HBPA Epoxy Resin Market - Forecast(2024 - 2030)

Report Code: CMR 19367 Report Format: PDF + Excel

HBPA Epoxy Resin Market Overview

HBPA epoxy resin market size is forecast to reach US$2.4 billion by 2027, after growing at a CAGR of 4.8% during 2022-2027. Hydrogenated bisphenol A (HBPA) is a chemical that is used to manufacture thermosetting polymer like epoxy resins. This is subsequently used as raw ingredients in paints and engineering plastics in various end-use industries such as building and construction, automotive, and more. The HBPA epoxy resin market is primarily driven by its growing application in paints and coatings such as in industrial coating, architectural coating, and more that utilizes HBPA epoxy resin to enhance corrosion resistance. Further, the surging demand from the electrical and electronics industry for protective coating is expected to fuel the HBPA epoxy resins demand, which is further accelerating the growth of the HBPA epoxy resin industry.    

COVID-19 Impact

The Covid-19 pandemic impacted industrial production activities because strict rules and regulations were imposed by governments all across the world.  This resulted in a decline in the production of paints and coatings, owing to this HBPA epoxy industry suffered losses, as HBPA epoxy resin is used as a raw material in the production of paints and coatings. For instance, according to Japan Paint Manufacturers Association (JPMA), in the year 2019, the total paints and coatings production in Japan was 1,645,960 tons, and in 2020 it was 1,487,705 tons, a decline of 10.64%. Likewise, there was a production decline for paints and coatings in other parts of the world, this decline resulted in the decline in the market growth for the HBPA epoxy resin market. However, in 2021 there was ease in Covid-19 related regulations, which increased production activities and benefited the HBPA epoxy resin market growth.  

Report Coverage

The report: "HBPA Epoxy Resin Market Report –Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the HBPA Epoxy Resin Industry. 

By Form: Solid and Liquid 

By Application: Paints and Coatings (Industrial, Special, and Architectural), Adhesives & Sealant, Electrical Insulation, Floorings, Composites, and Others 

By End-Use Industry: Building and Construction (Residential, Commercial, Industrial, and Infrastructure), Automotive (Passenger Cars, Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV)), Electrical and Electronics (Transformers, Insulators, Circuits, Transistors, Solar Panels, and Others), Marine (Cargo, Passenger, Naval, and Others), Aerospace (Commercial, Military, and Others), and Others 

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East (Saudi Arabia, UAE, Israel, and Rest of Middle East), and Africa (South Africa, Nigeria, and Rest of Africa)) 

Key Takeaways

  • Asia-Pacific region dominated the HBPA Epoxy Resin market, owing to the growing electronics production in the region. For instance, according to Japan Electronics and Information Technology Industries Association (JEITA), in 2020 the total electronics production in Japan was ¥9,964,769 million (US$93,389.82 million), and in 2021 it was ¥10,954,346 million (US$99,772.18 million), an increase of 9.9%. 
  • The liquid form of HBPA epoxy resin is the major form widely used in combination with ethyl acetate because it is easy to apply in applications such as protective coating, adhesives, and more, this is further expanding the market growth. 
  • Also, the surging production of electronic vehicles is expected to drive the HBPA epoxy resins demand, this is creating a market expansion opportunity. 
  • However, the health risk associated with the use of HBPA epoxy resin is restricting the growth of the HBPA epoxy resin market. 

Figure: Asia-Pacific HBPA Epoxy Resin Market Revenue, 2021-2027 (US$ Billion)

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HBPA Epoxy Resin Market Segment Analysis – By Application

The paints and coatings segment held the largest share in the HBPA epoxy resin market in 2021 and is forecasted to grow at a CAGR of 5.2% during 2022-2027.HBPA epoxy resin is primarily used as a protective coating material for high-voltage electrical machines, floors, and other applications to protect them from weathering and corrosion resistance. Moreover, the use of HBPA epoxy resin in industrial coatings enhances the exterior gloss and prevents surface yellowing. Paint and coatings producers are focusing on boosting paint and coatings products in the next years, and as a result, demand for HBPA epoxy resin is likely to rise, offering market growth opportunities. For example, in 2021, Nippon Paints Group made medium to long-term investments in upgrading and streamlining industrial facilities in Japan from 2021 to 2023 to gain a competitive advantage and boost productivity while creating new demand for paints and coatings to secure a market edge and boost productivity. Thus, the increasing application of HBPA epoxy resin in paints and coatings will fuel the growth of the market. 

HBPA Epoxy Resin Market Segment Analysis – By End-Use Industry

The electrical and electronics segment held the largest share in the HBPA epoxy resin market in 2021 and is forecasted to grow at a CAGR of 6.3% during 2022-2027. In electrical and electronics EBPA is used as a protective coating because HBPA epoxy resins have a higher heat deflection temperature and are more resistant to moisture and UV light. It also provides improved dimensional stability and impact resistance at higher temperatures. Thus, the use of EBPA epoxy resin protects electronic devices such as transmitters, solar panels, and more against high temperatures. The surging production of electronics products such as transformers, switches, and more is anticipated to propel the HBPA market growth. For instance, according to Japan Electronics and Information Technology Industries Association (JEITA), in 2019, the total production by the global electronics industry was US$2,926.8 billion, and in 2020 it was US3,033.7 billion, an increase of about 4%. Hence, the surging electronics production is expected to fuel the demand for HBPA epoxy resins, which will further aid the market growth during the projected forecast period. 

HBPA Epoxy Resin Market Segment Analysis – By Geography

Asia-Pacific region is the dominating region as it holds the largest share in the HBPA epoxy resin market in 2021 up to 39%. The Asia-Pacific regional economy is driven by the sectoral growth of industries such as electronics, building and construction, and more. These industrial growths in the Asia-Pacific region are enhancing the demand for HBPA epoxy resins, which is further benefiting the market growth. For instance, according to the Saudi Electricity Company, in the first half of 2021, in Saudi Arabia 28 new substations were constructed, introducing 75 new transformers to the grid with a combined capacity of 10,721.41 megavolt-amperes, while 6 more substations were extended or refinished, bringing a total of 7 extra transformers and combined net power of 411.73 MVA to the system. As a result of the increase in the construction of the substations the demand for transformers, switches, and more increased, this created an opportunity for the HBPA epoxy resins. Moreover, for instance, in January 2022, the Ha Noi People's Committee, Vietnam issued Decision No. 65/QD-UBND, which approved the project establishment of 2-5 new industrial zones in the period 2021-2025 in Vietnam. The city of Vietnam has set a goal of establishing five new industrial parks between 2021 and 2025, including Soc Son Clean Industrial Park, which covers 302.8 hectares, Dong Anh Industrial Park, which covers 300 hectares, Bac Thuong Tin Industrial Park, which covers 112 hectares, expanded PhuNghia Industrial Park, which covers 389 hectares, and Phung Hiep Industrial Park, which covers 174.88 hectares. Thus, the increasing electronics industry and industrial construction activities in the Asia-Pacific region are fueling the growth of the HBPA epoxy resin market.

HBPA Epoxy Resin Market Drivers

Increasing Building and Construction Activities

In building and construction activities HBPA epoxy resin is utilized as an industrial coating or architectural coating to protect against weathering impact. The building and construction activities are increasing. For instance, according to China's National Development and Reform Commission, the Chinese government approved 26 infrastructure projects in 2019 for an estimated US$142 billion, and the completion of these projects is projected by 2025. Moreover, according to the International Trade Administration (ITA), in the year 2019, Germany's commercial construction activities were US$139.93 billion, and in 2020 it was US$148.48 billion, an increase of 6.07%. In March 2022, the Argentinean infrastructure development projects such as Highway 18 in Entre Rios, Route 40 in San Juan, and Provincial Route 8 in Buenos Aires are under construction, these projects are among the government's short-term investment plans, valued at US$310 million. The increasing building and construction activities across the world are expanding the demand for HBPA epoxy resins, which is further propelling the market growth. Therefore, the increasing building and construction activities across the globe are driving the growth of the HBPA epoxy resin market. 

Increasing Automotive Production

The HBPA epoxy resins are utilized as an exterior protective coating to safeguard the automobiles from high temperature, which may damage the exterior body of automotive vehicles. The growing automotive production is creating an opportunity for the growth of the HBPA epoxy resin market. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), Asia-Pacific automotive output was 17,818,598 units in September 2020, and 22,685,914 units in September 2021, a 27 percent growth. Similarly, overall motor vehicle manufacturing in North America was 5,307,516 in 2020 and was 6,999,932 in 2021 (until November 2021), a 32 percent increase. Furthermore, according to the International Energy Agency (IEA), the total production of plug-in hybrid automobiles globally was 526,101 in 2019, and 984,850 in 2020, representing an increase of 87.2 percent over 2019. Thus, the surging automotive production across the world is anticipated to enhance the demand for HBPA epoxy resin, thereby, expanding the market growth. 

HBPA Epoxy Resin Market Challenges

Health Issues and Growing Regulations regarding BPA

HBPA epoxy resin is used as a protective coating to protect the surface from the deteriorating impact of high temperature, which can cause damage to the surface. However, there are certain health-related issues associated with the use of HBPA epoxy resins because it has bisphenol A content, which is considered not good for human health. The use of bisphenol A causes health-related issues such as heart-related issues, cancer, and for children, it is a more serious health issue. According to Environmental Protection Agency (EPA), BPA content has been considered hazardous for human health. Moreover, according to the European Union Regulation 2018/213, the "Plastics Regulation" 10/2011, the new BPA Regulation reduces the SML for BPA from 0.6 mg/kg to 0.05 mg/kg. Regulations like these are restricting the limiting the use of HBPA epoxy resin. Therefore, the health issues and growing regulations related to BPA are creating a bottleneck for HBPA epoxy resin market growth. 

HBPA Epoxy Resin Industry Outlook

Technology launches, acquisitions, and increased R&D activities are key strategies adopted by players in the HBPA epoxy resin market. HBPA epoxy resin top 10 companies are: 

  1. Anhui XinYuan Chemical Co. Ltd 
  2. Atul Ltd 
  3. Epoxy Division Aditya Birla Chemicals (Thailand) Limited 
  4. Hexion 
  5. Jiangsu sanmu group Co. Ltd 
  6. Kukdo Chemical Co. Ltd 
  7. Mitsubishi Chemical Corporation 
  8. Nagase America LLC. 
  9. Nagase ChemteX Corporation 
  10. New Japan Chemical Co. Ltd 

Recent Developments

  • In December 2021, Mitsubishi Chemical Corporation expanded its capacity for special epoxy resins, including HBPA epoxy resin in Japan for the electronics sector. Thus, such production expansion will benefit the market during the upcoming years. 
  • In October 2021, Atul Ltd based in India expanded the production capacity for the performance materials business, which also includes HBPA epoxy resin. These capacity expansions will further accelerate the HBPA market growth. 
  • In December 2020, Kukdo Chemical Co. Ltd, a multinational chemical company, opened its new epoxy manufacturing facility including HBPA, in Gujarat, India. The plant has a total production capacity of 40,000 tons. 

Relevant Reports

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Report Code: CMR 1429
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1. HBPA Epoxy Resin Market: Market Overview
    1.1 Definitions and Scope
2. HBPA Epoxy Resin Market- Executive Summary 
    2.1 Key Trends by Form 
    2.2 Key Trends by Application 
    2.3 Key Trends by End-Use Industry 
    2.4 Key Trends by Geography
3. HBPA Epoxy Resin Market– Comparative analysis 
    3.1 Market Share Analysis- Major Companies 
    3.2 Product Benchmarking- Major Companies 
    3.4 Top 5 Financials Analysis 
    3.5 Patent Analysis- Major Companies 
    3.6 Pricing Analysis (ASPs will be provided) 
4. HBPA Epoxy Resin Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis: 
        4.1.1 Investment 
        4.1.2 Revenue 
        4.1.3 Product portfolio 
        4.1.4 Venture Capital and Funding Scenario 
5. HBPA Epoxy Resin Market– Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview 
    5.2 New Business and Ease of Doing Business Index 
    5.3 Successful Venture Profiles 
    5.4 Customer Analysis – Major companies 
6. HBPA Epoxy Resin Market- Market Forces 
    6.1 Market Drivers 
    6.2 Market Constraints 
    6.3 Porters Five Force Model 
        6.3.1 Bargaining Power of Suppliers 
        6.3.2 Bargaining Powers of Buyers 
        6.3.3 Threat of New Entrants 
        6.3.4 Competitive Rivalry 
        6.3.5 Threat of Substitutes
7. HBPA Epoxy Resin Market– Strategic Analysis 
    7.1 Value/Supply Chain Analysis 
    7.2 Opportunity Analysis 
    7.3 Product/Market Life Cycle 
    7.4 Distributor Analysis – Major Companies 
8. HBPA Epoxy Resin Market-By Form (Market Size –US$ Million/Billion) 
    8.1 Solid 
    8.2 Liquid 
9. HBPA Epoxy Resin Market-By Application (Market Size –US$ Million/Billion) 
    9.1 Paints and Coatings 
        9.1.1 Industrial 
        9.1.2 Special 
        9.1.3 Architectural 
    9.2 Adhesives & Sealant 
    9.3 Electrical Insulation 
    9.4 Floorings 
    9.5 Composites 
    9.6 Others 
10. HBPA Epoxy Resin Market-By End-Use Industry (Market Size -US$ Million/Billion) 
    10.1 Building and Construction 
        10.1.1 Residential 
        10.1.2 Commercial 
        10.1.3 Industrial 
        10.1.4 Infrastructure 
    10.2 Automotives 
        10.2.1 Passenger Cars 
        10.2.2 Light Commercial Vehicles (LCV) 
        10.2.3 Heavy Commercial Vehicles (HCV) 
    10.3 Electrical and Electronics 
        10.3.1 Transformers 
        10.3.2 Insulators 
        10.3.3 Circuits 
        10.3.4 Transistors 
        10.3.5 Solar Panels 
        10.3.6 Others 
    10.4 Marine 
        10.4.1 Cargo 
        10.4.2 Passenger 
        10.4.3 Naval 
        10.4.4 Others 
    10.5 Aerospace 
        10.5.1 Commercial 
        10.5.2 Military 
        10.5.3 Others 
    10.6 Others
11. HBPA Epoxy Resin Market-By Geography (Market Size -US$ Million/Billion) 
    11.1 North America 
        11.1.1 USA 
        11.1.2 Canada 
        11.1.3 Mexico 
    11.2 Europe 
        11.2.1 UK 
        11.2.2 Germany 
        11.2.3 France 
        11.2.4 Italy 
        11.2.5 Netherlands 
        11.2.6 Spain 
        11.2.7 Russia 
        11.2.8 Belgium 
        11.2.9 Rest of Europe 
    11.3 Asia-Pacific 
        11.3.1 China 
        11.3.2 Japan 
        11.3.3 India 
        11.3.4 South Korea 
        11.3.5 Australia and New Zealand 
        11.3.6 Indonesia 
        11.3.7 Taiwan 
        11.3.8 Malaysia 
        11.3.9 Rest of APAC 
    11.4 South America 
        11.4.1 Brazil 
        11.4.2 Argentina 
        11.4.3 Colombia 
        11.4.4 Chile 
        11.4.5 Rest of South America 
    11.5 Rest of the World 
        11.5.1 Middle East 
            11.5.1.1 Saudi Arabia 
            11.5.1.2 UAE 
            11.5.1.3 Israel 
            11.5.1.4 Rest of Middle East 
        11.5.2 Africa 
            11.5.2.1 South Africa 
            11.5.2.2 Nigeria 
            11.5.2.3 Rest of Africa 
12. HBPA Epoxy Resin Market – Entropy 
    12.1 New Product Launches 
    12.2 M&As, Collaborations, JVs and Partnerships 
13. HBPA Epoxy Resin Market–Industry / Segment Competition landscape Premium Premium 
    13.1 Company Benchmarking Matrix – Major Companies 
    13.2 Market Share at Global Level - Major companies 
    13.3 Market Share by Key Region - Major companies 
    13.4 Market Share by Key Country - Major companies 
    13.5 Market Share by Key Application - Major companies 
    13.6 Market Share by Key Product Type/Product category- Major companies 
14. HBPA Epoxy Resin Market – Key Company List by Country Premium Premium 
15. HBPA Epoxy Resin Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments 
    15.1 Company 1 
    15.2 Company 2 
    15.3 Company 3 
    15.4 Company 4 
    15.5 Company 5 
    15.6 Company 6 
    15.7 Company 7 
    15.8 Company 8 
    15.9 Company 9 
    15.10 Company 10 and more 
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global HBPA Epoxy Resin Market, By Physical Form Market 2023-2030 ($M)
1.1 Liquid Market 2023-2030 ($M) - Global Industry Research
1.1.1 Easy and Convenient Application of Liquid Form to Drive Its Demand in the HBPA Epoxy Resin Market Market 2023-2030 ($M)
1.2 Solid Market 2023-2030 ($M) - Global Industry Research
1.2.1 Wide Availability and Low Cost to Drive Its Demand Market 2023-2030 ($M)
2.Global HBPA Epoxy Resin Market, By Physical Form Market 2023-2030 (Volume/Units)
2.1 Liquid Market 2023-2030 (Volume/Units) - Global Industry Research
2.1.1 Easy and Convenient Application of Liquid Form to Drive Its Demand in the HBPA Epoxy Resin Market Market 2023-2030 (Volume/Units)
2.2 Solid Market 2023-2030 (Volume/Units) - Global Industry Research
2.2.1 Wide Availability and Low Cost to Drive Its Demand Market 2023-2030 (Volume/Units)
3.North America HBPA Epoxy Resin Market, By Physical Form Market 2023-2030 ($M)
3.1 Liquid Market 2023-2030 ($M) - Regional Industry Research
3.1.1 Easy and Convenient Application of Liquid Form to Drive Its Demand in the HBPA Epoxy Resin Market Market 2023-2030 ($M)
3.2 Solid Market 2023-2030 ($M) - Regional Industry Research
3.2.1 Wide Availability and Low Cost to Drive Its Demand Market 2023-2030 ($M)
4.South America HBPA Epoxy Resin Market, By Physical Form Market 2023-2030 ($M)
4.1 Liquid Market 2023-2030 ($M) - Regional Industry Research
4.1.1 Easy and Convenient Application of Liquid Form to Drive Its Demand in the HBPA Epoxy Resin Market Market 2023-2030 ($M)
4.2 Solid Market 2023-2030 ($M) - Regional Industry Research
4.2.1 Wide Availability and Low Cost to Drive Its Demand Market 2023-2030 ($M)
5.Europe HBPA Epoxy Resin Market, By Physical Form Market 2023-2030 ($M)
5.1 Liquid Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Easy and Convenient Application of Liquid Form to Drive Its Demand in the HBPA Epoxy Resin Market Market 2023-2030 ($M)
5.2 Solid Market 2023-2030 ($M) - Regional Industry Research
5.2.1 Wide Availability and Low Cost to Drive Its Demand Market 2023-2030 ($M)
6.APAC HBPA Epoxy Resin Market, By Physical Form Market 2023-2030 ($M)
6.1 Liquid Market 2023-2030 ($M) - Regional Industry Research
6.1.1 Easy and Convenient Application of Liquid Form to Drive Its Demand in the HBPA Epoxy Resin Market Market 2023-2030 ($M)
6.2 Solid Market 2023-2030 ($M) - Regional Industry Research
6.2.1 Wide Availability and Low Cost to Drive Its Demand Market 2023-2030 ($M)
7.MENA HBPA Epoxy Resin Market, By Physical Form Market 2023-2030 ($M)
7.1 Liquid Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Easy and Convenient Application of Liquid Form to Drive Its Demand in the HBPA Epoxy Resin Market Market 2023-2030 ($M)
7.2 Solid Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Wide Availability and Low Cost to Drive Its Demand Market 2023-2030 ($M)

LIST OF FIGURES

1.US HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
2.Canada HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
3.Mexico HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
4.Brazil HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
5.Argentina HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
6.Peru HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
7.Colombia HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
8.Chile HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
9.Rest of South America HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
10.UK HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
11.Germany HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
12.France HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
13.Italy HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
14.Spain HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
15.Rest of Europe HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
16.China HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
17.India HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
18.Japan HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
19.South Korea HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
20.South Africa HBPA Epoxy Resin Market Revenue, 2023-2030 ($M)
21.North America HBPA Epoxy Resin By Application
22.South America HBPA Epoxy Resin By Application
23.Europe HBPA Epoxy Resin By Application
24.APAC HBPA Epoxy Resin By Application
25.MENA HBPA Epoxy Resin By Application
26.Hexion, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Atul Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.New Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Aditya Birla Chemicals, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Kukdo Chemical, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Anhui Xinyuan Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Sir Industriale, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Emerald Performance Material, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Nagase America Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Huntsman Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)