The global composite resin market was valued at $25.4 billion in 2022, and is projected to reach $49.4 billion by 2032, growing at a CAGR of 7% from 2023 to 2032.
Composites are a combination of fiber reinforcement and a resin matrix. The resin system holds everything together and transfers mechanical loads through the fibers to the rest of the structure. In addition to binding the composite structure together, it protects from impact, abrasion, corrosion, other environmental factors, and rough handling. Resin systems come in a variety of chemical families, each designed and designated to serve industries providing certain advantages like economic, structural performance, resistance to various factors, and legislation compliance. Only the most common resins of the thermoset family and the ones mostly used in composite construction are described below. These include polyester, vinyl ester, epoxy, and phenolic. Fibermax Composites carry only epoxy resin systems.
Thermoset resin is a type of polymer that undergoes a chemical reaction during the curing process to create a rigid, durable material that cannot be re-melted or re-shaped once cured. This process is irreversible, which means that the final shape and properties of the material are set. There are several types of thermoset resins, including epoxy, polyester, vinyl ester, phenolic, and urethane. These resins are used in a wide range of applications, including automotive and aerospace parts, electrical and electronic components, construction materials, and consumer goods. Epoxy resins are a common type of thermoset resins widely used in the manufacturing of composites. They are known for their excellent adhesion, high strength, and resistance to chemicals and heat.
Epoxy resins are often used in the construction of aircraft, boats, and wind turbine blades. Polyester resins are another type of thermoset resins often used in the production of fiberglass composites. They are known for their low cost and easy processability, making them a popular choice in the construction and marine industries. Thermoset resins are an important class of materials that offer a wide range of properties and applications. Their irreversible curing process makes them suitable for high-stress applications that require durability, strength, and resistance to heat and chemicals.
Thermoset resin is expected to experience significant growth in the coming years, driven by several factors. One of the main growth factors is the increase in demand for lightweight, high-performance materials in various industries, such as automotive, aerospace, and construction. Thermoset resins, with their high strength-to-weight ratio and resistance to heat and chemicals, are well-positioned to meet this demand. The growing trend toward sustainability and environmental responsibility is driving the demand for thermoset resins, as they are often used as a substitute for traditional materials that are less environment-friendly. For instance, thermoset resins can be used in the production of composite materials, which are lighter and more durable than traditional materials, resulting in lower fuel consumption and reduced emissions in the transportation industry.
In addition, the increase in demand for electrical and electronic components is driving the demand for thermoset resins, as they are widely used in the production of printed circuit boards, electronic encapsulants, and insulation materials. The Asia-Pacific region is expected to be a major market for thermoset resins, driven by rapid industrialization and infrastructure development in countries such as China and India. However, the thermoset resins market also faces several challenges, such as the high cost of raw materials and the stringent regulations regarding the use of hazardous chemicals in their production. Nevertheless, ongoing research and development efforts are aimed at overcoming these challenges and improving the performance and sustainability of thermoset resins.
The composite resins market is segmented on the basis of resin type, manufacturing process, application and region. By resin type, the market is bifurcated into thermosets and thermoplastics. By resin type, the market is categorized into layup, filament, winding, injection molding, pultrusion, compression molding, and resin transfer molding. By application, the market is fragmented into construction & infrastructure, transportation, electricals & electronics, pipes & tanks, wind energy, marine, aerospace & defense and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the industry include Hexion Inc., SABIC, Celanese Corporation, Huntsman International LLC, Dow, Evonik Industries AG, Scott Bader Company Ltd., DSM, Allnex GmbH, and Sumitomo Bakelite Co., Ltd. Corp. These players have adopted product launch as their key strategy to increase their market shares.
Composites are a combination of fiber reinforcement and a resin matrix. The resin system holds everything together and transfers mechanical loads through the fibers to the rest of the structure. In addition to binding the composite structure together, it protects from impact, abrasion, corrosion, other environmental factors, and rough handling. Resin systems come in a variety of chemical families, each designed and designated to serve industries providing certain advantages like economic, structural performance, resistance to various factors, and legislation compliance. Only the most common resins of the thermoset family and the ones mostly used in composite construction are described below. These include polyester, vinyl ester, epoxy, and phenolic. Fibermax Composites carry only epoxy resin systems.
Thermoset resin is a type of polymer that undergoes a chemical reaction during the curing process to create a rigid, durable material that cannot be re-melted or re-shaped once cured. This process is irreversible, which means that the final shape and properties of the material are set. There are several types of thermoset resins, including epoxy, polyester, vinyl ester, phenolic, and urethane. These resins are used in a wide range of applications, including automotive and aerospace parts, electrical and electronic components, construction materials, and consumer goods. Epoxy resins are a common type of thermoset resins widely used in the manufacturing of composites. They are known for their excellent adhesion, high strength, and resistance to chemicals and heat.
Epoxy resins are often used in the construction of aircraft, boats, and wind turbine blades. Polyester resins are another type of thermoset resins often used in the production of fiberglass composites. They are known for their low cost and easy processability, making them a popular choice in the construction and marine industries. Thermoset resins are an important class of materials that offer a wide range of properties and applications. Their irreversible curing process makes them suitable for high-stress applications that require durability, strength, and resistance to heat and chemicals.
Thermoset resin is expected to experience significant growth in the coming years, driven by several factors. One of the main growth factors is the increase in demand for lightweight, high-performance materials in various industries, such as automotive, aerospace, and construction. Thermoset resins, with their high strength-to-weight ratio and resistance to heat and chemicals, are well-positioned to meet this demand. The growing trend toward sustainability and environmental responsibility is driving the demand for thermoset resins, as they are often used as a substitute for traditional materials that are less environment-friendly. For instance, thermoset resins can be used in the production of composite materials, which are lighter and more durable than traditional materials, resulting in lower fuel consumption and reduced emissions in the transportation industry.
In addition, the increase in demand for electrical and electronic components is driving the demand for thermoset resins, as they are widely used in the production of printed circuit boards, electronic encapsulants, and insulation materials. The Asia-Pacific region is expected to be a major market for thermoset resins, driven by rapid industrialization and infrastructure development in countries such as China and India. However, the thermoset resins market also faces several challenges, such as the high cost of raw materials and the stringent regulations regarding the use of hazardous chemicals in their production. Nevertheless, ongoing research and development efforts are aimed at overcoming these challenges and improving the performance and sustainability of thermoset resins.
The composite resins market is segmented on the basis of resin type, manufacturing process, application and region. By resin type, the market is bifurcated into thermosets and thermoplastics. By resin type, the market is categorized into layup, filament, winding, injection molding, pultrusion, compression molding, and resin transfer molding. By application, the market is fragmented into construction & infrastructure, transportation, electricals & electronics, pipes & tanks, wind energy, marine, aerospace & defense and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the industry include Hexion Inc., SABIC, Celanese Corporation, Huntsman International LLC, Dow, Evonik Industries AG, Scott Bader Company Ltd., DSM, Allnex GmbH, and Sumitomo Bakelite Co., Ltd. Corp. These players have adopted product launch as their key strategy to increase their market shares.
IMPACT OF COVID-19 ON THE GLOBAL COMPOSITE RESIN MARKET
The COVID-19 outbreak has had a significant impact on the composite resins market, as it has affected the supply chain, production, and demand for these materials. The pandemic has disrupted global trade, causing supply chain disruptions, raw material shortages, and transportation delays, which have resulted in increased prices and reduced availability of composite resins.- The closure of manufacturing facilities and reduced demand for end-use products due to lockdowns and economic uncertainty have also affected the demand for composite resins. The construction, automotive, and aerospace industries, which are major end-users of composite resins, have been particularly affected by the pandemic, resulting in reduced demand for composite resins.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the composite resin market analysis from 2022 to 2032 to identify the prevailing composite resin market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the composite resin market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global composite resin market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Resin Type
- Thermoset Resin
- Thermoplastic Resin
By Manufacturing Process
- Layup
- Filament Winding
- Injection Molding
- Pultrusion
- Compression Molding
- Resin Transfer Molding
By Application
- Marine
- Aerospace and Defense
- Other
- Construction and Infrastructure
- Automotive and Transportation
- Electricals and Electronics
- Pipes and Tanks
- Wind Energy
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- SABIC
- Huntsman International LLC
- Evonik Industries AG
- DSM
- Allnex GmbH
- Hexion Inc.
- Celanese Corporation
- Dow
- Scott Bader Company Ltd.
- Sumitomo Bakelite Co., Ltd.
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: COMPOSITE RESIN MARKET, BY RESIN TYPE
CHAPTER 5: COMPOSITE RESIN MARKET, BY MANUFACTURING PROCESS
CHAPTER 6: COMPOSITE RESIN MARKET, BY APPLICATION
CHAPTER 7: COMPOSITE RESIN MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- SABIC
- Huntsman International LLC
- Evonik Industries AG
- DSM
- Allnex GmbH
- Hexion Inc.
- Celanese Corporation
- Dow
- Scott Bader Company Ltd.
- Sumitomo Bakelite Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
