27 Jul MARKET STUDY | Bio-based Epoxy Resins Market Share, Size, Trends, Industry Analysis Report (…) 2020 – 2027
Polaris Market Research
The global bio-based epoxy resins market was valued at USD 47.4 million in 2019 and is expected to grow at a CAGR of 12.1% during the forecast period. The key factors responsible for the market growth include the presence of varied natural resources to manufacture these resins, low cost, environment friendliness, and increasing focus of key players on the bio-based resin systems.
Moreover, the pressure on government regimes to stay carbon neutral in the market owing to consumer’s awareness of plastic waste and subsequent investments in the sector also played a pivotal role. For instance, Hexion Inc., an Ohio-based chemical company, became the only company in the global market to have Plante Research and Development Centre, as a facility to manufacture bio-modified resin at the commercial level.
Bio-based epoxy resins are sourced naturally in the market, from plant and vegetable oils. These renewable resins are produced via epoxidation of the procured oil, generally from tannins, glycerol, unsaturated vegetable oils, terpenes, hemp, lignin, saccharides, rosins, canola, and cardanols. A wide range of curing agents are required, also known as a hardener, are required in the production of epoxy resins in the market, its selection depends on its application and usage type, and could be bio-based as well. (…)
The prominent market players operating in the bio-based epoxy resin industry are Pond ApS, Kukdo Chemical, Bitrez Ltd, Sicomin Epoxy Systems, Huntsman Corporation, Entropy Resins (acquired by Gougeon Brothers Inc.), ALPAS, Chang Chun Group, Nagase ChemteX Corporation, LEUNAHarze GmbH, Spolchemie, Specific Polymers, ATL Composites, Stahl Holdings B.V., Change Climate, and Wessex Resins.