Global Epoxy Novolac Resins Market: Overview
Epoxy resins are polymeric materials and rarely exist as pure substances. Epoxy resin is defined as a molecule containing more than one epoxide group. These resins are thermosetting polymers and are used as adhesives, high-performance coatings, and encapsulating materials. These resins have excellent electrical properties, low shrinkage, favorable adhesion to many metals, and resistance to moisture. The term epoxy resin refers to both the uncured and the cured forms of the resin. Demand for epoxy resins is high from the industrial sectors due to properties of cured resins such as favorable adhesion to many substrates, relatively high toughness, superior environmental resistance, high electrical resistivity, and low shrinkage.
There are two main categories of epoxy resins, namely glycidyl epoxy and non-glycidyl epoxy resins. Glycidyl epoxies are further classified into diglycidyl ether of bisphenol-A (DGEBA) and novolac epoxy resins. Novolac epoxy resins are glycidyl ethers of phenolic novolac resins. Phenols are reacted in excess with formaldehyde in the presence of an acidic catalyst to produce phenolic novolac resins. Novolac epoxy resins are synthesized by reacting phenolic novolac resins with epichlorohydrin in the presence of sodium hydroxide as a catalyst. Epoxy novolac resins are specifically designed to increase glass transition temperature and improve thermal, chemical, and mechanical resistance. Epoxy novolac resins are primarily used as primary epoxy resins or as modifiers in multi-resin systems.
Global Epoxy Novolac Resins Market: Applications
In terms of application, the epoxy novolac resin market can be segmented into coatings, composites, adhesives & sealants, electrical & electronics, and others. Phenolic novolac resins are widely used in the coatings industry. They are used to formulate high-performance varnishes and oil-based vehicles for dry paints. They are also used as modifiers for various coatings, including standard air-dry alkyd and two component epoxy primers. Epoxy novolac resins improve the adhesion, moisture resistance, and corrosion resistance of primers in painting applications. Furthermore, they are used as curing agents or hardeners for epoxy resins in applications such as molding materials, laminates, coatings, and adhesives. They are also used in casting and tooling applications, coil coatings, marine and protective coatings, photocure industrial coatings, and others. Thus, an increase in demand for epoxy novolac resins from the paints & coating industry is likely to drive the epoxy novolac resins market.
Global Epoxy Novolac Resins Market: Regional Analysis
Based on region, the global epoxy novolac resins market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific holds a major share of the global epoxy novolac resins market due to rapid industrialization, rise in infrastructure activities, and high demand from emerging economies. The epoxy novolac resins market in North America is anticipated to expand at a significant pace during the forecast period, owing to expansion in the electronics industry. The epoxy novolac resins market in Europe is projected to expand at a substantial pace from 2018 to 2026, due to rise in demand for vehicle coatings from the automotive & transportation industry in the region. Latin America and Middle East & Africa are expected to account for a significant share of the global epoxy novolac resins market, owing to increase in investments in the construction and transportation sector. The investments are projected to create new opportunities for the paints & coatings industry in the region, which, in turn, is projected to propel the demand for epoxy novolac resins market in these regions.
Global Epoxy Novolac Resins Market: Key Players
Major players operating in the global epoxy novolac resins market include Hexion Inc., Georgia-Pacific Chemicals LLC, and The Dow Chemical Company. Manufacturers engage in strategies such as mergers & acquisitions, agreements, and capacity expansion to maintain a strong foothold in the market and to cater to the rising consumer demand.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.