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NEW YORK, June 27, 2022 /PRNewswire/ -- As per Zion Market Research study, The global specialty resins market was worth around USD 7.85 billion in 2021 and is estimated to grow to about USD 13.94 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.4 percent over the forecast period.
Key Industry Insights & Finding of the Specialty Resins Market Reports:
- As per the analysis shared by our research analyst, the Specialty Resins Market is expected to grow annually at a CAGR of around 6.4 % (2022-2028).
- Through the primary research, it was established that the Specialty Resins Market was valued approximately USD 7.85 Billion in 2021 and is projected to reach to roughly USD 13.94 Billion by 2028.
- Asia Pacific is expected to remain the world's largest consumer of specialty resins. During the projected period, the region is predicted to dominate the global specialty resins market in terms of both volume and value.
- Rapid urbanization, increase in construction activities, and more investments by major market players are driving up demand for specialty resins in the Asia Pacific region.
- The automobile sector in Asia Pacific has been rapidly increasing in recent years which is also supporting the market growth.
- North America is likely to remain the second-largest regional market in global specialty resins market during the forecast period.
Zion Market Research published the latest report titled as ' Specialty Resins Market By Resin Type (Epoxy, Unsaturated Polyester Resin (UPR), Vinyl, Polyamides), By Function (Protection, Insulation, Other Functions), By End-User Industry (Building & Construction, Automotive, Water Treatment, Marine, Electrical & Electronics, Aerospace, Other End-Use Industries), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028. ' into their research database.
Specialty Resins Market : Overview
Specialty resins are resins with unique qualities that are employed in a wide range of applications. Specialty resins are more expensive than regular resins due to their advanced features. Water resistance, chemical resistance, and severe temperature performance are all advantages of specialty resins. Specialty resins are essential elements in the production of a wide range of paints and coatings, which are subsequently utilized in a number of applications. Building & construction, marine, automotive, electronics, and furniture are all industries that employ specialty resins. These resins are also used to fabricate aircraft composites in the aerospace sector.
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Industry Dynamics:
Specialty Resins Market : Growth Drivers
- Increased demand from the construction and building industry may boost the market growth over the forecast period.
As specialized resins offer strong heat resistance, wear resistance, high chemical resistance, and UV resistance, they are a material of choice for usage in the building and construction industry. The worldwide building sector seems to have a bright future which is significantly increasing the need for specialized resins. Building and construction is one of Asia Pacific's fastest-growing sectors. To satisfy the quality standards of the building and construction industry in Asia Pacific, many projects are employing the use of specialized resins in sealants, adhesives, and coatings. Further, improvements in living standards, rising consumer disposable money, and increased urbanization are all key drivers driving building activity across the world. Temperature and chemical resistance are high in specialty resins. As a result, resins are expected to be utilized extensively in the construction of infrastructure projects, as well as housing and non-residential structures, in the coming years.
Specialty Resins Market : Restraints
- Instability in Raw Material Prices may hinder the market growth.
The market's expansion may be hampered by price volatility in materials. Silicone, amino, polyester, acrylics, polyurethane, and other coating resins are synthetic compounds generated from crude oil. As a result, crude oil price fluctuations may limit material production and stifle market expansion in the future. According to BP Statics, the average oil price rose to USD 71/bbl in 2018 from USD 54/bbl in 2017 but then dropped to USD 64.21/bbl in 2019. The global specialty resins market is being hampered by such variability.
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Specialty Resins Market: Opportunities
- Large scope for specialty resins from water & wastewater treatment industry is expected to offer better market growth opportunities.
Over the last few years, the worldwide wastewater treatment sector has grown substantially. Only 60 percent of industrial wastewater is treated, and over 40 percent of the processed water does not meet the required criteria. In the case of municipal wastewater, the situation is critical, since urban water treatment facilities can only process 37 percent of the sewage created. In the purification of water, ion exchange resins are crucial. Acrylic acid and the crosslinking agent divinylbenzene are commonly used to make these. Ion exchange resins are made from methacrylic acid or its derivatives by some producers. They're commonly utilized to de-alkalize water in demineralization facilities. These factors suggest an increasing need for specialty resins in the waste water treatment sector.
Specialty Resins Market: Challenges.
- High prices of raw materials pose a major challenge to market growth.
Bisphenol A (BPA) and bisphenol F (BPF) are the most widely used epoxy specialty resins. Greater functionality epoxy resins are frequently required to increase quality characteristics in tough applications. Such specialty resins are made for purposes such as composites, coatings, and electrical & electric lamination. In the production of specialty resins, maleic anhydride, styrene, and phthalic anhydride are significant raw ingredients. However, the cost of these commodities has risen dramatically which poses a major challenge to the manufacturers to maintain the low cost of the final product.
Global Specialty Resins Market : Segmentation
- The global specialty market is divided based on function, resin type, end-user, and region.
Based on the function, the global market is divided into insulation, protection, and other functions. The resin type segment is classified into polyamides, vinyl, unsaturated polyester resin (UPR), and epoxy. By end-user, the market is bifurcated into aerospace, electricals & electronics, marine, water treatment, automotive, building & construction, and other end-users.
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List of Key Players of Specialty Resins Market :
- International Speciality Chemicals Ltd
- Arkema
- Emerald Performance Materials
- BASF SE
- Dow DuPont
- Radiant Color NV
- Aldex Chemical Company Limited
- Royal DSM
- Mexichem S.A.B. de C.V.
- Huntsman International LLC
Key questions answered in this report:
- What are the growth rate forecast and market size for Specialty Resins Market ?
- What are the key driving factors propelling the Specialty Resins Market forward?
- What are the most important companies in the Specialty Resins Market Industry?
- What segments does the Specialty Resins Market cover?
- How can I receive a free copy of the Specialty Resins Market sample report and company profiles?
Report Scope:
| Report Attribute | Details |
| Market size value in 2021 | USD 7.85 Billion |
| Revenue forecast in 2028 | USD 13.94 Billion |
| Growth Rate | CAGR of almost 6.4 % 2022-2028 |
| Base Year | 2020 |
| Historic Years | 2016 - 2021 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | By Product Type, By Application, and By End Use |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Companies Covered | International Speciality Chemicals Ltd, Arkema, Emerald Performance Materials, BASF SE, Dow DuPont, Radiant Color NV, Aldex Chemical Company Limited, Royal DSM, Mexichem S.A.B. de C.V., Huntsman International LLC, among others. |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Recent Developments
- Sept 2021, Polytek Development Corp., a specialized producer of polymers for coating, mold forming, and casting applications, confirmed the purchase of Specialty Resin & Chemical. Arsenal Capital Partners has Polytek as a portfolio business.
- July 2021, PTT Global Chemical has committed to pay USD 4.8 billion to private equity company Advent International for the industrial coating resin maker Allnex. Lone Star Funds will purchase AOC, a resin maker, from CVC Capital Partners, a fellow private equity company, and DSM, a minority stakeholder.
Regional Dominance:
- Asia Pacific to dominate the market over the forecast period.
North America leads the global Specialty Resins Market in terms of market share. This is due to escalating demand for weapon systems, the increasing existence of top players in the anti-jamming market, growing demands for miniaturization of GNSS-based anti-jamming devices, and growing dependence on satellite communication for numerous military operations in this region. Asia Pacific on the other side is predicted to be the fastest-growing Specialty Resins Market. Key factors such as increased defense expenditure and expanding territorial disputes in this geography are contributing to the rapid adoption of advanced military systems and devices which is likely to boost the adoption of GPS anti-jamming systems and devices during the forecast period.
Global Specialty Resins Market is segmented as follows:
Specialty Resins Market : By Resin Type Outlook (2022-2028)
- Epoxy
- Unsaturated Polyester Resin (UPR)
- Vinyl
- Polyamides
Specialty Resins Market : By Function Outlook (2022-2028)
- Protection
- Insulation
- Others
Specialty Resins Market : By End-User Outlook (2022-2028)
- Building and Construction
- Automotive
- Water Treatment
- Marine
- Electrical and Electronics
- Aerospace
- Others
Specialty Resins Market : By Region Outlook (2022-2028)
North America
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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