(MENAFN- America News Hour) In a recently published report, Global Composite Resin Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Composite Resin Market products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
Global Composite Resin Market is valued approximately USD 11.50 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 5.50% over the forecast period 2019-2026. Composite Resins are being extensively used in aircraft & aerospace industry, automotive & transportation industry, military usage, building & construction industry, electrical & electronic industry, marine applications and defense. The increasing demand of lightweight materials to boost the load carrying capacity and increased fuel efficiency of vehicles in transportation industry is expected to fuel the composite resin market. Further, the government initiatives to shift from use of non-renewable sources of energy to renewable sources of energy is driving the installation of windmills which is further fueling the market growth. Moreover, the key manufacturers in the aviation industry like Boeing and Airbus are adopting lightweight and durable composite resin materials to manufacture various components of aircraft. This is a major contributing factor to the high CAGR of composite resin market. For instance, in September 2019, Williams Advanced Engineering, British Airways, JPA Design and SWS Certification have formed a consortium, funding from the Aerospace Technology Institute (ATI) and supported by Airbus to develop new lightweight aircraft seat structure, aiming to enhance the passenger experience and reduce the weight of aircraft, leading to airlines cutting carbon emissions and saving fuel. The growing use of carbon fiber composites in various industries and increasing demand of composite resin materials from emerging economies are the major factors likely to create lucrative growth opportunity to the market in the upcoming years. However, the high manufacturing cost and recycling related issues are few factors anticipated to hinder the growth of global Composite Resin market during the forecast period.
The regional analysis of global Composite Resin Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share owing to the growing demand of composite resin in China, India and Japan. However, North-America is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as rising use of composite resin in automotive industry to increase fuel efficiency, increasing demand of lightweight materials in aviation industry are some of the factors that would create lucrative growth opportunities for the Composite Resin market across the region.
Major market player included in this report are:
Huntsman Corporation
Hexion Inc.
The Dow Chemical Company
Ashland Inc.
Sumitomo Bakelite Co.,Ltd
Scott Bader Company Limited
Royal DSM
BASF SE
Kukdo Chemical Co.Ltd.
Alpha Owens–Corning
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Resin Type:
Thermoset Composite Resin
Thermoplastic Composites Resin
By Manufacturing Process:
Layup Process
Filament Winding Process
Injection Molding Process
Pultrusion Process
Compression Molding Process
Resin Transfer Molding Process
Other Processes
By Application:
Construction & Infrastructure
Transportation
Electricals & Electronics
Pipes & Tanks
Wind Energy
Marine
Aerospace & Defense
Other Applications
By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Composite Resin Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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