HBPA Epoxy Resin Market - Forecast(2023 - 2028)

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

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

HBPA Epoxy Resin Market Drivers