Composite Resin Market | Key players operating in the market include Huntsman International, Hexion, Dow, Ashland, Sumitomo Bakelite

According to recent market research "Composite Resin Market by Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding), Application and Region - Global Forecast to 2026", The composite resin market size is projected to reach USD 27.4 billion by 2026, at a CAGR of 6.0%, during the forecast period.

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The composite resin are used in a number of applications such as construction & infrastructure, transportation, electrical & electronics, pipes & tanks, wind energy, marine, aerospace & defense, and other applications, which helps the market to grow rapidly. In addition to this, the growing demand in for composite resin in various end-use industries from emerging economies such as China, and India is also propelling the growth of the market.

However, the outbreak of COVID-19 has created ripples in various end-use industries, leading to reduced demand for composite resin. Due to the lockdown scenario in Europe and North America, the demand for composite resin from construction, transportation, wind energy, etc, declined sharply in the first quarter of 2020.

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Composite resin are used in a variety of end-use industries, including construction & infrastructure, transportation, electricals & electronics, pipes & tanks, wind energy, marine, aerospace & defense, and others. Led by strong end-user demand, the composite resin industry is growing at a rapid pace. However, amidst the global COVID-19 pandemic, the demand for composite resin from the above-mentioned industries is expected to show a sharp decline in 2020 from 2019. The global Composite resin market size is projected to grow from USD 20.5 billion in 2021 to USD 27.4 billion by 2026, at a CAGR of 6.0%.

The major manufacturers profiled in this report include Huntsman International LLC (US), Hexion, Inc (US), The Dow Chemical Company (US), Ashland Global Holdings, Inc (US), Sumitomo Bakelite Co., Ltd, (Japan), Schott Bader Company Limited (England), Royal DSM N.V (Netherlands), BASF SE (Germany), Kukdo Chemical Co., Ltd. (South Korea), Polynt S.p.A (Italy), SABIC (Saudi Arabia), Arkema SA (France), EvonikIndustries AG (Germany), Atul Ltd (India), Allnex Composites (Germany), Nan Ya Plastics Corporation (Taiwan), Showa Denko K.K (Japan), Swancor Holdings Co., Ltd (Taiwan). These companies adopted various organic and inorganic growth strategies. For instance, in September 2021, BASF SE and Sanyo Chemical entered into a memorandum of understanding for collaboration on polyurethane dispersions. The transaction will significantly broaden BASF's portfolio of products in polyurethane dispersions.

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Huntsman International LLC is a leading global material solutions provider. Its portfolio of adhesives, composites, and formulation products meets demanding engineering specifications, and addresses customer-specific needs across a wide variety of industrial and consumer applications. The company operates through four segments: polyurethanes, performance products, advanced materials, and textile effects. The advanced materials segment includes basic liquid and solid epoxy resins; specialty resin compounds; cross-linking, matting, and curing and toughening agents; epoxy, acrylic, and polyurethane-based formulations; specialty nitrile latex, alkyd resins, and carbon nano materials.

The company's products comprise a broad range of chemicals and formulations, which it markets globally to a diversified group of consumers and industrial customers. It serves more than 2,000 customers in over 30 countries. The company serves markets such as aerospace & defense, automation, robotics & engineering, automotive & transportation, building & construction, electronics, and energy.

BASF SE is a Germany-based chemical company. It operates through six segments, which include chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. The industrial solutions segment consists of dispersions, resins & pigments, and performance chemicals divisions. It carries out production, marketing, and sales of chemicals, plastics, crop protection products, and performance products. The company caters to a wide range of industries, including construction, furniture & wood, agriculture, electronics & electrical, paints & coatings, automotive, home care, nutrition, chemicals, and others. BASF carries out R&D in alliance with global customers, scientists, and partners. The company operates through a network of manufacturing facilities across the world. It has presence in Europe, APAC, South America, Africa, the Middle East, and North America.

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