HBPA Epoxy Resin Market Worth $2.2 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 8, 2019 /PRNewswire/ -- According to the new research report "HBPA Epoxy Resin Market by Physical Form (Liquid and Solid), Application (E&E Coating, Industrial Coating, and Others), and Region (APAC, Europe, North America, South America, and Middle East & Africa) - Global Forecast to 2023", published by MarketsandMarkets™, the HBPA Epoxy Resin Market is projected to grow from USD 1.7 billion in 2018 to USD 2.2 billion by 2023, at a CAGR of 5.1% between 2018 and 2023. There is an increase in the demand for HBPA epoxy resin in the industrial and E&E coating segments to protect the machines and industrial infrastructure from external weather conditions and chemical attack. Increasing urbanization and industrialization are the key factors driving the demand for HBPA epoxy resin in these applications. However, volatility in raw material prices and high price of HBPA epoxy resin are hampering the market growth.
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On the basis of application, the E&E coating segment is estimated to lead the HBPA Epoxy Resin Market in 2018.
E&E is the largest application of HBPA epoxy resin. These resins are widely used in electrical casting and electrical laminates in several high-voltage electrical machines such as transformers, generators, motors, switch gears, surge accelerators, and isolators. HBPA epoxy resin is used in these machines to protect them from external weather conditions and prevent the yellowing of their surfaces. The increase in urbanization and industrialization drives the consumption of electrical machines on a commercial scale, which, in turn, is fueling the demand for HBPA epoxy resin.
On the basis of physical form, the liquid segment is projected to lead the HBPA Epoxy Resin Market during the forecast period.
The liquid form is projected to lead the HBPA Epoxy Resin Market, globally. The liquid epoxy resin is expected to account for the larger 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.
On the basis of region, APAC is estimated to lead the HBPA Epoxy Resin Market in 2018.
APAC is estimated to be the largest market for HBPA epoxy resin owing to its high consumption in E&E and industrial coating applications in the region. The HBPA epoxy resin coating provides thermal transfer, chemical resistance, and dimensional stability to the electrical products owing to its excellent adhesion and mechanical properties. Population growth and rapid industrialization are leading 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 key players in the HBPA Epoxy Resin Market include Hexion (US), Atul Chemicals (India), New Japan Chemical Company (Japan), and Aditya Birla Chemicals (India). These players have established a strong foothold in the market by adopting strategies, such as investment & expansion, new product launch, partnership, and merger & acquisition.
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