Waterborne Epoxy Resins Market Driven by Growing Construction Industry and Increasing Demand for Low VOC Coatings
The Waterborne Epoxy Resins Market is estimated to be valued at US$ 3,173.7 Mn in 2022 and is expected to exhibit a CAGR of 7.73% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Waterborne epoxy resins are extensively used in protective and decorative coatings for concrete, metal, and plastics. They provide excellent chemical and corrosion resistance along with high mechanical strength. Waterborne epoxy coatings help extend the life of infrastructure by protecting against environmental damage. They are predominantly used in construction applications such as flooring, wall coatings, and infrastructure repair.
Market Dynamics:
The waterborne epoxy resins market is driven by the robust growth of the global construction industry. Rapid urbanization and infrastructure development activities across emerging economies are expected to increase the demand for protective coatings. Additionally, stringent environmental regulations regarding VOC emissions are promoting the use of low VOC waterborne epoxy coatings. This is further expanding the market scope. Furthermore, waterborne epoxy resins enhance product performance with features such as excellent adhesion, chemical resistance, and flexibility. The growing demand for these high-performance properties from end-use industries will continue fueling the market growth over the forecast period.
SWOT Analysis
Strength: Waterborne epoxy resins exhibit high durability and functionality. They offer excellent protection against corrosion and chemicals. Their low VOC emissions make them environmentally sustainable. They also have good film-forming properties.
Weakness: Waterborne epoxy resins have high production costs compared to solvent-borne variants. Their cure time is also longer. Strict environmental regulations increase compliance costs for manufacturers.
Opportunity: Increasing construction activities in developing nations drives demand. Also, stringent VOC norms boost the use of these low-emission resins in paints & coatings. Growing infrastructure spending augments their application in the construction industry.
Threats: Availability of cheaper solvent-borne alternatives can limit sales. Economic slowdowns may cause a downturn in end-use industries like construction. Raw material price volatility also poses risks.
Key Takeaways
The global waterborne epoxy resins market is expected to witness high growth, exhibiting CAGR of 7.73% over the forecast period, due to increasing infrastructure development and stringent environmental regulations regarding VOC emissions. Asia Pacific dominates the market and is expected to grow at the fastest rate owing to rising construction activities in China, India, and other developing economies.
Regional analysis: Asia Pacific leads the regional market with a share of over 40% in 2022. China, India, Japan, and other developing economies are witnessing a construction boom, propelling resin demand in this region. The Asia Pacific market is projected to expand at an 8.2% CAGR during the study period.
Key players: Key players operating in the waterborne epoxy resins market are Hexion Inc., Dow Chemical Company, Aditya Birla Chemicals Co. Ltd., Huntsman Corporation, BASF SE, Royal DSM N.V., Eastman Chemical Corporation, Conren Limited, Gellner Industrial LLC, and AllCoat Technology Inc.
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