Press release
Specialty Resins Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region| Aldex Chemical Company Limited, Radiant Color NV, Huntsman International LLC, Purolite Corporation
Specialty Resins Market Size
The Business Research Company offers in-depth market insights through Specialty Resins Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The specialty resins market size has grown strongly in recent years. It will grow from $8.53 billion in 2023 to $9.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to growth in demand for high-performance materials, sustainable and eco-friendly alternatives, industrial applications, demand for advanced materials, growth in construction..
The specialty resins market size is expected to see strong growth in the next few years. It will grow to $11.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to growing demand for customized solutions, sustainability and green initiatives, advanced composite materials, smart manufacturing, electric vehicles (evs). Major trends in the forecast period include bio-based resins, 3d printing and additive manufacturing, advanced coating technologies, smart manufacturing and iot, miniaturization of electronics..
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Market Segmentation:
The main types of specialty resins are epoxy, unsaturated polyester resin (UPR), vinyl, and polyamides. Epoxy resins are polymeric materials that contain more than one three-membered ring, also known as epoxides, and are thermosetting polymers. The most common form of specialty resin is epoxy resin, which is used as an adhesive, sealant, coating binder, and matrix for composite materials. Unsaturated polyester resin (UPR) is the condensation product of unsaturated acids or anhydrides and diols with/without diacids. These are used in the construction and marine sectors, as well as pipes and tanks. Vinyl specialty resins are used in new industrial applications such as coatings, printed circuit boards, metal foil laminates, building materials, automotive parts, rigid foams, and fiber-reinforced composites. Polyamides are a family of thermoplastic polymers that are opaque, high-density polymers with excellent strength and heat tolerance. The various types of functions of specialty resins include protection, insulation, and others. These are used in various sectors such as building and construction, automotive, water treatment, marine, electrical and electronics, aerospace, and others.
Major Driver - Surging Demand In The Construction Industry Boosts Growth In The Specialty Resins Market
The growth in demand for the construction industry is projected to fuel the growth of the specialty resins market over the coming years. Construction is a wide industry that involves anything from mining, quarrying, and forestry to infrastructure and building construction, product manufacturing and supply, and repair, service, and disposal. Epoxy resin, a form of specialty resin, is used in the manufacturing of coatings, adhesives, flooring, plastics, primers and sealers, paints, and other building and construction products and components. For instance, in November 2022, according to the Office for National Statistics, a UK-based statistics authority, in volume terms, monthly construction output increased by 0.4% in August 2022, the second consecutive increase after July 2022's upwardly revised increase to 0.1%; in level terms, August 2022 is the second-highest monthly value (El 5,011 million), with May 2022 continuing to be at the highest level since records began in January 2010 (El 5,035 million). Therefore, the growth in demand for the construction industry drives the growth of the specialty resins market.
Competitive Landscape:
Major companies operating in the specialty resins market include Aldex Chemical Company Limited, Radiant Color NV, Huntsman International LLC, Purolite Corporation, Mitsubishi Chemical Corporation, Thermax Limited, International Specialty Chemicals Ltd., BASF SE, Emerald Performance Materials LLC, Arkema S.A., Koninklijke DSM N.V., Pure Resin Co. Ltd., Kolon Industries Inc., Suqing Group, Specialty Resin Chemical Co. Ltd., Scott Bader Company Limited, Aditya Birla Chemicals (Thailand) Limited, DIC Corporation, Allnex Belgium SA/NV, Polynt SpA, INEOS Group Limited, Reichhold LLC, Sika AG, Sinopec Baling Company Limited, Eternal Materials Co. Ltd., Chang Chun Plastics Co. Ltd., Kukdo Chemical Co. Ltd., Hitachi Chemical Company Ltd., Nanya Plastics Corporation, SABIC Innovative Plastics US LLC, Sumitomo Bakelite Co. Ltd., Kyocera Chemical Corporation.
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Top Trend - Product Advancements Propel Growth In The Specialty Resins Market
Technological advancement has emerged as a key trend in the specialty resins market. Major players in the specialty resins industry are focused on developing technologically advanced specialty resin solutions. For instance, in October 2023, ASK Chemicals, a Germany-based chemicals company, launched its new reziance brand portfolio of industrial resins. Reziance brand portfolio includes high-performance phenolic resins and specialty solutions for casting and a growing range of industrial applications.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Specialty Resins Market Characteristics
3. Specialty Resins Market Trends And Strategies
4. Specialty Resins Market - Macro Economic Scenario
5. Specialty Resins Market Size And Growth
…..
27. Specialty Resins Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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