According to the report published by Allied Market Research, 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 global warming and increase in the need to meet future energy demands led to the expansion of solar and wind power plant facilities. The HBPA epoxy resin, in liquid form, is widely used in wind power applications. Factors propelling the growth of the global HBPA epoxy resins market include the presence of electrical automobile manufacturers and rapid growth in automobile technology.
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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.
Covid-19 Scenario:
- Decline in demand for nonessential items and closure of several electrical infrastructure activities during the pandemic has adversely impacted the development of the HBPA epoxy resins market.
- Rise in demand for eco-friendly products and investment made by countries across the globe in renewable energy sources to deal with the energy restraints are anticipated to offer several opportunities for the market.
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.
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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.
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.
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.
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