Scienza e Tecnologia
Bio-based Epoxy Resin Market to Expand at CAGR of 5.5% During Forecast Period, Notes TMR Study
ALBANY, N.Y. , March 29, 2022 /PRNewswire/ -- The global bio-based epoxy resin market was worth more than US$ 4.8 Bn in 2020. The market is likely to rise at a CAGR of 5.5% during the forecast period, from 2021 to 2031. The global bio-based epoxy resin market is expected to reach the value of US$ 8.6 Bn by the end of 2031. The use of bio-based epoxy resins in the construction industry is increasing, which is likely to fuel growth of the for the global bio-based epoxy resin market. Plant-based sources are used to make bio-based epoxy resins. Bio-based epoxy resins provide a number of advantages to products made with low-energy procedures that generate less hazardous chemicals, hence lowering greenhouse gas emissions. Bio-based epoxy resins have a number of major advantages over petroleum-based epoxy resins, including high strength, superior performance, no unpleasant odor, UV resistance, and low VOC and odor to name a few.
The global construction industry is predicted to rise significantly during the forecast period. As a result, the demand for bio-based epoxy resins is expected to rise over the forecast period due to increase in its usage of paints and coatings. Companies are centering their efforts on adhesives, paints & coatings, and laminates industries, since this segment's share of the bio-based epoxy resins market is expected to grow throughout the projected period.
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In comparison with fossil fuel-based epoxy resins, bio-based epoxy resins have lower malleability and tensile strength. As a result, firms in the global market are spending on R&D to develop high-tensile-strength bio-based epoxy resins that have the potential to outperform fossil fuel-based resins. The building & construction industry is increasingly making use of bio-based epoxy resin. The surface of numerous objects is coated with bio epoxy resin to safeguard it from corrosion, wear, as well as other environmental effects.
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Some of the key market players are
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