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.
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