The Business Research Company’s report on the Specialty Resins Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the specialty resins market’s growth in recent years?
The growth in demand for the construction industry is projected to fuel the growth of the specialty resins market over the coming years. Construction is a wide industry that involves anything from mining, quarrying, and forestry to infrastructure and building construction, product manufacturing and supply, and repair, service, and disposal. Epoxy resin, a form of specialty resin, is used in the manufacturing of coatings, adhesives, flooring, plastics, primers and sealers, paints, and other building and construction products and components. For instance, in November 2022, according to the Office for National Statistics, a UK-based statistics authority, in volume terms, monthly construction output increased by 0.4% in August 2022, the second consecutive increase after July 2022’s upwardly revised increase to 0.1%; in level terms, August 2022 is the second-highest monthly value (El 5,011 million), with May 2022 continuing to be at the highest level since records began in January 2010 (El 5,035 million). Therefore, the growth in demand for the construction industry drives the growth of the specialty resins market.
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How does the future projection of the specialty resins market size compare to its historical growth?
The specialty resins market size has grown strongly in recent years. It will grow from $9.05 billion in 2024 to $9.64 billion in 2025 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to growth in demand for high-performance materials, sustainable and eco-friendly alternatives, industrial applications, demand for advanced materials, growth in construction.
The specialty resins market size is expected to see strong growth in the next few years. It will grow to $13.02 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growing demand for customized solutions, sustainability and green initiatives, advanced composite materials, smart manufacturing, electric vehicles (evs). Major trends in the forecast period include bio-based resins, 3D printing and additive manufacturing, advanced coating technologies, smart manufacturing and iot, miniaturization of electronics.
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Which key players are shaping the future of the specialty resins market?
Major companies operating in the specialty resins market include 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.
What trends will propel the growth and evolution of the specialty resins market?
Technological advancement has emerged as a key trend in the specialty resins market. Major players in the specialty resins industry are focused on developing technologically advanced specialty resin solutions. For instance, in October 2023, ASK Chemicals, a Germany-based chemicals company, launched its new reziance brand portfolio of industrial resins. Reziance brand portfolio includes high-performance phenolic resins and specialty solutions for casting and a growing range of industrial applications.
Which regions are expected to become dominant players in the specialty resins market?
Asia-Pacific was the largest region in the specialty resins market in 2024. Europe was the second-largest market in the specialty resin market. The regions covered in the specialty resins market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What are the emerging key segments in the specialty resins market, and how are they evolving?
The specialty resins market covered in this report is segmented –
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
Subsegments:
1) By Epoxy: Liquid Epoxy Resins, Solid Epoxy Resins, Modified Epoxy Resins, Epoxy Adhesives
2) By Unsaturated Polyester Resin (UPR): Orthophthalic UPR, Isophthalic UPR, Dicyclopentadiene (DCPD) UPR, Vinyl Ester Resins
3) By Vinyl: Vinyl Ester Resins, Vinyl Chloride Resins, Vinyl Butyral Resins
4) By Polyamides: Aliphatic Polyamides, Aromatic Polyamides, Polyamide Imides (PAI)
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How is the specialty resins market defined?
Specialty resins, also known as commodity resins, are a type of high-performance resins designed to offer superior thermal and chemical resistance to the materials in which they are used. It also offers high tensile strength and impact resistance and is used for applications such as noise control, vibration damping, shock isolation, and cushioning.
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