LOW CHLORINE EPOXY RESIN MARKET REPORT OVERVIEW
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The global low chlorine epoxy resin market size was USD 1073 million in 2022 and the market is projected to touch USD 1878.5 million by 2031, at CAGR of 6.4% during the forecast period.
Epoxy resins with little or no chlorine content are referred to as low chlorine epoxy resins. Epoxy resins are multipurpose materials that are frequently utilised in electronic components, adhesives, composites, and coatings. Chlorinated epoxy compounds, which are typically present in epoxy resins at high concentrations, can pose a health and environmental risk in some applications. There are a number of ways to lower the chlorine concentration in epoxy resins, including switching to different raw materials or altering the synthesis procedure. In areas like electronics and aircraft where stringent halogen content restrictions are enforced, low chlorine epoxy resins are frequently the favoured choice.
COVID-19 Impact : Pandemic Resulted in a Sluggish Market Growth due to the Affected Production and Supply Chain of the Product
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The pandemic negatively affected the market in 2020. Lockdowns, limitations on manufacturing, and transportation issues caused supply chain disruptions in several industries in the early phases of the epidemic. The manufacture and accessibility of epoxy resins, particularly low chlorine epoxy resins, may have been impacted by these variables.
LATEST TRENDS
"Manufacturing Demands from the Industrial and Electronics Sector to Electrify Up the Market Growth"
The need for epoxy resins, including low chlorine versions, is driven by overall industry growth, particularly in areas like electronics, automotive, and construction where these materials are used in a wide range of products. Epoxy resins with low chlorine concentration are required by the electronics industry, which includes the printed circuit board (PCB) manufacturing business, as these resins have superior electrical insulating qualities. Reliable and effective insulation materials are becoming more and more necessary as electrical equipment get smaller and more complicated.
LOW CHLORINE EPOXY RESIN MARKET SEGMENTATION
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- By Type
Based on type the global market can be categorized into low chlorine bisphenol a epoxy resin, low chlorine bisphenol f type epoxy resin, low chlorinated biphenyl epoxy resin, low chlorinated naphthalene epoxy resin and others.
By lowering the chlorine concentration of normal epoxy resins, low chlorine epoxy resins are produced. Low chlorine epoxy resins are categorised into numerous categories based on the procedures employed to minimise the chlorine level and the specific applications they are designed for. Based on their particular qualities, these low chlorine epoxy resins are intended to suit specific industry needs and are used in a variety of applications. Manufacturers alter the chemical structure of these resins to achieve the appropriate balance between low chlorine concentration and the performance qualities required for certain applications.
- By Application
Based on application the global market can be categorized into semiconductor packaging, electronic components and others.
Because of their outstanding electrical characteristics, adhesion, and heat resistance, low chlorine epoxy resins are widely employed in the semiconductor packaging and electronic component industries. Low chlorine epoxy resins are essential materials in the semiconductor packaging and electronic components industries due to their superior electrical insulating qualities, adhesive strength, and tolerance to high temperatures. Their employment in a variety of applications improves the performance, dependability, and lifetime of electronic devices.
DRIVING FACTORS
"Stringent Environment Regulations and the Consumer Awareness to Boom Up the Market Sales"
Environmental regulations and directives that limit the use of hazardous compounds, particularly halogens such as chlorine, stimulate demand for low chlorine epoxy resins. To comply with these laws, industries are increasingly using ecologically friendly products. Consumers are looking for products created from eco-friendly and low-toxicity materials as they become more aware of environmental and health issues. This trend pushes manufacturers of consumer goods and products to adopt low chlorine epoxy resins. Many industries are concentrating on green initiatives and sustainability. Low chlorine epoxy resins are in line with these objectives because they are deemed more environmentally benign than their higher-chlorine competitors.
"Fire Safety Requirements and Health Concerns to Expand the Market Growth"
Due to high fire safety standards, certain industries, such as electronics and aircraft, require materials with low halogen content. Because they meet the requisite fire safety criteria, low chlorine epoxy resins are frequently employed in these applications. Low chlorine epoxy resins are preferred in applications where safety and health are of the utmost importance. Reduced chlorine content can reduce dangerous gas emissions during the curing process, making these resins safer for workers and end users.
RESTRAINING FACTORS
"Limited Availability and Production Challenges to Impede the Market Growth"
Low chlorine epoxy resins may be more difficult to get than conventional epoxy resins. Because availability varies by geography and market demand, producers must carefully organise their supply chain. Low chlorine epoxy resins can be more difficult to produce and cure than normal epoxy resins. To achieve adequate curing and preserve desired physical qualities, rigorous formulation and processing processes may be required. However, the limitation in the availability and the challenges with respect to the production to impede the low chlorine epoxy resin market growth.
LOW CHLORINE EPOXY RESIN MARKET REGIONAL INSIGHTS
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"Asia Pacific to Dominate the Market due to Demand from Electronics and Construction Sector"
Asia Pacific held the largest low chlorine epoxy resin market share of more than quarter in the projected timeframe. The Asia-Pacific region's demand for electronics items is mostly driven by China, India, and Japan. Furthermore, because to its low labour costs and flexible rules, China is a powerful and favourable market for electronics manufacturers.Japan's construction sector, for example, is predicted to grow moderately during the next five years as a result of increased expenditures in public and private infrastructure, renewable energy, and commercial projects. This, in turn, boosts consumer and investor confidence. Furthermore, in the Asia-Pacific region, the aerospace markets in China, Southeast Asia, and South Asia are predicted to grow rapidly, sustaining demand for the investigated market. During the forecast period, such factors are likely to boost demand for epoxy resins in the Asia-Pacific region.
KEY INDUSTRY PLAYERS
"Prominent Market Players to Expand the market Growth"
Important market participants have a large influence on the market and are critical in determining client preferences and market dynamics. Through their massive retail networks and online platforms, these multinational corporations provide consumers with easy access to a wide variety of apparel alternatives. Because of their significant global presence and well-known brand, product adoption has improved, as has consumer trust and loyalty. These industry titans also continually support research and development, bringing cutting-edge designs, materials, and innovative features to low chlorine epoxy resin in order to suit evolving client expectations and preferences. The combined efforts of these large corporations have a significant impact on the market's future orientation and level of competition.
List of Market Players Profiled
- Kukdo Chemical (South Korea)
- Jiangsu Yangnong (China)
- Huntsman (U.S.)
- Aditya Birla Chemicals (India)
- Chang Chun Plastics (China)
- Nan Ya Plastics (China)
- SHIN-A T&C (Souh Korea)
- Osaka Soda (Japan)
- ADEKA (Istanbul)
- Epoxy Base Electronic (China)
- Olin Corporation (U.S.).
INDUSTRIAL DEVELOPMENT
May 2020: Huntsman Building Solutions (HBS) was the moniker given to Huntsman's spray polyurethane foam (SPF) business.
February 2020: In February 2020, Huntsman purchased leading North American SPF company Icynene-Lapolla and integrated it with Demilec, which Huntsman acquired in 2018.
March 2022: Aditya Birla Chemicals announced plans to quadruple its epoxy manufacturing capacity and develop abroad operations, strengthening its position in the worldwide market.
REPORT COVERAGE
The study contains a full SWOT analysis as well as forecasts for future market expansion. It investigates a wide range of market categories and potential applications that may have an impact on the market's trajectory in the coming years, as well as significant factors that contribute to the market's growth. The study provides a thorough review of the market's components and identifies potential growth prospects by considering both historical turning points and current trends.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1073 Million in 2022 |
Market Size Value By |
US$ 1878.5 Million by 2031 |
Growth Rate |
CAGR of 6.4% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the low chlorine epoxy resin market expected to touch by 2031?
The global low chlorine epoxy resin market is expected to reach USD 1878.5 million by 2031.
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What CAGR is the low chlorine epoxy resin market expected to exhibit by 2031?
The low chlorine epoxy resin market is expected to exhibit a CAGR of 6.4% by 2031.
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Which are the driving factors of the low chlorine epoxy resin market?
Stringent government regulations, consumer awareness, fire safety requirements and health concerns are some of the driving factors of the low chlorine epoxy resin market.
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What are the key low chlorine epoxy resin market segments?
The low chlorine epoxy resin market segmentation that you should be aware of, which include, Based on type the market is classified as low chlorine bisphenol a epoxy resin, low chlorine bisphenol f type epoxy resin, low chlorinated biphenyl epoxy resin, low chlorinated naphthalene epoxy resin and others. Based on application the market is classified as semiconductor packaging, electronic components and others.
