One of the typical applications of waterborne epoxy resins is in the construction and infrastructure sector. As per India Brand Equity Foundation (IBEF), India is expected to become the world’s third-largest construction market by 2022. According to the same source, India plans to spend around US$ 1.4 trillion on infrastructure projects through the National Infrastructure Pipeline (NIP) from 2019 to 2023. Waterborne epoxy resins are widely used in the construction industry, typically in coatings due to their high resistance to chemicals. Therefore, such factors can stimulate growth of the waterborne epoxy resins market.
Water-resistant liquid epoxy resins and their associated coatings are ideal for outdoor uses, such as pools and spas, but they do not perform well inside homes. This is because liquids will always enter inside the home. This is why most manufacturers no longer sell water-resistant coatings as standalone products. Homeowners are instead required to purchase these products along with their liquid epoxy resin systems and must apply the additional coating after installation. As far as the geographical footprint is concerned, Asia Pacific seems to be gaining significant traction in the waterborne epoxy resins market. This is typically due to the fact that there is the widespread use of waterborne epoxy resins in the electronics, electrical, and construction industries. On the contrary, North America is likely to register robust growth since there is demand from various industries such as marine, aerospace, and many more.
Although not strictly speaking part of the resin category, curing agents play an important role in stabilizing liquid epoxy resin systems. When applied to the surface of the system, the curing agents can prevent bonding between the liquid and the solid epoxy resin. This would allow the system to dry more quickly. However, even without the aid of curing agents, a quality liquid epoxy resin system can still cure at a faster rate than regular epoxy systems. That being said, there are certain challenging factors that could potentially impede market development. For instance, resin production is highly expensive, which could pose a major challenge. Besides, stringent regulatory frameworks due to strict environmental norms can inhibit growth of the waterborne epoxy resins market.
While the cost of waterborne epoxy resins has been continuously on the rise, the cost of coatings is also increasing, causing many homeowners to reconsider buying them. In addition to the rising cost, the increase in pollutants in the air has made it harder for resins to adhere to surfaces like concrete. Most distributors are now offering a "soil-resistant coating" along with their resins. Another factor governing the market development is rapidly growing application of composites as they are lighter and stronger. Besides, there is a growing consumer shift towards green and eco-friendly products, which could potentially stimulate the growth of the waterborne epoxy resins market in the near future. Recently, in June 2019, Royal DSM launched a new direct-to-metal waterborne coating resin called NeoCryle XK-117.
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