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.
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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.
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
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