Waterborne Epoxy Resins Market Continues To Grow With Rise in Demand from Various End-Use Industries

Waterborne Epoxy Resins Market Continues To Grow With a Rise in Demand from Various End-Use Industries

Overview:

Compared to traditional solvent-based coatings, waterborne epoxy resin is eco-friendly. They provide superior performance characteristics, including corrosion resistance, electrical properties, mechanical strength, toughness, and temperature tolerance. These coatings are largely used in the adhesives and coatings industries. These resins are copolymerized with a large number of hardeners to develop high-performance coatings for various applications. They are also used as a structural matrix in aircraft manufacturing. Waterborne epoxy resin coatings offer excellent chemical and physical properties and are compatible with a wide range of substrates.

Market Dynamics:

Increasing growth of end-user industries such as construction and automotive leading to high demand for these resins is anticipated to augment the growth of the global waterborne epoxy resins market during the forecast period. Waterborne epoxy resins produce zero VOCs emissions and due to this reason, the demand for this product is high in various end-user industries. For instance, as per the Office for National Statistics, U.K., the monthly output of construction activities in Great Britain increased by 0.4% in volume terms in September 2022, which is a consecutive growth from July 2022. Thus, with growing, the construction industry's demand for these products is also increasing all over the world.

However, the high cost of production of waterborne epoxy resins and volatility in prices of crude oil is projected to hamper the growth of the global waterborne epoxy resins market during the forecast period.

Impact of COVID-19:

The epidemic of Covid-19 affected several industries around the world. Many countries imposed stringent lockdown regulations for controlling the virus spread. The global waterborne epoxy resins market was negatively impacted by the Covid-19 pandemic, as several major market activities were disrupted under the lockdown regulations. Due to a lack of manpower and supply of raw materials, product and demand were impacted adversely in the market. Moreover, several end-user industries were disrupted during the pandemic, which again affected the waterborne epoxy resin demand.

Key Takeaways:

·       The global waterborne epoxy resins market is to grow with a CAGR of XY% during the forecast period, due to a rise in demand from the paint & coatings industry around the world. For instance, in November 2021, Solvay announced the development of Reactsurf 0092, a non-ionic reactive and an alkylphenol ethoxylates-free (APE) water-based emulsifier for solid epoxy resins, primarily to be used in industrial binders or paints and coatings.

·       Asia Pacific is anticipated to witness strong growth in the global waterborne epoxy resins market during the forecast period. This is due to the robust presence of major economies such as India and China, and increasing end-user industries for waterborne epoxy resin across the region.

·       Major players active in the global waterborne epoxy resins market are DIC Corporation, Allnex GmbH, Nan Ya Plastics Corporation, Evonik Industries AG, ADEKA Corporation, Huntsman Corporation, Reichhold LLC, Olin Corporation, and Kukdo Chemical Co., Ltd., among others. 

Global Top 15 Petrochemicals Market is Gaining Rapid Traction with Chevron Phillips Chemical Company LLC Signing an Agreement with Qatar Petroleum to develop new Petrochemical Plant

 

The petrochemicals that fall in the lower segment of the Top 15 are mainly used in the production of plastic and thermal goods. Among these polyethylene has the highest growth rate. Another major finding of the research is that the petrochemicals that come after polyethylene are largely derived from China. China is the main provider of raw materials for polyethylene.

Rapid shale gas exploration activities worldwide are expected to drive growth of the global top 15 petrochemicals market. Shale gas exploration activities have increased massively over the years, with China being one of the largest consumers of petrochemical products. Similar growth is witnessed in emerging economies of the Asia Pacific such as India and Japan due to high demand from end-use industries. Major gas exploration companies across the globe are ramping up their exploration activities, in order to cater to demand petrochemical products. For instance, in April 2019, ExxonMobil, a U.S.-based oil & gas company, won three exploration blocks offshore Argentina of 2.6 million net acres with Qatar Petroleum. Furthermore, in January 2021, China Petrochemical Corporation (Sinopec) announced that it has completed phase 1 development of the Weirong shale gas field in southwestern Sichuan province in China. Hence, such factors are expected to drive growth of the global top 15 petrochemicals market. Furthermore, the presence of a large volume of feedstock in the Organization of Petroleum Exporting Countries (OPEC) is expected to propel the global top 15 petrochemicals market growth in the near future.

However, fluctuations in raw material prices and growing preference for green energy are expected to restrain growth of the global top 15 petrochemicals market. Besides, the availability of new substitutes such as bio-fuels is expected to hinder the market growth in the near future. Among regions, Asia Pacific is expected to witness significant growth in the global top 15 petrochemicals market. This is owing to the rise in consumption of petrochemical products due to the large population in the region. Furthermore, North America is expected to witness a significant growth rate, owing to the presence of key oil & gas players such as ExxonMobil in the region.

Key companies operating in the global top 15 petrochemicals market are E. I. du Pont de Nemours and Company, BASF SE, Chevron Phillips Chemical Company LLC, ExxonMobil, Sumitomo Chemical Co. Ltd., Shell Chemical Company, Total S.A., SABIC, Lyondell Basell Industries, and Sinopec Limited.

For instance, in July 2019, Chevron Phillips Chemical Company LLC entered into an agreement with Qatar Petroleum to pursue the development of a new petrochemical plant in the Gulf Coast region of the U.S.

The Global Benzene Toluene Xylene Market Continues To Grow Owing To the Increased Demand from Manufacturing and End-Usage Sectors for Industrial and Commercial Applications

 

Benzene Toluene Xylene (BTX) is a co-product extracted during the production process of ethylene. These compounds are aromatic and are mainly used as the main building blocks of petrochemical products. BTX is mainly produced from the various petrochemical industrial processes and is used in chemical manufacturing and intermediate products such as pharmaceutical products, cosmetics, ink, adhesives, rubber product, thinner, and paints. Benzene Toluene Xylene is naturally present in gasoline and is utilized as an additive in gasoline. It is also used as an additive in multiple simulation fluid during production to boost the flow of hydrocarbon.

Market Dynamics                                  

When using products with Benzene Toluene Xylene, the user should always be careful and ensure that these products are not abused and that they do not pose a health hazard to the user. This chemical is widely used in the United States as an antifungal agent and can be found in numerous personal care products such as nail polishes, shampoos, soaps, hair dyes, and deodorants. It is known to cause irritation of the eyes, skin, or mucous membranes and if misused can also result in severe irritation, burning, itching, and swelling.

The main driving factor influencing the growth of the Benzene Toluene Xylene market is the significant rise in demand for BTX in various commercial and industrial applications. The continued expansion of polymeric applications, cleaning agents, paints and coatings, fuel additives, etc., are some of the widely used applications of Benzene Toluene Xylene. According to the U.S. Economic Development Administration, in 2020, there were approximately 8739 paint stores in the United States 2020, which generated total revenue of approximately US$ 12 billion.

Benzene Toluene Xylene is also used in the manufacture of spermicidal strips, deodorant, perfumes, and industrial lubricants. If these chemicals are not properly handled or used, they can cause a wide range of health hazards. An accidental intake can result in vomiting, burns, and nausea, diarrhea, and breathing difficulties. Long term exposure can result in irritability, depression, dizziness, headaches, skin rash, hearing problems, depression, increased rate of the pulse, and high blood pressure. Long-term contract with these compounds can lead to cancer, liver disease, eczema, birth defects, convulsions, reproductive disorders, and a range of other health problems. These are the main restraining factors hindering the growth of the market.

This market is distributed in five regions that include North America, Europe, Asia-Pacific, Middle East, and Africa, and Latin America. Among these, Asia Pacific is estimated to hold a bigger share of the Benzene Toluene Xylene market, owing to the major manufacturers who are shifting their businesses to the developing economies with an aim to establish a major BTX market in the region. The rapid industrialization and low feedstock cost are also the factors that are encouraging the growth of the market here. The Benzene Toluene Xylene market in North America is estimated to witness significant growth owing to the availability and abundance of cheap raw materials from shale gas reserves.

Competitive Analysis

The key players in the Benzene Toluene Xylene market include Petrochem Carless, INEOS AG, Huntsman Corporation, Honeywell UOP, DEZA a. s., Celanese Corporation, Ashland Inc., Chevron Phillips Chemical Company LLC., LyondellBasell Industries N.V., BASF SE, Eastman Chemical Company, Shell Plc., Royal Dutch UOP LLC, and Exxon Mobil Corporation.

In June 2019, Hyundai Chemical, which is a 60:40 joint venture between Hyundai Oilbank and Lotte Chemical, increased the production of xylene to 1.4 million tons per year from 1.2 million tons per year. Hyundai Chemical has announced that the production of paraxylene will also increase from 1.18 million tons per year to 1.36 million tons per year.