BPF Epoxy Resin Market - Forecast(2023 - 2028)

BPF Epoxy Resin Market is forecast to reach $231.6 million by 2025, after growing at a CAGR of 4.9% during 2020-2025. The BPF Epoxy Resin market is driven by owing to increasing demand from various industry verticals. The primary use of BPF is as an ingredient of epoxy resin. Purity of BPF is important to improve the properties of epoxy resin polymers.

The report: “BPF Epoxy Resin Market- Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the BPF Epoxy Resin industry.

By Grade: Solid and Liquid.

By Technology: Condensation Process, Taffy Process, Polymerization Process and Others.

By Application: Paints and Coatings, Adhesives and Sealants, Composites and Others. 

By End Use: Building and Construction, Aerospace, Marines, Automotive, Electrical & Electronics and Others. 

By Geography: North America, South America, Europe, APAC, and RoW.

Liquid grade held the largest share in the BPF Epoxy Resin market in 2019. Liquid BPF epoxy resins are used in a broad range of applications such as coatings, civil engineering, adhesives, electrical insulating materials, and reactive intermediates. In particular, the liquid resins have a low viscosity so that they excel in their workability and moldability, which makes them ideal for many applications. Thus reducing the handling cost. Epoxies are perhaps the most versatile ingredient for adhesive family because they bind well to many substrates and can be easily adjusted to achieve a wide variety of properties. Adhesive bonding technology is a revolutionary core technology in a wide range of industries today-and its ability is still not completely exploited.

Condensation Process has been the primary market for BPF Epoxy Resin in 2019. Bisphenol-F and its epoxy resin were synthesized from phenol, formaldehyde and epichlorohydrin with oxalic acid as catalyst. The process for the preparation of bisphenol-F pellets involves the melting and extrusion of a condensation reaction product of bisphenol-F obtained by the reaction of phenol and formaldehyde in the presence of an acid catalyst in an organic solvent. And the increase in the temperature of the extruder is caused by volatilization in a solvent. The condensation of phenols with hydroxybenzaldehydes can be performed by any non-restrictive process, preferably by allowing 1 mole of phenol to react with 0.1 to 3.0 moles, preferably 0.3 to 1.5 moles of hydroxybenzaldehyde, in the presence of an acid catalyst.

Paints and Coatings has been the primary market for BPF Epoxy Resin in 2019. Due to the advancement of paints and coatings, BPF epoxy resins have been expected to meet higher physical, mechanical and chemical requirements. According to American Coatings Association, APAC consist more than 50% of paints and coatings market in terms of volume and more than 40% in terms of value. The presence of good number of manufacturers, mature automotive and construction industry, and growing manufacturing sector has made the region one of the key player across globe. Both the residential and non-residential sectors in China and India are expected to grow during the forecast period, which in turn would boost demand for paints and coatings from the region. The growth in the parent application of BPF epoxy resins will augment its market as it is one of the ingredient utilized in the manufacturing of paints and coatings.

Building and Construction industry has been the primary market for BPF Epoxy Resin in 2019 growing at a CAGR of 3.96%. In 2019, the overall building and construction market continued to grow due to higher construction spending. Over the period 2013 to 2018, M&A operation in the construction sector has steadily increased to 484 transactions recorded in 2018, up from 273 transactions reported in 2013. North America, Europe and Asia are the most dominant regions in terms of the number of transactions registered. Furthermore, investment in the transportation and infrastructure activities with upgrade initiative and the rise of smart city mega-projects across the globe is strengthening the building and construction industry. But in recent time, global economic turmoil due to outbreak of COVID-19 has hampered the growth of building and construction and similar related industries. The pandemic has forced the industries and manufacturing facilities to temporarily shut down or suspend their operations. Thus disrupting the supply and demand chain of BPF epoxy resins and its application industries.

APAC dominated the BPF Epoxy Resin market with a share of more than 54%, followed by Europe and North America. The epoxy resin market is dominated by the APAC region where China is the major producer and consumer globally. The robust increase in construction and automotive industry in APAC has increased the demand for paints and coatings in the region. Resulting in higher demand for architectural and industrial paints and coatings. The use of automotive paints is directly related to the production of automobiles, in particular passenger cars and two-wheelers. Increased vehicle interior applications and rising demand for Automated Manual Transmission are boosting the market for specialty coatings. The global demand for automotive paints is led by PPG Companies, Axalta Coatings, AkzoNobel, BASF and Sherwin Williams. These companies offer a wide variety of items on the OE market for automotive paints. New product innovations, acquisitions, alliances and joint projects are the core tactics embraced by these businesses to retain their positions in the market.

APAC as a whole is set to continue to be one of the largest and fastest growing construction markets globally. Large and more developed markets such China, India, Japan, and South Korea are expected to grow more in the coming years. The strong and healthy growth in construction sector is associated with growing population and middle class economy, which tend to drive global residential construction market further and hence the BPF Epoxy Resin market. Residential application segment is witnessing growth due to the rising penetration from untapped markets. First-mover advantage in untapped regions and relatively low acquisition costs remain key driving forces in this application market.

The reaction between the key raw materials is the most common way to produce epoxy resin. Higher the temperature of combustion, greater is the amount of gases emitted. Moreover, epoxy resins are non-biodegradable. Thermoset resins cannot be recycled, and are not biodegradable. Thus, all these concerns significantly hamper the growth of the global BPF Epoxy Resin market.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the BPF Epoxy Resin market. In 2019 the BPF Epoxy Resin market has been consolidated by the top five players accounting for xx% of the share. Major players in the BPF Epoxy Resin market are Olin Corporation, Hexion Inc, Aditya Birla Chemicals, Huntsman Corporation, DIC Corporation, and Others.