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Transformative Trends Impacting the Specialty Resins Market Landscape: Product Advancements Propel Growth In The Specialty Resins Market
Specialty Resins
How Large Will the Specialty Resins Market Size By 2025?
The market size for specialty resins has witnessed robust growth in the past few years. This market is projected to expand from $9.05 billion in 2024 to $9.64 billion in 2025 with a compound annual growth rate (CAGR) of 6.5%. Factors that led to this growth during the historical period include the increased demand for high-performance materials, the shift towards sustainable and environmentally friendly substitutes, varied industrial uses, the need for advanced materials, and the expansion in the construction sector.
How Big Is the Specialty Resins Market Size Expected to Grow by 2029?
Over the next couple of years, the specialty resins industry is projected to witness significant expansion. It is forecasted to reach a value of $13.02 billion by 2029, with a compound annual growth rate (CAGR) of 7.8%. The surge in growth during the forecast period is likely due to an increase in demand for tailor-made solutions, eco-friendly efforts, advanced composite materials, innovative production techniques, and electric vehicles (evs). The prediction period is also expected to see major trends like bio-based resins, 3D printing and additive manufacturing, sophisticated coating technologies, intelligent production and the Internet of Things (IoT), and the downsizing of electronic components.
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Which Key Market Drivers Powering Specialty Resins Market Expansion and Growth?
The anticipated rise in demand within the construction sector is expected to stimulate expansion of the specialty resins market in the forthcoming years. The construction sector is diverse, encompassing everything from mining, quarrying, forestry, infrastructure and building construction, to product manufacturing, supply, repair, service and disposal. Epoxy resin, a type of specialty resin, is utilized in the production of coatings, adhesives, flooring materials, plastics, primers, sealers, paints, and other products and elements related to building and construction. For instance, the UK's Office for National Statistics noted in November 2022 that construction output in terms of volume rose by 0.4% in August 2022, making it the second successive rise since July 2022's revised increase to 0.1%. In addition, August 2022 recorded the second highest monthly value (£5,011 million), preceded only by May 2022 which remains the highest level since records commenced in January 2010 (£5,035 million). Thus, this surge in demand within the construction sector is a major driver for the expansion of the specialty resins market.
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Which Fast-Growing Trends Are Poised to Disrupt the Specialty Resins Market?
The progress in technology has become a dominant trend in the market for specialty resins. The leading players of this industry are prioritising the innovation of technologically superior specialty resin solutions. ASK Chemicals, a chemical firm based in Germany, presents a prime example of this with the introduction of their new brand portfolio, reziance, in October 2023. The reziance collection features highly efficient phenolic resins and specialty solutions, specially produced for casting and an expanding variety of industrial applications.
What Are the Emerging Segments in the Specialty Resins Market?
The specialty resins market covered in this report is segmented -
1) By Resin Type: Epoxy, Unsaturated Polyester Resin (UPR), Vinyl, Polyamides
2) By Function: Protection, Insulation, Other Functions
3) By End Use Industry: Building And Construction, Automotive, Water Treatment, Marine, Electrical And Electronics, Aerospace, Other End Use Industries
Subsegments:
1) By Epoxy: Liquid Epoxy Resins, Solid Epoxy Resins, Modified Epoxy Resins, Epoxy Adhesives
2) By Unsaturated Polyester Resin (UPR): Orthophthalic UPR, Isophthalic UPR, Dicyclopentadiene (DCPD) UPR, Vinyl Ester Resins
3) By Vinyl: Vinyl Ester Resins, Vinyl Chloride Resins, Vinyl Butyral Resins
4) By Polyamides: Aliphatic Polyamides, Aromatic Polyamides, Polyamide Imides (PAI)
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Who Are the Global Leaders in the Specialty Resins Market?
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.
Which are the Top Profitable Regional Markets for the Specialty Resins Industry?
Asia-Pacific was the largest region in the specialty resins market in 2024. Europe was the second-largest market in the specialty resin market. The regions covered in the specialty resins market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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