What Does the Market Size Analysis Reveal About the Specialty Resins Market?
The specialty resins market size has experienced robust growth over the recent years. This market is projected to grow from $9.05 billion in 2024 to $9.64 billion in 2025 at a compound annual growth rate (CAGR) of 6.5%. Several factors contribute to this growth trend, including an evolving demand for high-performance materials, industrial applications, growth in construction, and an increasing shift towards sustainable and eco-friendly alternatives.
The specialty resins market size is expected to sustain significant growth in the forthcoming years. Projections indicate that the market could reach $13.02 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. Factors contributing to this forecasted growth include increasing demand for customized solutions, advanced composite materials, smart manufacturing, and electric vehicles (evs). Major trends for the upcoming period include developments in bio-based resins, 3D printing and additive manufacturing, advanced coating technologies, smart manufacturing, and internet of things.
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What are the Key Drivers for the Growth of the Specialty Resins Market?
The apparent growth of the specialty resins market is primarily driven by the expanding demand in the construction industry. The construction sector encompasses a wide range of industries including mining, quarrying, infrastructure and building construction, product manufacturing, repair, service, and disposal. Specialty resins like epoxy resin are integral to the manufacturing of coatings, flooring, plastics, paints, and other construction products.
For instance, the Office for National Statistics reported an incremental monthly construction output rise by 0.4% in August 2022, marking the second consecutive increase from July 2022. This growing demand in the construction industry, thus, fuels the growth of the specialty resins market.
What are the Key Segments of the Specialty Resins Market?
The specialty resins market covered includes the following segments:
1) By Resin Type: Epoxy, Unsaturated Polyester Resin (UPR), Vinyl, Polyamides
2) By Function: Protection, Insulation, Other Functions
3) By End-Use Industry: Building And Construction, Automotive, Water Treatment, Marine, Electrical And Electronics, Aerospace, Other End-Use Industries
Major Players in the Specialty Resins Market:
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Major players in the specialty resins market consist of Aldex Chemical Company Limited, Radiant Color NV, Huntsman International LLC, Purolite Corporation, Mitsubishi Chemical Corporation, Thermax Limited, International Specialty Chemicals Ltd., BASF SE, Emerald Performance Materials LLC, Arkema S.A., Koninklijke DSM N.V., Pure Resin Co. Ltd., Kolon Industries Inc., Suqing Group, Specialty Resin Chemical Co. Ltd., Scott Bader Company Limited, Aditya Birla Chemicals (Thailand) Limited, DIC Corporation, Allnex Belgium SA/NV, Polynt SpA, INEOS Group Limited, Reichhold LLC, Sika AG, Sinopec Baling Company Limited, Eternal Materials Co. Ltd., Chang Chun Plastics Co. Ltd., Kukdo Chemical Co. Ltd., Hitachi Chemical Company Ltd., Nanya Plastics Corporation, SABIC Innovative Plastics US LLC, Sumitomo Bakelite Co. Ltd., Kyocera Chemical Corporation.
Which Technological Advancements are Influencing the Specialty Resins Market Trends?
Technological advancements have emerged as significant trends in the specialty resins market. Key market players strive to develop technology-forward specialty resin solutions. One such development is ASK Chemicals’ introduction of its new reziance brand portfolio of industrial resins in October 2023. This portfolio includes high-performance phenolic resins and specialty solutions for casting and industrial applications.
Where are the Fastest Growth Expected in the Specialty Resins Market?
Asia-Pacific held the largest share in the global specialty resins market in 2024, followed by Europe. Coverage of the specialty resins market spans across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Is The Scope Of The Specialty Resins Market Report 2025?
Specialty resins are high-performance resins designed to offer superior thermal and chemical resistance to the materials they are utilized in. These resins provide high tensile strength, impact resistance, and find their applications in noise control, vibration damping, shock isolation, and cushioning. The Specialty Resins Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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