HBPA Epoxy Resin Market worth $2.2 billion by 2023 | Key players Hexion (US), Atul Chemicals (India), New Japan Chemical Company (Japan), and Aditya Birla Chemicals (India).

According to recent market research the "HBPA Epoxy Resin Market by Physical Form (Liquid and Solid), Application (E&E Coating, Industrial Coating, and Others), and Region (APAC, Europe, North America, South America, and Middle East & Africa) - Global Forecast to 2023" The HBPA epoxy resin market is projected to grow from USD 1.7 billion in 2018 to USD 2.2 billion by 2023, at a CAGR of 5.1% between 2018 and 2023. There is an increase in the demand for HBPA epoxy resin in the industrial and E&E coating segments to protect the machines and industrial infrastructure from external weather conditions and chemical attack. Increasing urbanization and industrialization are the key factors driving the demand for HBPA epoxy resin in these applications. However, volatility in raw material prices and high prices of HBPA epoxy resin are hampering the market growth.

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E&E is the largest application of HBPA epoxy resin. These resins are widely used in electrical casting and electrical laminates in several high-voltage electrical machines such as transformers, generators, motors, switch gears, surge accelerators, and isolators. HBPA epoxy resin is used in these machines to protect them from external weather conditions and prevent the yellowing of their surfaces. The increase in urbanization and industrialization drives the consumption of electrical machines on a commercial scale, which, in turn, is fueling the demand for HBPA epoxy resin.

The liquid form is projected to lead the HBPA epoxy resin market, globally. The liquid epoxy resin is expected to account for the larger share as it is easy to apply and mainly used in flooring, adhesives, and wind power applications. It is the most widely used resin as it caters to almost every application.

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APAC is estimated to be the largest market for HBPA epoxy resin owing to its high consumption in E&E and industrial coating applications in the region. The HBPA epoxy resin coating provides thermal transfer, chemical resistance, and dimensional stability to the electrical products owing to its excellent adhesion and mechanical properties. Population growth and rapid industrialization are leading to an increase in demand for power generation and distribution infrastructure, which, in turn, drives the demand for HBPA epoxy resin coating in the E&E application.

The key players in the HBPA epoxy resin market include Hexion (US), Atul Chemicals (India), New Japan Chemical Company (Japan), and Aditya Birla Chemicals (India). These players have established a strong foothold in the market by adopting strategies, such as investment & expansion, new product launch, partnership, and merger & acquisition.

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Hexion is among the key players in the HBPA epoxy resin market, which has adopted investment & expansion and new product launch as its key business strategies. For instance, in June 2016, Hexion Inc. increased its R&D facilities. A new analytical laboratory was added to its technology & business center in Stafford, Texas. The expansion caters to the increasing demand for chromatography, spectroscopy, rheology, microscopy, and materials in Hexions epoxy, phenolic, and coating resins and forest products divisions.

Aditya Birla Chemicals is one of the leading manufacturers of HBPA epoxy resin; the company has adopted merger & acquisition as one of its key business strategies to strengthen its competitiveness in the global HBPA epoxy resin market. For example, in October 2013, Aditya Birla Chemicals acquired CTP Chemicals and Technologies (100% equity stake) and CTP Advanced Materials GmbH (CTP AM) (50% equity stake). The strategic acquisition is expected to strengthen Aditya Birla's position in the epoxy resin and curing agents' business in Europe. CTP AM is a marketing and development company, providing solutions for electrical and composite industries; especially for the windmill/rotor blade industry. CTP and CTP AM have a strong brand image as a specialty products supplier and solutions provider in Europe, which, in turn, strengthens Aditya Birla's brand image in the European market.

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