxy resin is an excellent solution for external coating applications such as electrical casting and electrical laminates in high-voltage electrical machines such as transformers, generators, motors, switch gears, and circuit breakers. Therefore, an increase in the consumption of electrical and electronic machines on a commercial scale also drives the demand for HBPA epoxy resin. However, their high production cost results in the high price of HBPA epoxy resin, which is almost double than that of conventional epoxy resins. Therefore, manufacturers are looking for alternative methods of using epoxy resin along with aliphatic polyurethane to attain the properties of HBPA epoxy resin.
The key players in the HBPA epoxy resin market include Hexion (US), Atul Chemicals (India), New Japan Chemical Company (Japan), and Aditya Birla Chemicals (India).
On the basis of physical form, the HBPA epoxy resin market is segmented into liquid and solid forms. Liquid epoxy resin is expected to have the largest share as 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.
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APAC is projected to be the fastest-growing market for HBPA epoxy resin. The HBPA epoxy resin market growth in this region is mainly driven by high demand from E&E and industrial coating applications. The demand for HBPA epoxy resin is high in developing economies such as China and India. Growing urbanization and industrialization are leading to an increase in demand for electricity to fulfill the needs of industrial, commercial, and residential sectors. The rising demand for power generation and distribution leads to an increase in the demand for HBPA epoxy resin in the E&E coating application in these countries. The initiatives taken by the governments in these countries for developing renewable energy infrastructure are also fueling the growth of the HBPA epoxy resin market in the APAC region. In August 2013, Aditya Birla Chemical expanded its epoxy resin manufacturing plant capacity in Gujarat, India. This expansion helped the company meet the demand for epoxy resin in India.
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