Bio Based Epoxy Market Size, Share, Growth, and Industry Growth by Type (Bio-based Carbon Content: 28-40%, Bio-based Carbon Content: ≥40%, and Others), By Application (Coatings, Electronics, Adhesives, Composites, and Others), Regional Forecast To 2031

Bio Based Epoxy Market REPORT OVERVIEW

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The global bio based epoxy market size was USD 60 million in 2021 and market is projected to touch USD 198.49 million by 2031, exhibiting a compound annual growth rate (CAGR) of 12.8% during the forecast period.

Bio based epoxy is a new type of bio-sourced resin created through the epoxidation of renewable precursors such as unsaturated vegetable oils, saccharides, tannins, cardanols, terpenes, rosins, and lignin. They are treated using a variety of co-reactants, often known as hardeners or curatives. The application and kind of epoxy resin determine the type of curative, which may also be bio based.  Epoxidized linseed oil, liquid epoxidized natural rubber, terpene-maleic estertype epoxy, diglycidyl ethers of isosorbide, furan diepoxy of 2,5-bis (hydroxymethyl)-furan [BHMF] (adhesives), and epoxidized cardanol are some bio based epoxies that have found commercial use or that are currently being investigated for commercial use.

Bio based epoxy is a new, emerging biopolymer technology that provides a clean, renewable, and sustainable alternative to petroleum-based coatings. Compared to natural or synthetic epoxies, it is far more environmentally friendly. It is a completely renewable resource because it is made from biomass and has no byproducts or waste of any kind. Epoxies made from bio based materials are thought to be a combination of biodegradable, renewable, and sustainable. They are created from chemical components that are biodegradable, renewable, and either less hazardous or non-toxic. It is a blend of plant-based aliphatic monomers and organic materials such as polymerized waxes and oils. These ingredients are all made from renewable resources.

COVID-19 Impact: Supply Chain Sector Inactivity Caused the Market Slowdown

The COVID-19 pandemic has globally impacted numerous industries and sectors. The pandemic has caused disruptions in the production of bio based epoxy resins and other core components across all markets. The market is anticipated to remain at a depressed growth rate over the projection period, owing to disruption in supply chains and a lack of availability of raw materials. Workforce reductions and subsequent plant closures in all markets had disrupted supply lines and resulted in higher producer costs.

LATEST TRENDS

"New Players Entering the Market to Drive Growth"

The bio based epoxy market has witnessed a significant increase over the past few years as it becomes an important part of the construction industry. The growing concern about environmental protection and reducing one's carbon footprint also contributes to the high demand for bio based products. The market has been witnessing fierce competition among players comprising end-user industries, raw material producers, and bio-epoxy manufacturers. Hence, the emergence of new players in this market segment has influenced the growth of this industry.

Bio Based Epoxy Market SEGMENTATION

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• By Type

Based on type; the market is divided into Bio-based Carbon Content: 28-40%, Bio-based Carbon Content: ≥40%, and Others

Bio-based Carbon Content: 28-40% is the leading part of this segment.

• By Application

Based on application; the market is divided into Coatings, Electronics, Adhesives, Composites, and Others.

Coatings is the leading part of the application segment.

DRIVING FACTORS

"Wide Use of the Product Driving Market Growth"

The bio based epoxy market is projected to grow during the forecast period. This growth is mainly due to the rising demand for bio based epoxies for construction applications and growing applications such as automotive, infrastructure, and infrastructure. The market is projected to witness significant growth as it is a cost-effective and eco-friendly material. Increasing applications and an increasing demand for these epoxies are anticipated to drive the growth of this market during the forecast period. The rising employment opportunities along with the expansion of manufacturing plants are expected to trigger an increased demand for the product.

"Ecofriendly Nature of the Products Driving its Demand"

The bio based epoxy market growth is at a significant rate during the forecast period with increasing demand for it from several industries. The market is likely to witness considerable growth from the prominent players in the market owing to its eco-friendly nature. There are various industries that use this product to make everything from adhesives and sealants, paints, coatings, and even composite materials. Bio based epoxies are environmentally responsible products that produce useful building materials with high performance capabilities. This helps the industry to become more sustainable by minimizing its impact on the environment.

RESTRAINING FACTORS

"New to the Market with Short Shelf Life to Decelerate the Market Growth"

The disadvantages of the bio based epoxy market are that they are still new products and it is difficult to scale up production, as we have seen in organics. For a long time, many companies have had exclusive patents, so it also takes time for other companies to develop their own products using agrochemicals. These products are derived from renewable resources. They have detergent properties and can be used in a variety of applications, such as adhesives, for a wide range of uses. However, there are drawbacks, such as they do not have much adhesive power and also have a short shelf life, resulting in a decrease in profit margins.

Bio Based Epoxy Market REGIONAL INSIGHTS

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"North America to Lead Market owing to Increasing Demand from Automobile Industry"

North America has established itself as a leader in this market, with a number of national and state initiatives driving growth. The North American bio based epoxy market share is increasingly focusing on the market opportunities for sustainable alternatives to traditional epoxy in the region. The market is driven by the increasing demand for green building materials in the construction sector. Bio based epoxy is an environmentally friendly product as it does not require an acidic environment to harden and form bonds with the substrate.

KEY INDUSTRY PLAYERS

"Key Industry Players to Boost Market Growth"

The analysis of this product market included information from numerous sources. Among these sources are trade periodicals, statistics from trade associations, academic research, and government reports. Information is also gathered from various sources, including producers, retailers, suppliers, micro-experts, and other participants in the global market. The report offers details on sector participants in the industry and their operations. Partnerships, technological advancements, acquisitions, mergers, and the expansion of industrial facilities are a few examples of information collection and reporting techniques.

LIST OF TOP Bio Based Epoxy COMPANIES

• Sicomin (France)
• Gougeon Brothers (U.S.)
• Wessex Resins (U.K.)
• COOE (Change Climate) (Australia)
• Spolchemie (Czech Republic)
• ATL Composites (Australia)

REPORT COVERAGE

The study provides a comprehensive analysis of the state of the market today, considering all important factors such as raw materials, technology, and equipment, as well as supply and demand, production capacity, and industry chain analysis. This report evaluates the market potential and market risks associated with the development of specific segments. The main drivers and limitations of the market are also examined to ascertain how these aspects will affect its expansion. The performance of major corporations is analysed throughout time, and their contributions to market dynamics are examined.