Bio-Based Epoxy Resins Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

Global Bio-Based Epoxy Resins Market is estimated to witness a major leap forward in its revenue from US$ 170.2 Mn in 2021 to US$ 220.1 Mn by 2027. The market is registering a CAGR of 4.4% during the forecast period 2022-2027. In terms of volume, the market was valued at 24,898.1 tons in 2021 and is projected to grow at a CAGR of 4.1% over the forecast period. 

Bio-based epoxies are a relatively new class of bio-sourced resins that are produced by epoxidation of renewable precursors such as unsaturated vegetable oils, saccharides, tannins, cardinals, terpenes, resins, and lignin. The major end-user industries for epoxy resins include electronics and paints & coatings followed by adhesives, composites, laminates, and others. Currently, petrochemicals are used to make 75% of epoxy polymers in the globe. However, it is made from a reprotoxic chemical that is being closely monitored and whose usage in certain applications may be banned in the future. As a result, bio-sourced epoxy polymers could serve as a substitute for renewable and non-harmful epoxy polymers. 

The market is majorly driven by factors such as government regulations to curb carbon emissions and increased application use of bio-based epoxy resins. The newest generations of biobased epoxy resins reduce the environmental impact of epoxies by replacing a portion of the petrochemicals with renewable, biobased materials. Epoxy resins are one of the most widely used thermosets in different engineering fields, due to their chemical resistance and thermo-mechanical properties. 

Recently, bio-based thermoset resin systems have attracted significant attention given their environmental benefits related to the wide variety of available natural resources, as well as the resulting reduction in the use of petroleum feedstock. Furthermore, epoxy composites are of potential interest for the aerospace and transportation industries as a lightweight material that can improve fuel efficiency and add impact strength. However, the fluctuating cost of raw materials restricts the market growth. 

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes the global bio-based epoxy resins market for the study period of 2017-2027; where historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 17 chapters distributed across 279 pages with 88 lists of tables and 105 lists of figures.
• The market is segmented based on type, ingredient, form, application, end-user, and region.
• The market estimates are presented in terms of value (US$ Mn) and Volume (Tons).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• Detailed value chain analysis of the industry was conducted. It includes raw material providers, bio-based epoxy resins manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Bio-Based Epoxy Resins Market Report

• Based on type, the bio-based carbon content: 28-50% segment is estimated to have the highest market share in 2021 owing to its highest purity property which has led to its wide scope in various applications. Moreover, the growing environmental concerns related to the disposal of packaging materials and the need for eco-friendly packaging with the highest purity have augmented the growth of the segment, thereby driving the market growth.
• In terms of ingredients, the plant oil segment contributed the major share in the global bio-based epoxy resins market in 2021. Plant oil dominates the market owing to its wide availability as a feedstock or raw material. Soyabean oil has the highest share among the plant oils in the bio-based epoxy resins market.
• Based on form, liquid and solution has the highest market share in 2021 and also register the fastest CAGR during the forecast period 2022-2027. Liquid bio-based epoxy resin has high application in coatings, adhesives, composites, laminates, and electronic materials such as potting compounds.
• The diglycidyl ethers of the isosorbide (DGEI) application segment have the highest share in the bio-based epoxy resins market in 2021. Diglycidyl ethers of isosorbide (DGEI) have been widely used in the food processing industry. With the growing food industry across the world, the segment is projected to gain high growth in the upcoming years.
• Consumer goods are the highest end-users of bio-based epoxy resins in 2021 and also register the fastest CAGR over the projection period. The growing e-commerce sector acts as a key growth factor for the packaging market. As the consumers are purchasing more and more retail goods and perishables online, it creates a strong demand for sustainable packaging solutions hence employing the use of bio-based epoxy resins.
• North America is dominating the Global Bio-Based Epoxy Resins Market. The increasing number of infrastructure projects, growth in the construction industry, and high demand for coatings in the region have fueled the bio-based epoxy resins market. Further, the rising demand for commercial vehicles and dependency on e-commerce along with technological advancements will continue to spur the demand in the upcoming years.

Competitive Landscape

The key players in the Global Bio-Based Epoxy Resins Market are Chang Chun Group, Entropy Resins, Greenpoxy, Sicomin Epoxy Systems, Amroy Europe Oy, and Wessex Resins & Adhesives Ltd among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip in the stabilized market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview 

The following are the different segments of the Global Bio-Based Epoxy Resins Market:

By Type Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:

• Bio-based Carbon Content: 28-50%
• Bio-based Carbon Content: ≥50%

By Ingredient Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:

• Glycerol
• Hemp
• Vegetable
• Plant Oil
  • Soybean Oil
  • Linseed Oil
  • Canola Oil
  • Karanja Oil
• Others

By Form Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:

• Liquid
• Solid
• Solution

By Application segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:

• Diglycidyl Ethers of Isosorbide (DGEI)
• Epoxidized Cardanol (Coatings)
• Epoxidized Linseed Oil
• Furan diepoxy of 2,5-bis (hydroxymethyl)-furan (BHMF)
• Liquid epoxidized natural rubber (LENR)
• Terpene-maleic estertype epoxy (TME)

By End-Use Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:

• Aerospace
• Building & Construction
• Consumer Goods
• Electrical & Electronics
• Marine
• Wind Power
• Others

By Region Segment of the Global Bio-Based Epoxy Resins Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • Rest of Eastern Europe
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Rest of South America
• Middle East
  • UAE
  • Saudi Arabia
  • Egypt
  • Rest of the Middle East
• Africa
  • South Africa
  • Nigeria
  • Rest of Africa