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The Composite Resin Market Size was valued at USD 23.91 billion in 2023, and is expected to reach USD 41.08 billion by 2032, and grow at a CAGR of 6.20% over the forecast period 2024-2032. The composite resin is used in construction, electrical and electronics, infrastructure, pipes and tanks, transportation, wind energy, marine, aerospace and defence, and many other places.
Drivers:
The auto and transportation industries are growing
Focus on renewable energy sources is making more people want to use wind power
Thermoplastic resin is becoming more popular
Restraints:
High costs for processing and making
Questions about recycling
Opportunity:
Demand Rising in Emerging Economies
More composite resins are being used in the growing aerospace industry
Challenge:
Need to Keep Making Improvements to Products
After COVID-19, the market got better
Because of the COVID-19 pandemic, the market for composite resin is likely to go down in 2020. The entire world has been hurt by this deadly virus, especially the APAC and European regions. To stop this virus from spreading even more, businesses have shut down their operations and factories, and the government has put limits on building. Because of this, the amount of composite resin used in all applications has gone down.
COVID-19 and other regulations, like long processes for getting permits, have slowed down the production of end-use industries, which has decreased the demand for composite resin. But it is expected that the demand for composite resin will rise again in 2021. China was the first country to be affected by COVID-19, which messed up the global composite resin supply chain and slowed down production in a number of industries that use composite resins. But many end-use industries have started making things again and are expected to get back to normal soon. This is driving up the demand for composite resin.
By Resin Type:
Thermoset Composite Resin
Thermoplastic Composite Resin
By Manufacturing Process:
Layup
Filament Winding
Injection Molding
Pultrusion
Compression Molding
Resin Transfer Molding
Others
By Application:
Construction & Infrastructure
Transportation
Electrical & Electronics
Pipes & Tanks
Wind Energy
Marine
Aerospace & Defense
Others
The Asia-Pacific composite resin market is expected to make up a big part of the target market's revenue. In terms of revenue, the Asia-Pacific market is also expected to grow the fastest over the next few years. This is because the transportation and construction and infrastructure industries in the countries in this region are using more and more of these products. In the next 11 years, the Asia-Pacific composite resin market is expected to grow because private and public producers in countries like China and India are putting more money into their businesses and more demand is coming from different industries that use composite resins. The market in China is expected to bring in a large amount of money for the Asia-Pacific market as a whole. Producers in the countries in this region are becoming more aware of the different properties that composite resin materials offer. This is one of the things that is expected to drive growth in the end-use application industries, which is expected to support revenue growth in the global market in this region.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Schott Bader Company Limited, SABIC, Huntsman International LLC, The Dow Chemical Company, Hexion Inc, Polynt S.p.A , Kukdo Chemical Co., Ltd., Sumitomo Bakelite Co, Ltd, Royal DSM N.V, BASF SE, Arkema SA, Ashland Global Holdings Inc, and other players.
Report Attributes | Details |
---|---|
Market Size in 2023 | US$ 23.91 Billion |
Market Size by 2032 | US$ 41.08 Billion |
CAGR | CAGR of 6.20% From 2024 to 2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Data | 2020-2022 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Resin Type (Thermoset Composite Resin, Thermoplastic Composite Resin) • By Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding, Others) • By Application (Construction & Infrastructure, Transportation, Electrical & Electronics, Pipes & Tanks, Wind Energy, Marine, Aerospace & Defense, Others) |
Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Company Profiles | Schott Bader Company Limited, SABIC, Huntsman International LLC, The Dow Chemical Company, Hexion Inc, Polynt S.p.A , Kukdo Chemical Co., Ltd., Sumitomo Bakelite Co, Ltd, Royal DSM N.V, BASF SE, Arkema SA, Ashland Global Holdings Inc, and other players. |
DRIVERS | • The auto and transportation industries are growing. • Focus on renewable energy sources is making more people want to use wind power. • Thermoplastic resin is becoming more popular. |
Restraints | • High costs for processing and making •Questions about recycling |
Ans: Primary or secondary type of research done by this reports.
Ans: The auto and transportation industries are growing, Focus on renewable energy sources is making more people want to use wind power and Thermoplastic resin is becoming more popular are the drivers for Composite Resin Market.
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: The composite resin is used in construction, electrical and electronics, and infrastructure, pipes and tanks, transportation, wind energy, marine, aerospace and defence, and many other places.
Ans: Composite Resin Market Size was valued at USD 23.91 billion in 2023, and expected to reach USD 41.08 billion by 2032, and grow at a CAGR of 6.20 % over the forecast period 2024-2032
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Composite Resin Market Segment, By Resin Type:
8.1 Thermoset Composite Resin
8.2 Thermoplastic Composite Resin
9.Composite Resin Market Segment, By Manufacturing Process:
9.1 Layup
9.2 Filament Winding
9.3 Injection Molding
9.4 Pultrusion
9.5 Compression Molding
9.6 Resin Transfer Molding
9.7 Others
10.Composite Resin Market Segment, By Application:
10.1 Construction & Infrastructure
10.2 Transportation
10.3 Electrical & Electronics
10.4 Pipes & Tanks
10.5 Wind Energy
10.6 Marine
10.7 Aerospace & Defense
10.8 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profile
12.1 Schott Bader Company Limited (England)
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 SABIC (Saudi Arabia)
12.3 Huntsman International LLC (US)
12.4 The Dow Chemical Company (US)
12.5 Hexion, Inc (US)
12.6 Polynt S.p.A (Italy)
12.7 Kukdo Chemical Co., Ltd. (South Korea)
12.8 Sumitomo Bakelite Co., Ltd (Japan)
12.9 Royal DSM N.V (Netherlands)
12.10 BASF SE (Germany)
12.11 Arkema SA (France)
12.12 Ashland Global Holdings, Inc (US)
13.Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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