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Global Composite Resin Market Size, Share, and COVID-19 Impact Analysis, 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, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

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KEY MARKET INSIGHTS

The composite resin market was valued at USD 20.55 Bn in 2021. The market is projected to grow USD 32.89 Bn in 2030, at a CAGR of 7.2%. 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.

Composite Resin Market 1

COVID-19 ANALYSIS

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.

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.

Composite Resin Market 2

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 urbanisation accompanied by economic expansion and significant investments in R&D activities. It is anticipated that the emerging economies will increase demand for these resins.

RESTRAINT

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.

SEGMENTATION INSIGHT

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. 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, South America, Middle East and Africa.

Manufacturing Process Insights

Based on the manufacturing process segment, the global composite resin market is categorized into layup, filament winding, injection molding, pultrusion, compression molding, resin transfer molding, and others. The compression molding segment has dominated the market share in 2020 of global composite resin market owing to widely used method for the manufacturing of resins industry. Most thermoset resins, including polyester, epoxy, and phenolic, are used in the compression moulding process. The vast range of industries where GFRP and CFRP products can be used, including transportation, infrastructure and construction, and aerospace and defence, is driving up demand for this method.

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.

Application Insights

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 aluminium and steel that can reduce a vehicle's weight by 35%.

REGIONAL INSIGHTS

The global composite resin market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

North America region is dominating the market share of global composite resin market owing to the 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 3

LIST OF KEY COMPANIES PROFILED:

  • Allnex GMBH
  • Arkema
  • Atul Ltd
  • BASF SE
  • Dow
  • DSM
  • Evonik Industries AG
  • Hexion
  • Huntsman International LLC
  • INEOS
  • KUKDO CHEMICAL CO., LTD.
  • NAN YA PLASTICS CORPORATION
  • Polynt S.p.A
  • SABIC
  • Schott Bader Company Limited
  • Showa Denko K.K
  • Sumitomo Bakelite Co., Ltd.
  • Swancor Holdings
  • Others

KEY INDUSTRY DEVELOPMENTS: 

  • 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.
  • 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.
  • September 2019- INEOS has acquired the composite business of Ashland Global Holdings to expand its product portfolio across the world.

SEGMENTATION

By Manufacturing Process

  • Layup
  • Filament Winding
  • Injection Molding
  • Pultrusion
  • Compression Molding
  • Resin Transfer Molding
  • Others

By Resin Type

  • Thermoset
  • Thermoplastic

By Application

  • Construction
  • Transportation
  • Automotive
  • Electrical & Electronics
  • Wind Energy
  • Aerospace & Defense
  • Others

By Region

  • North America- U.S., Mexico, Canada
  • Europe- UK, France, Germany, Italy, Spain, Rest of Europe
  • Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
  • South America- Brazil, Argentina, Colombia, Rest of South America
  • The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa

FAQ

The historic period considered was 2017-2020, the base year – 2021 and the forecasted period is 2022-2030 for study.
Yes, you can submit your customization request by clicking on “Enquire now” or “Speak to our Expert”.
Our analysts have been continuously tracking the market since 2015 and the recent study was published in 2022.
The mixed proportion is 70% Primary Interviews and 30% Secondary Research. The Information gathered through the secondary sources is verified by the primaries conducted through various industry experts. Along with this, the whole data is again re-validated through various primary correspondents in order to achieve an accurate outcome.
Our team of analysts is frequently analyzing the changes in the market. Hence, we update our study on a regular basis and provide the updated report on a quarterly basis.

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Composite resin market

Global Composite Resin Market Size

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Global Composite Resin Market Size, Share, and COVID-19 Impact Analysis, 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, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

Publisher: Kings Research   |   Date: 2022-07-26   |   No. Of Pages: 148

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Global Composite Resin Market Size, Share, and COVID-19 Impact Analysis, 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, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

Publisher: Kings Research   |   Date: 2022-07-26   |   No. Of Pages: 148
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