Epoxy Novolac Resins Market to Witness Comprehensive Growth by 2026
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.
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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.
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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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