Your search results

At 6.40% CAGR, Global Specialty Resins Market to Surpass US$ 13.94 Bn By 2028, Forecast Report By Zion Market Research

Published on by randy

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.

The drivers, obstacles, and difficulties facing the specialty resins market are examined in this study along with their impact on demand throughout the forecast period. The research also looks at new developments in the specialty resins industry.

Specialty Resins Market: Overview

Speciality resins are resins that have particular properties and are used in a variety of applications. Because of their advanced features, specialty resins are more expensive than ordinary resins. Specialty resins provide the advantages of chemical resistance, water resistance, and severe temperature performance. Specialty resins are necessary ingredients in many different paint and coating formulations, which are then applied in various applications. Specialty resins are used in the furniture, electronics, marine, building and construction, and automotive industries. In the aerospace industry, these resins are also utilised to make aircraft composites.

Get a Free Sample : https://www.zionmarketresearch.com/sample/specialty-resins-market

COVID-19 Impact:

The world was drastically altered by the COVID-19 pandemic in terms of industrial closures, healthcare catastrophes, and economic downturns. Organisations in the specialty resins sector gave their workers’ health and welfare top priority during the pandemic. In order to stop the coronavirus from spreading and protect the health of their patrons, visitors, and locals, they increased their efforts. The total amount of speciality resin produced on the international market was impacted by these initiatives. Nonetheless, there haven’t been any significant disruptions to the supply chains of leading companies in the specialty resins industry in North America and certain Asian areas. Specialty resins contractors are communicating often with logistics service providers to reduce supply chain interruptions.

Specialty Resins Market: Growth Drivers

Increased demand from the construction and building industry may boost market growth over the forecast period.

Specialised resins are a preferred material for use in the building and construction sector because of their great heat resistance, wear resistance, high chemical resistance, and UV resistance. The global building industry appears to have a promising future, which is driving up demand for speciality resins. One of the industries in Asia Pacific with the quickest growth is building and construction. Many projects require specialised resins in sealants, adhesives, and coatings to meet the high standards of the building and construction sector in Asia Pacific. Moreover, rising consumer disposable income, rising living standards, and growing urbanisation are all major factors propelling global building activity. Specialty resins have great resistance to chemicals and temperature.

Specialty Resins Market: Restraints

Instability in Raw Material Prices may hinder the market growth.

Price fluctuation in materials may be impeding the market’s growth. Crude oil is used to create synthetic compounds such as silicone, amino, polyester, acrylics, polyurethane, and other coating resins. Therefore, changes in the price of crude oil could restrict the manufacturing of materials and inhibit future market growth. The average oil price increased to USD 71/bbl in 2018 from USD 54/bbl in 2017, but fell to USD 64.21/bbl in 2019, according to BP Statics. This kind of unpredictability is hurting the specialty resins market globally.

Specialty Resins Market: Opportunities

The large scope for specialty resins from the water & wastewater treatment industry is expected to offer better market growth opportunities.

The global wastewater treatment industry has experienced significant growth in the past several years. Merely 60% of industrial wastewater undergoes treatment, and more than 40% of the water that is extracted does not fulfil the necessary standards. Given that urban water treatment facilities can only handle 37% of the sewage produced, the situation with regard to municipal wastewater is dire. Ion exchange resins play an essential role in the purification of water. These are typically made with acrylic acid and divinylbenzene, a crosslinking agent. Some manufacturers use methacrylic acid or its derivatives to make ion exchange resins. They are frequently used in demineralization facilities to de-alkalize water. These indicators point to a rising demand for speciality resins in the field of wastewater treatment.

Report Scope:

Specialty Resins Market: Challenges.

High prices of raw materials pose a major challenge to market growth.

Bisphenol A (BPA) and Bisphenol F (BPF) are epoxy specialty resins that are most commonly utilised. Epoxy resins with higher functionality are often needed to improve quality attributes in demanding applications. These speciality resins are used in coatings, electrical and electric lamination, and composites. Styrene, phthalic anhydride, and maleic anhydride are important raw materials used in the manufacturing of specialised resins. But the price of these goods has skyrocketed, making it extremely difficult for the producers to keep the end product affordable.

Specialty Resins Market: Segmentation

Function, resin type, end-user, and geographic factors are used to segment the worldwide specialised market. The global market is segmented into insulation, protection, and other functions based on the function. Vinyl, polyamides, unsaturated polyester resin (UPR), and epoxy comprise the resin type category. The market is divided into six end-user segments: aerospace, building & construction, water treatment, marine, electricals & electronics, and other end-users.

Directly Purchase a copy of the report with TOC @

https://www.zionmarketresearch.com/toc/specialty-resins-market

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.

Specialty Resins Market: Regional Landscape

The Asia Pacific to dominate the market over the forecast period.

The 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. Factors such as rapid urbanization, an increase in construction activities, and more investments by major market players are driving up demand for specialty resins in the region. In the Asia Pacific, India, China, and Japan are the major users of specialty resins. As a fact, plastics, paints & coatings, and adhesives are all produced in large quantities in the region. In addition, the automobile sector in the 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 the global specialty resins market during the forecast period.

Specialty Resins Market: Competitive Landscape

Some of the predominant players operating in the global specialty resins market include 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.

The global specialty resins market is segmented as follows: