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High Purity Epoxy Resin Market - Forecast(2023 - 2028)
High Purity Epoxy Resin Market Overview
The High Purity Epoxy Resin market size is estimated to reach US$5.6 billion by 2027, after growing at a CAGR of 6.1% during the forecast period 2022-2027. High purity epoxy resins are used in a wide range of applications such as paints, electrical & electronic, building & constructions, adhesives, flame retardants and more due to their excellent physical and chemical properties. High Purity Epoxy Resin includes carbon fibers, polymer, phenoxy resin and thermosetting resin. Nippon Paints Group, which is a key market player, 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. The High Purity Epoxy Resin Market is currently growing due to increased demand from end-use industries and a surge in demand for lightweight composites in aerospace and wind turbine applications. The expanding electronics sector has also aided the expansion of the worldwide high-purity epoxy resin market. The COVID-19 pandemic majorly impacted the high purity epoxy resin market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as transportation, building & construction and others, the High Purity Epoxy Resin market size is anticipated to grow rapidly during the forecast period.
High Purity Epoxy Resin Report Coverage
The “High Purity Epoxy Resin
Report
– Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis
of the following segments in the High Purity Epoxy Resin Industry.
Key Takeaways
- The Asia-Pacific region is expected to dominate
the High Purity Epoxy Resin market, owing to the rising automotive industry, as
well as developments in the electronics industries. These factors are propelling the High Purity Epoxy Resin in this region.
- The flourishing building and construction
industry is boosting the demand for High Purity Epoxy Resin for applications
paint & coating, adhesives & sealants and others, thereby driving the High Purity Epoxy Resin industry.
- Increasing demand for thermosetting resin from the electronics sector, as well as rapid use in the aerospace industry, are other reasons driving the High Purity Epoxy Resin market's growth.
- However, health issues and growing regulation regarding BPA would hamper the High Purity Epoxy Resin market growth.
High Purity Epoxy Resin Market
Segment Analysis – by Application
The Paint & Coating held the
largest share in the High Purity Epoxy Resin Market share in 2021 and is
forecasted to grow at an estimated CAGR of 6.2% during the forecast period 2022-2027. High
purity epoxy resin includes carbon fibres, polymer and thermosetting resins. It is mainly used to protect high-voltage electrical machines, flooring and other
applications against weathering and corrosion resistance. Furthermore, the
usage of high purity epoxy resin in industrial coatings improves surface gloss
and inhibits surface yellowing. Paint and coatings manufacturers are focused on
improving paint and coatings products in the coming years, which would likely
increase demand for high purity epoxy resin, providing market growth
possibilities. For instance, 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. Thus, these extensive properties compiled with increasing
application in the paint & coating industry are majorly driving its
segmental growth. Thus, the use of High Purity Epoxy Resin in the paint & coating industry would propel the High Purity Epoxy Resin market size.
High Purity Epoxy Resin Market Segment Analysis – by End-use
Industries
The Electrical & Electronics sector held the largest share in the High Purity Epoxy Resin Market in 2021 and
is forecasted to grow at an estimated CAGR of 6.5% during the forecast period 2022-2027.
High purity epoxy resins are frequently used in electronics components and
encapsulation to protect the device from harmful environmental factors like
mechanical shocks, moisture, current leakage, and gases. Additionally,
excellent mechanical properties, high toughness, high thermal resistance, low
thermal expansion and improved electric insulation in a high voltage connector
are some of the advantages that have fuelled the rise of the electrical grade
epoxy resin market. According to the Japan Electronics and Information Technology
Industries Association, computer and information terminal manufacturing in
Japan was worth 1,041,122 million yen in 2017 which was increased to 1,251,283
million yen in 2019. With the increasing electrical &
electronics production, the demand for high purity epoxy resin would also increase. As a result of this, the High Purity Epoxy Resin market share would be
flourished over the forecast period.
High Purity Epoxy Resin Market Segment Analysis – by Geography
The Asia-Pacific region held the largest share in the High Purity Epoxy Resin Market of up to 55% in 2021. The flourishing growth of high purity epoxy resin is influenced by its application across major industries, along with growing development in electronics production and the developed base for high purity epoxy resin in APAC. The electrical & electronics sector in Asia Pacific is rapidly growing due to a flourishing base for electrical manufacturers, demand for electronics components and production rise. According to the People’s Republic of China, in 2021, the electronics industry grew by 15.7 percent, an increase of 8 percentage points year over year. According to the India Brand Equity Foundation, by 2025, India's electronics manufacturing industry is expected to be worth US$520 billion. Electronics consumption would increase to US$400 billion by 2025, up from US$33 billion in FY20. By 2025, India is predicted to be the world's fifth-largest consumer electronics and appliances market. With the increasing electrical & electronics production, the demand for high purity epoxy resin would also likely increase. As a result, the High Purity Epoxy Resin market share would flourish over the forecast period.
High Purity Epoxy Resin Market Drivers
Bolstering Growth of the Building & Construction Industry:
High Purity
Epoxy Resin is wildly used in the building & construction industry as an
industrial coating or architectural coating to protect against weathering
impact. This factor is driving the growth of the high purity resin market. According
to the International Trade Administration, the construction sector in China is
projected to grow at an average of 8.6% from the year 2022 to 2030. According
to Oxford Economics, the global construction output in 2020 was US$10.7
trillion and is expected to grow by 42% or US$4.5 trillion between 2020
and 2030 to reach US$15.2 trillion. According to
Japan's Ministry of Land, Infrastructure, Transport and Tourism, the
construction order for new houses rose to 32.3% in June 2021, compared to
-13.4% in June 2020. With the rise in
building and construction projects across the globe, the demand for High Purity Epoxy Resin is anticipated to rise for various applications, which is
projected to boost the market growth in the building and construction industry
during the forecast period.
Rising Demand from the Electrical & Electronics Industry:
High Purity Epoxy
Resin has
growing applications in the electrical & electronics industry. For instance, Semiconductor Encapsulation has applicability in semiconductor devices,
computer chips, radio frequency (RF) devices and others. The electronics
industry is growing rapidly owing to the high demand for electrical devices and
consumer electronics such as smartphones, TV, PC and others in the
work-from-home scenario. According to the India Brand Equity Foundation (IBEF),
the electronics manufacturing industry in India is projected to reach US$520
billion by the year 2025. According to the Semiconductor Industry Association
(SIA), global semiconductor sales totaled US$151.7 billion in the first
quarter of 2020, showing an increase of 23% over the first quarter of 2021.
With the increasing growth in electronics production and semiconductor, the
demand for high purity epoxy resin for applications in computer chips,
semiconductor devices and others is growing. The growing electrical and
electronics sector is driving the market and offering major growth
opportunities in the High Purity Epoxy Resin industry.
High Purity Epoxy Resin Market Challenges
Health Issues and Growing Regulations Regarding BPA:
High Purity Epoxy Resin is applied as a protective coating to shield the surface from the
deteriorating effects of high temperatures, which can harm the surface.
Since high purity epoxy resins include carbon fibres, polymer and bisphenol
A epoxy resin, which is thought to be bad for human health, there are certain
health-related difficulties connected with their use. The use of bisphenol A
epoxy resin results in health problems like cancer and heart problems. It
is a particularly serious health problem for youngsters. According to the
Environmental Protection Agency (EPA), BPA concentration is dangerous to human
health. Furthermore, the new BPA Regulation reduces the SML for BPA from 0.6
mg/kg to 0.05 mg/kg, in accordance with European Union Regulation 2018/213, the
"Plastics Regulation" 10/2011. Such regulations are limiting
the use of HBPA epoxy resin. As a result, the health concerns and increasing
regulations surrounding BPA are hampering the growth of the High Purity Epoxy Resin industry.
High Purity Epoxy Resin Market Industry Outlook
Technology launches, acquisitions and R&D activities are
key strategies adopted by players in the High Purity Epoxy Resin market. The
top 10 companies in the High Purity Epoxy Resin market are:
- Osaka Soda
- Hexion
- Epoxy Base Electronic
- Huntsman
- Aditya Birla Chemicals
- DIC
- Olin Corporation
- Kukdo Chemical
- Nan Ya Plastics
- Chang Chun Plastics
Relevant Reports
Report Code: CMR 81336
Report Code: CMR 1429
Report Code: CMR 0656
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