The Latin America, Middle East and Africa Specialty Resins Market is expected to witness market growth of 8.0% CAGR during the forecast period (2024-2031). In the year 2027, the LAMEA market's volume is expected to surge to 329.3 kilo tonnes, showcasing a growth of 7.1% (2024-2031).
The electrical and electronics industry relies heavily on specialty resins for insulation, encapsulation, and protective coatings. These resins, such as epoxy and polyamides, offer excellent thermal and electrical insulation properties, ensuring the safety and reliability of electronic components. As the demand for compact and efficient electronic devices continues to rise, so does the need for innovative resin solutions that can withstand high temperatures and harsh environments. Consequently, in Argentina, 3.85 kilo tonnes of Specialty Resins expected to be utilized in electrical and electronics by the year 2031.
The Brazil market dominated the LAMEA Specialty Resins Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $283.9 million by 2031. The Argentina market is expected to witness a CAGR of 8.8% during 2024-2031. Additionally, the UAE market would capture a CAGR of 7.1% during 2024-2031.
Specialty resins, such as polyethylene terephthalate (PET) and polyvinyl alcohol (PVOH), are widely used in food and beverage packaging due to their excellent barrier properties. For instance, PET is commonly used in beverage bottles because it provides a strong barrier against gases like carbon dioxide, keeping carbonated drinks fresh for longer periods. Additionally, PVOH is utilized in packaging applications that require high moisture and oxygen barriers, such as vacuum-sealed food products. These resins help prevent contamination and spoilage, ensuring products reach consumers optimally.
For instance, Unilever’s ice cream brand, Magnum, has introduced tubs made from recycled polypropylene (rPP), a specialty resin that offers excellent durability and resistance to low temperatures. This innovation helps reduce the environmental impact of packaging waste while ensuring that the ice cream remains well-protected during storage and transportation.
An additional factor that has contributed to the rise in demand for high-performance packaging materials is the proliferation of online shopping. Companies like Amazon have invested in advanced packaging solutions to protect products during shipping. Amazon’s Frustration-Free Packaging program uses specialty resins to create durable, recyclable packaging that minimizes waste and enhances customer experience. This initiative lessens the impact that packaging has on the environment and guarantees that products will arrive in pristine condition.
The mining industry, a significant part of South Africa's economy, drives the demand for specialty resins. These resins manufacture mining equipment and protective coatings, enhancing the equipment's resistance to harsh environmental conditions and wear. In Brazil, the automotive industry drives the increasing demand for specialty resins. Additionally, the automotive industry contributes to the demand for specialty resins.
A record US$ 22 billion in investments have been announced in the sector in 2024, with investments occurring through 2032, according to the Brazilian Association of Vehicle Manufacturers (Anfavea). Specialty resin materials are essential for manufacturing lightweight and durable automotive components, contributing to vehicle performance and fuel efficiency. Hence, the expanding construction and automotive sectors in the region will support the expansion of the specialty resins market.
The electrical and electronics industry relies heavily on specialty resins for insulation, encapsulation, and protective coatings. These resins, such as epoxy and polyamides, offer excellent thermal and electrical insulation properties, ensuring the safety and reliability of electronic components. As the demand for compact and efficient electronic devices continues to rise, so does the need for innovative resin solutions that can withstand high temperatures and harsh environments. Consequently, in Argentina, 3.85 kilo tonnes of Specialty Resins expected to be utilized in electrical and electronics by the year 2031.
The Brazil market dominated the LAMEA Specialty Resins Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $283.9 million by 2031. The Argentina market is expected to witness a CAGR of 8.8% during 2024-2031. Additionally, the UAE market would capture a CAGR of 7.1% during 2024-2031.
Specialty resins, such as polyethylene terephthalate (PET) and polyvinyl alcohol (PVOH), are widely used in food and beverage packaging due to their excellent barrier properties. For instance, PET is commonly used in beverage bottles because it provides a strong barrier against gases like carbon dioxide, keeping carbonated drinks fresh for longer periods. Additionally, PVOH is utilized in packaging applications that require high moisture and oxygen barriers, such as vacuum-sealed food products. These resins help prevent contamination and spoilage, ensuring products reach consumers optimally.
For instance, Unilever’s ice cream brand, Magnum, has introduced tubs made from recycled polypropylene (rPP), a specialty resin that offers excellent durability and resistance to low temperatures. This innovation helps reduce the environmental impact of packaging waste while ensuring that the ice cream remains well-protected during storage and transportation.
An additional factor that has contributed to the rise in demand for high-performance packaging materials is the proliferation of online shopping. Companies like Amazon have invested in advanced packaging solutions to protect products during shipping. Amazon’s Frustration-Free Packaging program uses specialty resins to create durable, recyclable packaging that minimizes waste and enhances customer experience. This initiative lessens the impact that packaging has on the environment and guarantees that products will arrive in pristine condition.
The mining industry, a significant part of South Africa's economy, drives the demand for specialty resins. These resins manufacture mining equipment and protective coatings, enhancing the equipment's resistance to harsh environmental conditions and wear. In Brazil, the automotive industry drives the increasing demand for specialty resins. Additionally, the automotive industry contributes to the demand for specialty resins.
A record US$ 22 billion in investments have been announced in the sector in 2024, with investments occurring through 2032, according to the Brazilian Association of Vehicle Manufacturers (Anfavea). Specialty resin materials are essential for manufacturing lightweight and durable automotive components, contributing to vehicle performance and fuel efficiency. Hence, the expanding construction and automotive sectors in the region will support the expansion of the specialty resins market.
List of Key Companies Profiled
- BASF SE
- Hexion Inc. (Hexion Intermediate Holding 2, Inc.)
- Saudi Basic Industries Corporation (SABIC)
- Koninklijke DSM N.V.
- Arkema S.A.
- Mitsubishi Chemical Holdings Corporation
- The Dow Chemical Company
- Huntsman Corporation
- LyondellBasell Industries Holdings B.V.
- Lanxess AG
Market Report Segmentation
By Function (Volume, Kilo Tonnes, USD Billion, 2020-2031)
- Protection
- Insulation & Other Functions
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
- Building & Construction
- Water Treatment
- Marine
- Electrical & Electronics
- Automotive
- Aerospace
- Other Applications
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
- Epoxy
- Vinyl
- Polyamides
- Unsaturated Polyester Resins
- Other Types
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. LAMEA Specialty Resins Market by Function
Chapter 5. LAMEA Specialty Resins Market by Application
Chapter 6. LAMEA Specialty Resins Market by Type
Chapter 7. LAMEA Specialty Resins Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- BASF SE
- Hexion Inc. (Hexion Intermediate Holding 2, Inc.)
- Saudi Basic Industries Corporation (SABIC)
- Koninklijke DSM N.V.
- Arkema S.A.
- Mitsubishi Chemical Holdings Corporation
- The Dow Chemical Company
- Huntsman Corporation
- LyondellBasell Industries Holdings B.V.
- Lanxess AG
Methodology
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