The global HBPA epoxy resins market generated $1.9 billion in 2020, and is anticipated to reach $3.1 billion by 2030, manifesting a CAGR of 5.4% from 2021 to 2030. In-depth information about key drivers, restraints, opportunities, current trends, and their impact on the market is offered in the report.
Rise in the demand for energy, development of the power generation sector, hike in security awareness, and strict rules towards industrial and commercial facilities are the key factors propelling the growth of the HBPA epoxy resins market. Emergence of COVID-19 has negatively impacted the growth of the global HBPA epoxy resins market. The disrupted manufacturing process and supply chain operations were the key reasons for the negative impact.
However, the volatility of raw material prices can hinder market growth. On the other hand, HBPA epoxy resins are used in several industries including the electrical industry, automotive, and construction. The fast-developing construction activities, progress in renewable energy sources, and developments in the automotive industry across the globe, particularly in emerging countries, will create abundant growth opportunities for the HBPA epoxy resins market.
HBPA epoxy resin is produced on reacting epichlorohydrin with bisphenol A, which results in a chemical substance known as bisphenol A diglycidyl ether. Epichlorohydrin is an expensive raw material and has a severe impact on the production of HBPA epoxy resin. For instance, 500 ml of Epichlorohydrin comes at a price ranging from $5 to $10, as it uses fossil fuels as a raw material. With the development of technology, biofuels are used as a raw materials to produce this product. The fluctuation in prices of fossil fuels is the major factor restraining the growth of HBPA epoxy resins market. Moreover, production of HBPA epoxy resins leads to environment population, which is another factor expected to restrain the growth of HBPA epoxy resins market throughout the forecast period.
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HBPA Epoxy Resins Market Segment Overview
The report offers detailed segmentation of the global HBPA epoxy resins market based on form, application, and region.
Based on form, the solid segment accounted for the largest market share in 2020, contributing to nearly three-fifths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the liquid segment is projected to witness the fastest CAGR of 5.8% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in 2020, holding more than one-third of the total market share. Moreover, this region is expected to portray the fastest CAGR of 6.5% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Based on application, the electrical insulation segment contributed to the largest share in 2020, accounting for more than two-fifths of the global HBPA epoxy resins market. The same segment is expected to lead the market. On the other hand, the automobile segment is expected to manifest the highest CAGR of 6.5% from 2021 to 2030.
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HBPA Epoxy Resins Market Key Players
Leading players of the global HBPA epoxy resins market analyzed in the research include Emerald Performance Material, Huntsman Corporation, Mitsubishi Chemical Corporation, Kukdo Chemical Co. Ltd., Hexion Corporation, Aditya Birla Chemicals, SIR Industriale, New Japan Chemical Company, Milliken Chemical, and Atul Ltd.
The report analyzes these key players in the global market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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