ALBANY, N.Y., Sept. 23, 2020 /PRNewswire/ -- The growing application range of specialty resins acts as a prime growth-generating factor and will help the specialty resins market to gain good growth through the forecast period of 2020-2030. The growing demand for specialty resins equipped with special features is further inviting exponential growth opportunities for the specialty resins market.
The analysts at Transparency Market Research (TMR), after exhaustive research on all the factors, predict the global specialty resins market to record a CAGR of ~5 percent from 2020 to 2030. The global specialty resins market was valued at ~US$ 6 bn in 2019 and is prognosticated to reach a value of ~US$ 11 bn by the end of the forecast period.
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The need for environmental conservation is ringing alarm bells across the specialty resins market. The specialty resins market is testing the power of sustainability and the innovations have led to the development of recyclable epoxy resins. Sustainable propositions are becoming a common thing in the specialty resins market and are expected to bring enormous growth in the near future.
Specialty Resins Market: The Analysts' Opinion
The analysts, after thorough research on all prospects of the specialty resins market, have highlighted various features that may influence the growth of the specialty resins market negatively or positively. The analysts shed light on the plight of the top-tier companies in the specialty resins market during the novel coronavirus pandemic. These companies have limited themselves to only business-critical activities in these unprecedented times.
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According to analysts, the manufacturers are scaling the roadmap of a circular economy to propel their credibility credentials in the global market scenario. The analysts also opine that the demand for sustainable, innovative, and lightweight composite material technologies for automotive applications is on the rise.
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Specialty Resins Market: Key Revelations
- On the basis of type, the epoxy segment is estimated to hold a prominent growth share of the global specialty resins market
- The global specialty resins market is extrapolated to reach an output of 2500 kilo tons by the end of the forecast period
- Asia Pacific is estimated to garner massive growth in terms of regional segmentation
- Europe may offer immense growth opportunities for the specialty resins market
- The Middle East and Africa and Latin America jointly constituted 20.8 percent market share in 2019
- The Middle East and Africa and Latin America may jointly lose a share of 2.4 percent by 2030
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Specialty Resins Market: Growth Accelerators
- The specialty resins market is expected to grow substantially mainly due to the expansive demand from downstream markets specifically from automobiles, aerospace, and composite.
- The characteristics of specialty resins such as water resistance, chemical resistance, and others may bring tremendous growth prospects for the specialty resins market
- High hardness and magnified UV resistance are some other features that make them an ideal fit in the construction industry, thus increasing the growth rate of the specialty resins market
- Rapid urbanization is also a prominent reason for the growth of the specialty resins market
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Specialty Resins Market: Major Challenges
The cost of prominent raw materials required in the production of specialty resins like maleic anhydride, phthalic anhydride, and styrene has soared greatly over the years. Increasing prices of raw materials are eventually increasing the price of specialty resins, thus proving to be a vital growth dampener for the specialty resins market.
Global Specialty Resins Market: Segmentation
- Unsaturated Polyester Resins
- Others (including Ion Exchange Resins and Ionomer Resins)
- Building & Construction
- Water Treatment
- Electrical & Electronics
- Others (including Packaging and Medical)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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EVA Resins & Films Market - In terms of value, the global EVA resins & films market is anticipated to expand at a CAGR of 4.5% from 2020 to 2028. Ethylene and vinyl acetate are used in the manufacture of ethylene-vinyl acetate (EVA) resins. EVA resins & films are employed in the manufacture of foams, packaging films, solar cell encapsulation, wires & cables, and hot melt adhesives. EVA with low melt index offers superior viscosity, high strength, and relative bonding and melting strength as compared to its melt index counterparts. EVA resins are primarily employed in the paper and packaging industry, owing to their superior properties such as low sealing temperature and enhanced flexibility. Furthermore, EVA resins are utilized in photovoltaic panels that are used in solar energy generation.
Pultrusion Market - The global and Europe pultrusion market was valued at US$ 2.08 Bn in 2018 and is anticipated to expand at a CAGR of ~11% during the forecast period. Based on fiber type, the glass fiber segment held dominant share of the global and Europe pultrusion market in 2018, primarily due to lower price of glass fiber than that of carbon fiber. In terms of end use, the industrial segment accounted for major share of the global and Europe pultrusion market in 2018. Demand for pultruded products is high in automotive, transportation, and electronics industries. Based on form, the roving strands segment constituted significant share of the global and Europe pultrusion market in 2018, due to better coverage compared to mats and fabrics. In terms of resin type, the unsaturated polyester resin segment constituted significant share of the global and Europe pultrusion market in 2018, due to its effective flame retardancy and high pultrusion speed. The pultrusion market in Germany is likely to expand at a substantial pace during the forecast period, owing to high investments in automotive and transportation industries.
Polyurethane Injection Resins Market - The global polyurethane injection resins market is primarily driven by increase in the demand for these resins in the building & construction industry. Polyurethane injection resins are primarily used in sealing and elastic connection of fissures and cavities in buildings and other civil engineering structures constructed of concrete, brickwork, or natural stone. Polyurethane injection resins offer low viscosity, high bonding, and high foaming properties. Increase in the demand for polyurethane injection resins in sealing and grouting applications is expected to drive the global polyurethane injection resins market in the next few years. Increase in the utilization of polyurethane injection resins in marine and mining industries owing to its exceptional properties is anticipated to drive the global polyurethane injection resins market during the forecast period.
Blow Molding Resin Market - Growth in the packaging industry is boosting the demand for blow molding resins across the globe. Blow molding resins are used extensively in food packaging & bottling including bakery products, dry foods, meat, pet food, and ready-to-eat processed food. Increase in usage of blow molding resins in cosmetics & personal care products, health & hygiene packaging, and pharmaceuticals is projected to fuel the market. Growth in demand for lightweight vehicles owing to the implementation of stringent regulations concerning harmful emissions is a key factor driving the global blow molding resin market. Volatility in prices of crude oil and other raw materials is restraining the market.
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