High Demand to Protect Concrete Floors in Industrial and Commercial Facilities and growth of Power Generation Industry are Expected to Drive the HBPA Epoxy Resin Market
The HBPA Epoxy Resin Market is driven
by the growth of the power generation industry in developing countries and an
increase in the need to protect concrete floors in the industrial and
commercial facilities. However, volatility in raw material prices is a major
restraint for market growth.
The market size of HBPA epoxy resin is estimated to be
USD 1.7 billion in 2018 and is projected to reach USD 2.2 billion by 2023, at a
CAGR of 5.1%, between 2018 and 2023.
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Tables and 30 Figures spread through 98 Pages and in-depth TOC on "HBPA
Epoxy Resin Market”
Increase in the demand for HBPA Epoxy Resin in the
industrial and E&E coating segments to protect the machines and industrial
infrastructure from external weather conditions and chemical attack. Increasing
urbanization and industrialization are the key factors driving the demand for
HBPA epoxy resin in these applications.
On the basis of
application, the E&E coating segment is estimated to lead the HBPA epoxy
resin market in 2018.
E&E is the largest application of HBPA epoxy resin.
These resins are widely used in electrical casting and electrical laminates in
several high-voltage electrical machines such as transformers, generators,
motors, switch gears, surge accelerators, and isolators. HBPA epoxy resin is
used in these machines to protect them from external weather conditions and
prevent the yellowing of their surfaces. The increase in urbanization and
industrialization drives the consumption of electrical machines on a commercial
scale, which, in turn, is fueling the demand for HBPA epoxy resin.
On the basis of
physical form, the liquid segment is projected to lead the HBPA epoxy resin
market during the forecast period.
The liquid form is projected to lead the HBPA epoxy resin
market, globally. The liquid epoxy resin is expected to account for the larger
share as it is easy to apply and mainly used in flooring, adhesives, and wind
power applications. It is the most widely used resin as it caters to almost
every application.
On the basis of
region, APAC is estimated to lead the HBPA epoxy resin market in 2018.
APAC is estimated to be the largest market for HBPA epoxy
resin owing to its high consumption in E&E and industrial coating
applications in the region. The HBPA epoxy resin coating provides thermal
transfer, chemical resistance, and dimensional stability to the electrical
products owing to its excellent adhesion and mechanical properties. Population
growth and rapid industrialization are leading to an increase in demand for
power generation and distribution infrastructure, which, in turn, drives the
demand for HBPA epoxy resin coating in the E&E application.
The key players in the HBPA epoxy resin market include
Hexion (US), Atul Chemicals (India), New Japan Chemical Company (Japan), and
Aditya Birla Chemicals (India). These players have established a strong
foothold in the market by adopting strategies, such as investment &
expansion, new product launch, partnership, and merger & acquisition.
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