Global Resin Market to Offer Revenue Opportunity of $732.96 Billion by 2028 | Asia Pacific to Generate More than 39% Revenue
Global resin market size was valued at USD 527.9 billion in 2021, and it is expected to reach a value of USD 732.96 billion by 2028, at a CAGR of 4.8% over the forecast period (2022–2028).
Westford, USA, Nov. 16, 2022 (GLOBE NEWSWIRE) — There is a growing demand for resin market as a result of the increasing popularity of composite materials and other innovative uses. Composite materials are made up of multiple layers, and one of the most common layers is a resin. Resin has many properties that make it ideal for use in composites, such as its strength, heat resistance, flexibility, and ability to resist wear.
This increase in demand for resin market has led to an increased production of resin by companies around the world. The two main types of resin are polyesters and polyurethanes. Polyesters are usually used in applications that require flexibility and low weight, such as plastic bags and clothing. Polyurethanes, on the other hand, are more prone to breakage but have greater strength and durability, which is often used in the automotive sector.
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Several factors are driving this growth in demand for resin:
- Increasing popularity of plastic vehicles: According to market research firm SkyQuest, there are more than 1.4 billion cars on the road as of October 2022. In 2021, the passenger car segment recorded sales of over 66.7 million units, which was around 63.8 million units in 2020. This huge increase in car sales is leading to increased demand for polymers, including resins.
- Growth in the automotive industry: Another driver of resin market demand is the increasing popularity of luxury vehicles. As more people adopt cleaner transportation practices, more stringent environmental regulations are being put in place requiring greater use of alternative fuel sources, such as biofuels such as ethanol. This has led to an increase in demand for biopolymers such as polyurethanes and polyesters derived from renewable resources such as corn or soybean oil.
- Growing awareness about health hazards associated with traditional plastics: With growing public awareness about health risks posed by conventional plastics – such as microscopic particles that can be inhaled and ingested – consumers are looking for alternatives.
As the global economy picks up pace, consumers are increasingly turning to new technology products, which in turn necessitates increased use of resin. Furthermore, stringent environmental regulations are prompting OEMs to adopt eco-friendly manufacturing practices that require more resin Applications in various end user industries such as aerospace, healthcare and packaging.
Key Trends Affecting the Global Resin Market
- Emerging markets are driving demand for resins in developed countries, as they look to improve their infrastructure
- The use of composites in automobiles and other transportation applications is increasing adoption of new resins
- Rapid advancements in 3D printing technology are enabling manufacturers to create more customized parts with better performance
- Demand for high-performance resins is growing as applications such as medical implants and eyeglasses reach a wider market
Rapid Advancement in 3D Printing and Its Impact on Global Resin Market
Rapid advances in 3D printing have driven demand for resin, resulting in an increase in the production of products using the material.
The main factors that are fueling this growth are the increase in demand for strong and advanced engineering materials due to the increasing use of 3D printing in various industrial sectors, such as automotive and electronics; and growing replacing needs for legacy products, such as glass and plastic components.
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One of the key players in global resin market is The Dow Chemical Company, which has been expanding its offerings across various resin types to meet customers’ demands. For instance, Dow has launched two new resins– one for metal 3D printing applications and another for fiberglass Reinforced Polyamide (FRP) composites–in order to cater to growing markets such as aerospace and healthcare verticals.
Going forward, regulatory trends will play an important role in driving growth across global resin market segment. For instance, governments around the world are mandating user safety standards for 3D-printed products, which is resulting in increased adoption of resin products across various industries.
Asia Pacific to Generate More than 39% of Global Resin Market Revenue
Global resin market is forecast to exceed the valuation of $732.96 billion by 2028. This growth is attributable to increasing demand for thermoplastic composites in automotive, industrial, and infrastructure applications. SkyQuest predicts that the global demand for thermoplastic composites will grow at a compound annual rate (CAGR) of 4.8% throughout the forecast period.
One key driver of behind the growth of the Asia Pacific resin market is the increasing adoption of electric vehicles. Our study projects that more than 6.4 million electric vehicles are sold each year. Our of which, over 5 million are sold in the Asia Pacific region, especially in China. This increased demand for electric vehicles is resulting in increased demand for composite materials that can support the weight and strength demands of these vehicles. Another important factor driving growth in the resin industry is China’s growing economy. China is projected to account for more than half of all global resin sales by 2028. This growth is being driven by increased investment in manufacturing and infrastructure projects throughout China.
In order to meet these growing demands in the global resin market, both vendors and customers are requiring new technologies and equipment to produce high-quality products at low costs. One key technology trend affecting the resin industry is 3D printing. 3D printing has been shown to be a valuable tool for producing complex parts at low cost and with accuracy. It has also been used to create custom design and parts.
Industrial applications like additives, coatings, and adhesives account for nearly one-third of the global resin market. Based on geography, Asia Pacific is projected to lead the market with a value share of over 39%. The growing vehicle manufacturing sector across countries such as China and India is expected to drive this demand. Other key regions that are expected to witness high growth include North America (US), Europe (UK), Asia Pacific excluding Japan (China and India), and Latin America& Caribbean.
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Top Players in Global Resin Market
- Hexion (US)
- INEOS Holdings Ltd. (UK)
- Arkema (France)
- Repsol (Spain)
- DuPont (US)
- BASF SE (Germany)
- Mitsui Chemicals (Japan)
- Nova Chemicals (Canada)
- Lyondellbasell (Netherlands)
- Radici Group (Italy)
- Invista (US)
Related Reports in SkyQuest’s Library:
Global Emulsion Polymer Market
Global Biodegradable Plastic Market
Global Anti Corrosion Coatings Market
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