Specialty Resins Global Market Report 2024

Specialty resins, also referred to as commodity resins, represent a category of high-performance resins meticulously crafted to provide enhanced thermal and chemical resistance to the materials in which they are applied. Additionally, they deliver notable tensile strength and impact resistance, making them suitable for diverse applications such as noise control, vibration damping, shock isolation, and cushioning.

The primary varieties of specialty resins encompass epoxy, unsaturated polyester resin (UPR), vinyl, and polyamides. Epoxy resins, characterized as thermosetting polymers containing more than one three-membered ring, known as epoxides, are widely utilized. Among them, epoxy resin stands out as the most prevalent form, finding application as an adhesive, sealant, coating binder, and matrix for composite materials. Unsaturated polyester resin (UPR) results from the condensation of unsaturated acids or anhydrides and diols, with or without diacids. These resins play crucial roles in construction, marine applications, as well as in the manufacturing of pipes and tanks. Vinyl specialty resins serve emerging industrial needs in areas like coatings, printed circuit boards, metal foil laminates, building materials, automotive components, rigid foams, and fiber-reinforced composites. Polyamides, belonging to the family of opaque thermoplastic polymers, exhibit exceptional strength and heat tolerance. Specialty resins fulfill various functions such as protection, insulation, and others, catering to diverse sectors such as building and construction, automotive, water treatment, marine, electrical and electronics, aerospace, among others.

The specialty resins market research report is one of a series of new reports that provides specialty resins market statistics, including specialty resins industry global market size, regional shares, competitors with a specialty resins market share, detailed specialty resins market segments, market trends and opportunities, and any further data you may need to thrive in the specialty resins industry. This specialty resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The specialty resins market size has grown strongly in recent years. It will grow from $8.53 billion in 2023 to $9.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%.
The expansion observed in the historical period can be ascribed to an increase in the demand for high-performance materials, a rise in interest towards sustainable and eco-friendly alternatives, heightened demand in industrial applications, a growing need for advanced materials, and an upsurge in construction activities.

The specialty resins market size is expected to see strong growth in the next few years. It will grow to $11.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be linked to the increasing demand for tailored solutions, a surge in interest towards sustainability and green initiatives, the adoption of advanced composite materials, the implementation of smart manufacturing practices, and the rising popularity of electric vehicles (EVs). Key trends expected in the forecast period encompass the prominence of bio-based resins, the integration of 3D printing and additive manufacturing, advancements in coating technologies, the embrace of smart manufacturing and IoT (Internet of Things), and the ongoing trend of miniaturization in electronics.

The anticipated growth in demand for the construction industry is poised to drive the expansion of the specialty resins market in the upcoming years. The construction sector, encompassing various activities from mining, quarrying, and forestry to infrastructure and building construction, plays a pivotal role in driving demand for specialty resins. Epoxy resin, a type of specialty resin, finds extensive use in the production of coatings, adhesives, flooring, plastics, primers, sealers, paints, and other components integral to the building and construction industry. For example, data from the UK-based Office for National Statistics reveals a 0.4% increase in monthly construction output in August 2022, marking the second consecutive rise after July 2022's upwardly revised increase to 0.1%. This growth underscores the influence of the construction industry on the specialty resins market.

The burgeoning packaging industry is expected to be a driving force behind the growth of the specialty resins market in the future. The packaging industry, involved in designing, producing, and distributing containers and materials for safeguarding and transporting goods, relies on specialty resins to enhance the durability, barrier properties, and customization of packaging materials. This enables the industry to meet diverse product protection and sustainability requirements. As indicated in the 2022 State of the Flexible Packaging Industry report by the Flexible Packaging Association, the U.S. flexible packaging industry's estimated sales reached $39 billion in 2021, up from $34.8 billion in 2020. This underscores the significant role of the growing packaging industry in propelling the specialty resins market.

Technological advancement is emerging as a prominent trend in the specialty resins market, with major industry players focusing on the development of advanced specialty resin solutions. A case in point is ASK Chemicals, a Germany-based chemicals company, which launched its new reziance brand portfolio of industrial resins in October 2023. This portfolio includes high-performance phenolic resins and specialty solutions designed for casting and various industrial applications.

Major companies operating in the specialty resins market are directing their efforts towards innovative technology, exemplified by PCR-based Noryl resin technology, to offer sustainable materials to customers. PCR-based Noryl resin technology involves a specialized manufacturing process that incorporates post-consumer recycled (PCR) materials into Noryl resins. An instance is the initiative by Saudi Arabia's Basic Industries Corporation, which introduced a new Noryl resin technology formulated with 25% or more post-consumer recycled (PCR) content. This sustainable technology aims to provide customers with eco-friendly material options, showcasing a significant step in incorporating recycled content into polyphenylene ether (PPE)-based material technologies.

In September 2021, Polytek Development Corp., a U.S.-based manufacturer, acquired Specialty Resin & Chemical (SRC) to expand its portfolio of specialty resins. Specialty Resin & Chemical (SRC), a U.S.-based manufacturer, specializes in producing specialty resins and polymers for coatings, adhesives, and sealants.

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.

Asia-Pacific was the largest region in the specialty resins market in 2023. Europe was the second-largest market in the specialty resin market. The regions covered in the specialty resins market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the specialty resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The specialty resins market consists of sales of specialty resins by type, including specialty thermoplastic composites, specialty thermoplastics, and specialty thermosets. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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