India Epoxy Resins Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

India Epoxy Resins Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The India epoxy resins market was valued at 139.327.15 tons in 2021, and is expected to register a CAGR of ~7.80% during the forecast period (2022-2027).

Key Highlights

• The growing personal care industry, wide usage of IPA as cleaning agents, and increasing demand for IPA from the pharmaceutical industry for sanitizer production are the factors driving the market growth.
• On the flipside, the hazardous impact of epoxy resins is expected to hinder the growth of the market.
• Also, the alternative ways available to produce acetone might hinder the market's growth.
• The rapid growth in the Indian paints and coatings industry (mainly automotive and industrial coatings) is expected to propel the growth of the epoxy resins market during the forecast period

Key Market TrendsIncreasing Demand for DGBEA (Bisphenol F & ECH)

• Epoxy resins based on bisphenol A-epichlorohydrin are still the most widely used epoxies. Epoxy resins are prepared by reacting compounds containing an active hydrogen group with epichlorohydrin, followed by dehydrohalogenation.
• Epoxy resins based on the diglycidylether of bisphenol A (DGEBA) are most commonly used in formulations for adhesives, coatings, laminates, and encapsulants.
• Polycarbonates and epoxy resins are the major products derived from BPF. These epoxy resins are produced using the same method as performed for DGEBA. The DGEBF epoxy resins have lower viscosity and better mechanical and chemical properties than the DGEBA ones.
• Nowadays, roughly 90% of worldwide epoxy resin materials are made from diglycidyl ether of bisphenol A (DGEBA). This resin offers unique features such as outstanding mechanical properties, chemical resistance, and shape stability.
• Bisphenol F epoxy resins are used in broad applications, including coatings, civil engineering, adhesives, electrical insulating materials, and reactive intermediates. In particular, the liquid resins have low viscosity, so they excel in workability and moldability, which makes them suited to many applications
• Such factors are expected to drive the demand for DGBEA during the forecast period (2022-2027).

Paints and Coatings Segment to Dominate the Market

• The paints & coatings segment is expected to grow at the fastest rate in the global epoxy resin industry, owing to their widespread use in the building, automotive, energy, and electronic industries.
• Epoxy resins are reinforced polymer composites, derived from petroleum sources; by themselves, they are the result of a reactive process involving epoxide units. These resins are used as binders for coating applications to enhance the durability of coating for floor and metal applications
• India is one of the fastest-growing countries in terms of manufacturing sectors and machinery growth, giving rise to the need for paints and coatings. The government is providing various benefits to the companies setting their manufacturing units in the country and framing various policies to boost the manufacturing sector. For instance, India outlined a plan in August 2021 to reach its goal of USD 1 trillion in manufactured goods exports.
• The Indian paint industry is estimated to have a turnover of around INR 50,000 crore. Asian Paints, the largest domestic player in the market, operates ten production facilities in the country, while Berger paints operate 12 production facilities.
• Thus, the rapid growth in the Indian paints and coatings industry (mainly automotive and industrial coatings) is expected to propel the growth of the epoxy resins market during the forecast period (2022-2027).
• Automotive production for passenger vehicles (except for BMW, Mercedes, Tata Motors & Volvo Auto), three-wheelers, two-wheelers, and quadricycles witnessed 2,214,745 units by October 2021, and the overall production stood at 43,99,112 units in 2021. According to IBEF, the government of India expects the automobile sector to generate USD 8-10 billion by 2023 through local and foreign investment.
• Such factors are expected to drive the demand for epoxy resins in paints and coatings, thus increasing the growth of the market during the forecast period.

Competitive Landscape

The Indian epoxy resins market is partially fragmented in nature with the presence of various players in the market. Some of the major companies in India epoxy resins market (not in a particular order) includes Aditya Birla Chemicals, Atul Ltd., 3M, KUKDO CHEMICAL Co. Ltd, Hexion, Huntsman International LLC, Olin Corporation, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
3M
Aditya Birla Chemicals
Atul Ltd
BASF SE
Daicel Corporation
DuPont
KUKDO CHEMICAL CO., LTD.
Huntsman International LLC
MACRO POLYMERS Pvt Ltd
NAN YA PLASTICS CORPORATION
Olin Corporation
Westlake Corporation (Hexion)