Composite Resin Market worth $27.4 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 25, 2022 /PRNewswire/ -- According to the new market research report "Composite Resin Market by Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding), Application and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Composite Resin Market size is projected to reach USD 27.4 billion by 2026, at a CAGR of 6.0%, during the forecast period.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=66717271

Browse in-depth TOC on "Composite Resin Market"
223 – Tables        
79 – Figures
312 – Pages

View Detailed Table of Content Here: https://www.marketsandmarkets.com/Market-Reports/composites-resin-market-66717271.html

The composite resin are used in a number of applications such as construction & infrastructure, transportation, electrical & electronics, pipes & tanks, wind energy, marine, aerospace & defense, and other applications, which helps the market to grow rapidly. In addition to this, the growing demand in for composite resin in various end-use industries from emerging economies such as China, and India is also propelling the growth of the market.

However, the outbreak of COVID-19 has created ripples in various end-use industries, leading to reduced demand for composite resin. Due to the lockdown scenario in Europe and North America, the demand for composite resin from construction, transportation, wind energy, etc, declined sharply in the first quarter of 2020.

Thermoset composite resin to have the largest market share in the composite resin market during the forecast period.

Thermoset composite resin is the major resin. It is used as a matrix with carbon, glass, natural, and aramid fibers. These resins are widely used for manufacturing of composites, as when uncured, they are in the liquid state at room temperature. This unique property of thermoset resins allows convenient impregnation of reinforcing fiber. The major types of thermoset resins which are widely used in composites are unsaturated polyester resin, epoxy resin, vinyl ester resin and others such as phenolic, polyimide, etc. The unsaturated polyester resin segment has a major share in the global thermoset composite resin market, owing to its wide acceptability in end-use industries such as construction, transportation, aerospace & defense, wind energy, etc.

Layup manufacturing process is predicted to register the largest share in the global composite resin market during the forecast period, in terms of value.

The layup manufacturing process led the global composite resin market. In this process, the orientation of the fibers can be controlled as needed so that they can absorb maximum stresses to which they are subjected. Layup process is also used in the production of high quality colored composite surfaces. The process utilizes thermoset resins, such as polyester and epoxy, for the production of composites using carbon or aramid long fiber as reinforcement. In some applications, vinyl ester and phenolic resins are used as matrix in the layup process. It is widely used for composite parts manufacturing in wind energy and marine applications, primarily because of low-cost tooling required for manufacturing a wide range of products

The wind energy application segment is expected to account for the largest share in the composite resin market during the forecast period, in terms of value.

Wind turbine blades are the key components in wind power generation system. Wind turbine blade manufacturing has been growing exponentially since 2005 and the production is expected to triple in the next decade. Fiber-reinforced composites in wind turbine blades are widely used in the development of large-scale wind turbines. Composite resin is used to manufacture wind blades and other composite components to withstand the harsh environment, especially in offshore applications. It is expected to be the most promising application segment, especially in APAC, in the next five years due to greater focus of India and China on producing electricity through renewable sources. The European government is also supporting the use of renewable and energy-efficient systems to boost the wind energy industry in the region. In Europe, two-thirds of the non-nuclear research budget has been allocated to research and development on renewable and energy efficiency systems which in turn, will augment the growth of the composite resin market.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=66717271

APAC region to account for the largest market share in the composite resin market during the forecast period.

APAC was the largest composite resin market, in terms of value, in 2020. The increasing use of composite resin in applications such as construction, transportation, wind energy, aerospace & defense, and others is expected to provide new growth opportunities to the market. Furthermore, high economic growth, growth in manufacturing industries, availability of cheap labor, growing end-use markets, and the global shift of production facilities from developed markets to developing markets are some of the key factors driving the composite resin market in Asia Pacific.

The key players in the market include Huntsman International LLC (US), Hexion, Inc (US), The Dow Chemical Company (US), Ashland Global Holdings, Inc (US), Sumitomo Bakelite Co., Ltd, (Japan), Schott Bader Company Limited (England), Royal DSM N.V (Netherlands), BASF SE (Germany), Kukdo Chemical Co., Ltd. (South Korea), Polynt S.p.A (Italy), SABIC (Saudi Arabia), Arkema SA (France), Evonik Industries AG (Germany), Atul Ltd (India), Allnex Composites (Germany), Nan Ya Plastics Corporation (Taiwan), Showa Denko K.K (Japan), Swancor Holdings Co., Ltd (Taiwan). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composite resin market.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=66717271

Browse Adjacent Markets: Chemicals Market Research Reports & Consulting         

Related Reports:

Thermoplastic Composites Market by Resin Type (Polypropylene, Polyamide, Polyetheretherketone, Hybrid), Fiber Type (Glass, Carbon, Mineral), Product Type (SFT, LFT, CFT, GMT), End-Use Industry, and Region - Global Forecast to 2025
https://www.marketsandmarkets.com/Market-Reports/thermoplastic-composite-market-111944669.html

Acrylic Resins Market by Solvency (Water-based, solvent-based, and others), Chemistry, Application (Paints & coatings, adhesives & sealants, DIY coatings, elastomers, and others), End-use Industry, and Region – Global Forecast to 2025
https://www.marketsandmarkets.com/Market-Reports/acrylic-resin-market-246195771.html

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road 
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected] 
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/composites-resin-market.asp 
Visit Our Website: https://www.marketsandmarkets.com/ 
Content Source: https://www.marketsandmarkets.com/PressReleases/composites-resin.asp

SOURCE MarketsandMarkets