COMPOSITE RESIN MARKET: OVERVIEW
The Global Composite Resin Market Size was valued at USD 20.55 Billion in 2021 and is expected to reach USD 29.325 Billion by 2030, growing at a CAGR of 7.2% during 2021-2030.
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Composite products and composite materials are created using composite resin, a sticky and extremely viscous substance. Additionally, composite resin effectively binds the various fibers contained in the material, aiding in boosting its stiffness and strength. The three main types of composite resins utilized in the production of various products are high-temperature composite resins, thermoset composite resins, and thermoplastic resins. Composite resins including PE, PP, and Vinyl Ester are frequently used in the automotive, wind, and aerospace & military industries. They are also finding more commercial uses in the marine, sporting goods, oil & gas, construction & infrastructure, and other industries.
The COVID-19 pandemic is predicted to have a negative impact on the composite resin market in 2020. The entire world has been negatively impacted by this deadly virus, particularly the APAC and European areas. Businesses have stopped operating and shut down their factories, and the government has banned construction work in order to stop the virus from spreading further. As a result, composite resin is being used less frequently across all applications. The output of end-use industries has slowed down as a result of COVID-19 and pre-existing regulatory difficulties, such as drawn-out permitting procedures, which has decreased demand for composite resin. But in 2021, a rebound in demand for composite resin is anticipated.
COMPOSITE RESIN MARKET: TREND
Increasing Demand of Composite Resins in Several Industries
The increasing demand of composite resins in different industries including construction, wind energy, aerospace, consumer goods and amongst others. In addition, the market is expanding due to the rising demand for composite resin from various end-use industries coming from developing nations like China and India. In addition, expanding application scope as temperature and weather resistance is another element anticipated to drive target market revenue growth over the coming few years.
Global Composite Resin Market Report Coverage
|Market Size in 2021:||USD 20.55 Billion|
|Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.2%|
|2030 Value Projection:||USD 29.325 Billion|
|Historical Data for:||2017 to 2020|
|No. of Pages:||211|
|Tables, Charts & Figures:||114|
|Segments covered:||By Manufacturing Process, By Resin Type, By Application, By Region.|
|Companies Covered:||Allnex GMBH, Arkema, Atul Ltd, BASF SE, Dow, DSM, and others.|
|Growth Drivers:||1. Economic Expansion and Significant Investments in R&D Activities 2. Emerging Economies Will Increase Demand|
|Pitfalls & Challenges:||1. High Manufacturing And Material Costs|
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COMPOSITE RESIN MARKET: DRIVERS
Growing Number of Applications Among Different End-Users
The aerospace, transportation, and other industries have seen a considerable increase in the use of composite resin. The need for lightweight, affordable materials is causing the usage of composite resins to spread across a range of industrial areas, and this is fueling the market's expansion. The demand for composite resins is also anticipated to be driven by rapid urbanization accompanied by economic expansion and significant investments in R&D activities. It is anticipated that the emerging economies will increase demand for these resins.
COMPOSITE RESIN MARKET: RESTRAIN
Concerns Pertaining to Huge Costs for High Processing and Manufacturing Composites
The global composite resins market is constrained by the high manufacturing and material costs. As a result, it is important to employ techniques to precisely estimate costs early on in order to lower the overall cost. Costs have increased as a result of the capital-intensive machinery and tools needed for production. The OEMs in the supply chain are reluctant to employ composites due to the expensive cost, which is inhibiting the development of composite resin.
The Global Composite Resin Market is segmented by Manufacturing Process, Resin Type, Application, and Region. Based on the Manufacturing Process, the market is categorized Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding, and Others. Based on Resin Type, the market is categorized into Thermoset, Thermoplastic. Based on Application, the market is categorized into Construction, Transportation, Automotive, Electrical & Electronics, Wind Energy, Aerospace & Defense & Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Resin Type Insights
Based on the resin type segment, the global composite resin market is categorized into thermoset, thermoplastic. The thermoset segment has dominated the market share in 2020 of global composite resin market owing to commonly utilized for composites production because, while uncured, they are liquid at normal temperature. This distinctive quality of thermoset resins makes it simple to impregnate reinforcing fiber. Unsaturated polyester resin, epoxy resin, vinyl ester resin, and other types like phenolic and polyimide are the main thermoset resin types that are frequently use for composites.
Based on the application segment, the global composite resin market is categorized into construction, transportation, automotive, others. The automotive segment is dominated the market share in 2020 of global composite resin market owing to increasing demand of composite resin being used in the production of vehicle parts. When it comes to increasing energy efficiency, lowering vehicle emissions, and boosting durability, the automobile sector faces numerous obstacles. In the automotive and transportation industry, composites are viewed as alternatives to aluminum and steel that can reduce a vehicle's weight by 35%.
MARKET SEGMENTATION: BY REGION
Based on the Region, the Global Composite Resin Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
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North America region is dominating the market share of global composite resin market owing to the presence of major players and the increasing demand from the pipelines and tanks, electrical and electronics, and wind energy industries in the US and Canada. The region's expanding emphasis on renewable energy sources has raised the number of wind turbine installations, which has further fueled the expansion of the composite resin market. However, Asia Pacific region is anticipated to grow over the next few years of global composite resin market owing to rising demand from the transportation and automotive businesses. Other significant factors anticipated to propel expansion of the Asia Pacific composite resin market over the next ten years include increased demand from various application industries and increasing investments by private and state producers in nations such as China and India. According to projections, a substantial proportion of the Asia Pacific industry's revenue will come from the Chinese market.
COMPOSITE RESIN MARKET: COMPETITIVE LANDSCAPE
The major key players operating in the global algorithmic trading market are Allnex GMBH, Arkema, Atul Ltd, BASF SE, Dow, DSM, and others.
February 2020- INEOS Composites launched low-profile resin for the recreational marine and vehicle markets in North America. Aropol™ LP 67400 is designed to have low shrink and excellent cosmetics while offering high strength and robust processing capabilities that boat builders and RV manufacturers desire.
COMPOSITE RESIN MARKET: KEY PLAYERS
• BASF SE
• Evonik Industries AG
• Huntsman International LLC
• KUKDO CHEMICAL CO., LTD.
• NAN YA PLASTICS CORPORATION
• Polynt S.p.A
• Schott Bader Company Limited
• Showa Denko K.K
• Sumitomo Bakelite Co., Ltd.
• Swancor Holdings
COMPOSITE RESIN MARKET: RECENT DEVELOPMENT
- May 2021- Huntsman International LLC has acquired Gabriel Performance Products a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, from Audax Private Equity.
- May 2020- Huntsman International LLC has acquired CVC Thermoset Specialties (CTS) which serves the industrial composites, adhesives and coatings markets.
COMPOSITE RESIN MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Composite Resin Market. The Global Composite Resin Market is segmented by Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding, and Others), by Resin Type (Thermoset and Thermoplastic), by Application (Construction, Transportation, Automotive, Electrical & Electronics, Wind Energy, Aerospace & Defense & Others) and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the global composite resin market.
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