Press release
Multifunctional Resins Market Is Set To Estimate A Valuation Of US$ 51.6 Billion In 2023
The market for multifunctional resins is anticipated to reach a value of US$ 51.6 billion in 2023 and expand at a CAGR of 5.9% from 2023 to 2033.Due to the rising demand for lightweight and high-performance materials across a variety of industries, including aerospace, automotive, and construction, the market for multifunctional resins is now expanding significantly.
as sustainability and environmental friendliness gain more attention. Multifunctional resins are seen as a viable eco-friendly alternative to other available options in the current market of companies looking to lessen their environmental effect through the use of eco-friendly materials in their goods.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ:
https://www.factmr.com/connectus/sample?flag=S&rep_id=8544?PS
In addition, the ability to make high-quality multifunctional resins at reduced costs has been facilitated by technological developments and the creation of new production methods, which has further propelled the market's expansion.
Due to rising demand from a variety of industries and a growing emphasis on sustainability and eco-friendliness, it is anticipated that the market for multifunctional resins will continue to rise rapidly in the years to come.
๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ ๐๐ซ๐จ๐ฆ ๐๐๐ซ๐ค๐๐ญ ๐๐ญ๐ฎ๐๐ฒ
โข The global multifunctional resins market is dominated by East Asia with a market share of 32.4%
โข By resin type, epoxy resin is estimated to reach a valuation of US$ 22.1 billion in 2033 from US$ 11.1 billion in 2023 at a CAGR of 7.1%
โข By application, automotive component manufacturing is estimated to grow at a CAGR of 6.9% during the forecast period
โข North America and East Asia multifunctional resins markets are estimated to collectively account for a market share of 57.0% in 2023
โข Prominent players operating in the multifunctional resins market are Arkema, Dow, Hexion, Huntsman International LLC, Mitsubishi Chemical Group Corporation, and SABIC.
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐๐ง๐๐ฌ๐๐๐ฉ๐
Manufacturers are investing heavily in research and development to develop new and improved products with better performance, durability, and versatility. Also, in response to the increasing demand for eco-friendly and sustainable materials, many companies in the multifunctional resins market are developing products that are biodegradable and have a lower carbon footprint.
Further, to leverage each other's expertise and technologies, companies are entering into strategic partnerships and collaborations. Some strategic developments that took place in the multifunctional resins market so far are as follows:
In September 2021, Hexion Inc. announced the launch of its new range of epoxy resins, EPI-REZ 7720-W-60, for the automotive industry.
In June 2021, Huntsman Corporation introduced a new range of low-viscosity, high-strength multifunctional epoxy resins for the wind energy sector.
In March 2021, BASF SE announced the launch of its new polyurethane-based system, Elastocoat C, designed for the marine industry.
In February 2021, Huntsman Corporation introduced a new range of multifunctional epoxy resins for the production of composite parts in the automotive industry.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ซ ๐๐ฉ๐๐๐ข๐๐ข๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=8544?PS
๐๐๐ซ๐ค๐๐ญ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ
Manufacturers are constantly developing and launching new and innovative multifunctional resins that cater to the specific needs of various industries. Further, numerous manufacturers are partnering, acquiring, or merging, with other companies, research institutes, and universities to develop new multifunctional resins for diversifying their product offerings and expanding their reach into new markets to curb the demand pool and gain high-profit margins.
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง ๐จ๐ ๐๐ฎ๐ฅ๐ญ๐ข๐๐ฎ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐๐ฌ๐ข๐ง๐ฌ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐๐ฌ๐๐๐ซ๐๐ก
By Resin Type:
Epoxy
Polyurethane
Acrylic
Polyester
Polycarbonate
Polyamide
Silicone
By Application:
Electronics and Electrical Lamination
Automotive Component Manufacturing
Paints & Coatings Formulation
Composite
Production
Adhesives Production
Sealants
Others
๐๐จ๐ซ๐ ๐๐๐ฅ๐ฎ๐๐๐ฅ๐ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐จ๐ง ๐๐๐๐๐ซ
Fact.MR, in its new offering, presents an unbiased analysis of the multifunctional resins market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of resin type (epoxy, polyurethane, acrylic, polyester, polycarbonate, polyamide, and silicone), application (electronics and electrical lamination, automotive component manufacturing, paints & coatings formulation, composite production, adhesives production, sealants, and others), and across major regions of the world.
Key Questions Covered in the Multifunctional Resins Market Report
What will be the estimated size of the Market in 2023?
At what rate will the global Multifunctional Resins sales grow until 2033?
Which are the factors hampering the Multifunctional Resins demand?
Which region will spearhead the growth in the global industry during 2023-2033?
Which are the factors driving sales in the Multifunctional Resins Market during the forecast period?
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.
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