Plastic is one of the many household items that consist of petrochemicals. These goods can only be produced with fossil fuels, which take a long time to degrade. If they do break down, it turns into tiny plastic particles that contaminate our environment permanently. Biobased materials are a crucial step in reducing the life cycle footprint of our building materials as we progress the science of our building systems.
Yes, the growing concern over the environmental impact of conventional construction techniques has made using eco-friendly materials in the construction sector necessary. Flooring is one industry that is seeing an increase in the usage of eco-friendly materials, with bio-based epoxy resin floors being a particularly popular option, increasing the bio-based epoxy resins market demand.
In this article, let’s discover bio-based epoxy resin, its advantages, and market insights.
What is Bio-Based Epoxy Resins?
Plant and vegetable oils are a natural source of bio-based epoxy resins. These biodegradable resins are created by epoxidizing the obtained oil, typically made of terpenes, saccharides, rosins, canola, glycerol, unsaturated vegetable oils, tannins, and glycerol. Producing epoxy resins on the market requires various curing agents, sometimes referred to as hardeners. The choice of curing agent depends on the application and type of usage, and it may also be bio-based.
Market’s Growth Drivers
The bio-based epoxy resins market demand throughout end-use sectors is being driven by strong government responses across the globe to reduce carbon emissions and positive attitudes toward environmental issues. Because of their eco-friendliness, low cost of production, and biodegradability, producers can concentrate on using raw materials from renewable sources, such as starch and other plant oils.
Moreover, many end-use industries, including construction, coatings, electronics, and adhesives, significantly emphasize green composites as part of their CSR initiatives and commitment to becoming carbon-neutral. Industries that care about the environment make steps to utilize fewer poisonous and environmentally harmful materials.
Plant Oils Sector Accounts for Largest Share
The market is divided into glycerol, vegetable, canola, soybean, hemp, and plant oils based on the ingredients. The highest bio-based epoxy resins market share in 2019 belonged to the segment for plant oils. The main market drivers driving its growth are the drawbacks of using fossil fuels as a feedstock and advancements in green chemistry.
Additionally, the proliferation of bio-refineries around the world is encouraging it. Over the forecast period, soybean oil as a feedstock is anticipated to expand fastest. Growth is credited with reaching its peak in emerging economies. These resin systems, which the region’s players have created, will accelerate its expansion in the ensuing years.
Regional Analysis of the Market
Based on regions, the bio-based epoxy resins market has been divided into Europe, North America, the Middle East & Africa, Asia Pacific, and Latin America. While reducing the reliance on petrochemicals as a feedstock source in favor of renewable sources, the latter of which is more expensive, North America and Europe are concentrating on green epoxy resin systems.
Furthermore, with a strong supply chain network and multiple specialty chemical companies operating inside its borders, North America’s bio-based epoxy resins industry is implementing forward integration by switching its feedstock from fossil fuels to organically generated vegetable and plant oils. North America has the highest adoption rate, followed by Europe and the Asia-Pacific region.
The main drivers of bio-based epoxy resins industry expansion are the availability of various natural resources for constructing these resins, their affordability, their environmental friendliness, and the growing attention of major companies on bio-based resin systems. In fact, the global bio-based epoxy resins market was valued at USD 47.4 million in 2019 and is expected to reach USD 117.0 million at a CAGR of 12.1% during the forecast period of 2027.