Press release
Specialty Resins Market May Set Epic Growth Story 2024 - 2031 | BASF SE, Hexion Inc., SABIC, Royal DSM
Specialty Resins Market
Global specialty resins market is estimated to be valued at USD 8.89 Bn in 2024 and is expected to reach USD 13.63 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
Market Dynamics:
The global specialty resins market is expected to witness significant growth over the forecast period owing to increasing demand from the construction industry. The rising construction activities across both residential and commercial sectors such as lightweight materials and waterproofing applications are fueling market growth. Additionally, specialty resins are used in concrete admixtures and repair & rehabilitation which is further supporting market expansion. Specialty resins provide resistance against chemical attacks and improve durability of infrastructure. Further, growing infrastructure projects in developing economies are creating new avenues for market players.
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Stringent Environmental Regulations Restraining Specialty Resins Market
Specialty resins contain monomers and other compounds that are considered toxic if released into the environment. Many specialty resins contain VOC (volatile organic compound) content, which can pollute air and water resources if not handled properly during production and disposal. Regulatory bodies worldwide have imposed stringent restrictions on VOC emissions from industrial and manufacturing facilities. Environmental laws like REACH in Europe have put limitations on the use of hazardous chemicals in resins. Complying with evolving regulatory standards requires resin manufacturers to invest heavily in eliminating toxins from resins and establishing clean production processes. The rising environmental compliance costs pose a challenge for specialty resins market players.
Opportunities in Emerging Applications Driving Innovation in Specialty Resins Technology
Growing application areas of specialty resins beyond conventional industries open new opportunities for resin manufacturers. Specialty resins are finding increased usage in the rapidly expanding electronics sector for applications such as printed circuit boards, semiconductor encapsulation, connectors, and structural components. The healthcare industry also presents opportunities with rising demand for specialty biomaterials in medical devices and implants. Advancements in resin manufacturing technologies allow engineers to develop resins customized for the requirements of new application areas. The emerging application landscape encourages continued innovation in specialty resins.
Advent of Bio-Based and Recyclable Specialty Resins Trend
Environmental sustainability is becoming a major priority across industries that utilize specialty resins. Traditional petroleum-derived specialty resins face pressures to reduce their carbon footprint and make production processes greener. Resin manufacturers are responding by developing novel bio-based and recyclable resin technologies. For instance, bio-polycarbonate resins synthesized from plant-derived isosorbide offer comparable properties to conventional polycarbonate with lower fossil fuel dependence. Techniques are also being explored to efficiently recycle thermoset resins to produce secondary materials. The specialty resins market is witnessing a transition towards more sustainable resin platforms to align with the circular economy approach.
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Top Companies Featured in This Report:
★ BASF SE
★ Hexion Inc.
★ SABIC
★ Royal DSM
★ Arkema
★ Radiant Color NV
★ Mitsubishi Chemical Corporation
★ The Dow Chemical Company
★ Huntsman International LLC
★ Aldex Chemical Company Limited
★ Thermax Limited
★ International Specialty Chemicals Ltd.
★ Purolite
★ Kolon Industries
★ Revex Plasticiser
★ Tetra
★ V. B. Chem Industries
★ Orson Resins And Coatings Private Limited
★ Nye Lubricants Inc.
★ Scholle Ipn Corporation
Market Segmentation:
By Product Type:
★ By Type: Vinyl, Epoxy, Polyamides, Unsaturated Polyester Resins, Others
★ By Function: Protection, Insulation, Others
By Applications:
★ By Application: Building & Construction, Water Treatment, Marine, Electrical & Electronics, Automotive, Aerospace, Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
What was the size of the Specialty Resins Market in 2024, and what is the projected value by 2031?
What is the present global market landscape for the Specialty Resins Market?
What strategies offer optimal opportunities for growth maximization in the business?
What recent trends are shaping the Specialty Resins Market?
How does the market share of Specialty Resins Market revenue, sales, and size vary across specific geographical regions?
Who are the prominent industry players in the Specialty Resins Market?
Which segment of the Specialty Resins Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Specialty Resins sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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