Waterborne epoxy resins market have gained wide acceptance across numerous end-use industries including automotive, aerospace, construction, furniture, and several others on account of their low volatile organic compound (VOC) emission.
Ocean View, DE -- (SBWIRE) -- 07/01/2020 -- Waterborne epoxy resins market has been around for several decades, serving as an environmentally friendly substitute to solvent-based epoxy resins. The introduction of stringent environmental and worker safety regulations in numerous economies has propelled their use across myriad industries. These resins offer a high degree of compatibility with numerous materials and compounds and help cut down emission of organic solvents.
Strict legislation pertaining to VOC emission, mainly in developed regions, will boost the demand for these waterborne epoxy resins market which find extensive application functional paints, coatings, and adhesives.
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Favorable regulatory scenario and surging demand for automotive paints
With mounting concerns regarding VOC emissions and growing focus towards environmental sustainability, several countries in developed regions like North America and Europe have enforced stringent norms to minimize environmental impact. For instance, Directive 2004/42/EC of the European Parliament requires manufacturers to limit VOC emission produced due to the use of organic solvents in decorative paints, coatings, and varnishes as well as vehicle refinishing products. Similar regulation in many regions have automakers to switch to waterborne coatings and paints.
The global automotive sector is rapidly evolving, with changing demographics and shifting consumer preferences. The past few years have witnessed a substantial rise in passenger vehicles sales, which can be attributed to robust economic development and rising disposable incomes. Future trends in automotive paints and coatings will be largely driven by growing consumer attraction towards high-quality customized solutions.
Even though the ongoing coronavirus pandemic has forced automotive manufacturing activities to slow down or entirely stop, manufacturers are aiming to boost auto production in the near future. In June 2020, Maruti Suzuki, one of India's leading passenger vehicle maker, announced plans to ramp up production to over 100,000 units starting July. Meanwhile, renowned two-wheeler manufacturer Hero MotoCorp is eyeing to ramp up manufacturing to nearly 500,000 units over the next few months.
Waterborne epoxy resins industry forecast in terms of the competitive landscape
Hexion Inc., Olin Corporation, Miller-Stephenson Chemical Company, Inc., Huntsman Corporation, Air Products and Chemicals, Inc., Nan Ya Plastics Corporation, Kukdo Chemical Co., Ltd., and Allnex are among the leading manufacturers of waterborne epoxy resins market globally.
Several of these companies have signed supply and distribution agreements with other organizations to expand their product penetration. Citing an instance, in February 2020, Olin Corporation had inked a national distribution contract with Univar for the supply of epoxy resins across the U.S. The alliance would enable Olin to supply its portfolio of standard and specialty epoxy resins in all 50 US states. In July 2019, Arkema had selected local company Brenntag as its primary distributor of waterborne resins across the country.
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Waterborne epoxy resin market manufacturers are also making significant efforts to boost research and product development. For example, in November 2019, Hexion completed the construction of its new application development center (ADC) in Shanghai, China as part of its global efforts to strengthen its technical services and research and development capabilities. The new ADC helped the company support product innovation and customer collaboration and accelerate growth in waterborne resins and composites.
Some major factors impacting the product demand
Fluctuations in raw material prices and lack of availability of bisphenol A, a major raw material in the production of waterborne epoxy resins, may affect the market forecast slightly. The emergence of biobased resins may also limit the product adoption in the upcoming years. However, consistent demand for lightweight materials and growing usage of composites in automotive and aerospace applications will bolster waterborne epoxy resins industry outlook.
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