Press release
Composite Resin Market worth $27.4 billion by 2026 | Key players Huntsman International LLC, Hexion, Dow, Ashland Global Holdings, Sumitomo Bakelite
Composite Resin Market
Browse 223 market data Tables and 79 Figures spread through 312 Pages and in-depth TOC on "Composite Resin Market - Global Forecast to 2026"
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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.
Thermoset composite resin is the major resin. It is used as a matrix with carbon, glass, natural, and aramid fibers. These resins are widely used for manufacturing of composites, as when uncured, they are in the liquid state at room temperature. This unique property of thermoset
resins allows convenient impregnation of reinforcing fiber. The major types of thermoset resins which are widely used in composites are unsaturated polyester resin, epoxy resin, vinyl ester resin and others such as phenolic, polyimide, etc. The unsaturated polyester resin segment has a major share in the global thermoset composite resin market, owing to its wide acceptability in end-use industries such as construction, transportation, aerospace & defense, wind energy, etc.
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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%.
Over the past few years, companies have strengthened their positions in the global composite resin market by adopting strategies, such as new product launch/ development, expansion, agreement/partnership, and acquisition. From 2016 to 2020, new product launch and partnerships have been the key strategies adopted by the market players to maintain their growth in the global composite resin market. For instance, in September 2021, ALLNEX launched the new versatile super durable, CRYLCOAT 4478-0, a coating resin, which will provide outstanding weathering resistance, good hardness, excellent flow & smoothness, and excellent storage stability. Similarly, in October 2019, Evonik Industries AG launched a new silicone polyester resin SILIKOFTAL HTL 1 which creates the ideal balance of performance and cost-effectiveness. With a silicone content of just 10%, it provides reliable and long-lasting protection for cookware such as pots and pans. Not only is the solvent-based resin resistant to extreme heat, it also offers a range of further benefits. It is suitable for a broad range of applications; it can be used in any place where stoving coatings are used.
The Composite resin business of these companies is severely affected due to the outbreak of COVID - 19 pandemic. The reduced construction activities and demand for automobiles, electrical & electronics products along with pipes & tanks, aircrafts and disruption in the supply chain have compelled the composite resin manufacturing companies to operate at partial capacities, resulting in reduced demand for composite resin.
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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), Evonik Industries 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.
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.
Evonik Industries AG (Evonik) is a Germany-based specialty chemicals company that operates in four segments: the nutrition and care segment produces specialty chemicals, mainly for use in consumer goods for daily needs and food, as well as nutrition for animal food and healthcare products; the resource efficiency segment offers material solutions for environmentally friendly and energy-efficient products used in the automotive, adhesives, and construction industries, among others. This segment offers ANCAMIDE polyamides, ALBIPOX epoxy resins, ANCAREZ, and ANQUAMINE waterborne epoxy resin, among others. The performance materials segment produces polymer materials and their intermediates, mainly for the rubber, plastics, and agriculture sectors, and the services segment comprises site management, utilities, and waste management, as well as technical, process technology, engineering, and logistics services for the chemicals segments and external customers at the company's sites. The company is active in more than 100 countries around the world.
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