HBPA Epoxy Resin Market worth $2.2 billion by 2023 | Key Players include Hexion, Atul Chemicals, New Japan Chemical Company, and Aditya Birla Chemicals

According to recent market research "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.

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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 price of HBPA epoxy resin are hampering the market growth.

The HBPA epoxy resin market is driven by the growth of the power generation industry in developing countries and an increase in the need to protect concrete floors in the industrial and commercial facilities. However, volatility in raw material prices is a major restraint for market growth.

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The market size of HBPA epoxy resin is estimated at USD 1.7 billion in 2018 and is projected to reach USD 2.2 billion by 2023, at a CAGR of 5.1% between 2018 and 2023.

The growth of the power generation industry in developing countries and an increase in the need to protect concrete floors in industrial and commercial facilities are expected to drive the demand for HBPA epoxy resin during the forecast period. The key players in the HBPA epoxy resin market include, Hexion (US), Atul Chemicals (India), New Japan Chemical Company (Japan), Aditya Birla Chemicals (India), Kukdo Chemicals (South Korea), Anhui Xinyuan Chemical Company (China), SIR Industriale (Italy), Emerald Performance Material (US), and Nagase America Corporation (US). The HBPA epoxy resin market report analyzes the key growth strategies adopted by the leading market players, between 2013 and 2018. These strategies include investment expansion, new product launch, partnership, and merger & acquisition.

These companies have adopted various organic as well as inorganic growth strategies between 2012 and 2018 to strengthen their positions in the market. Investment & expansion was among the key growth strategies adopted by these leading players to enhance their regional presence and meet the growing demand for HBPA epoxy resin from emerging economies.

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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 agent 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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