Global Specialty Resins Market To Reach A Value Of About USD 13.94 Billion By 2028

23-Jun-2022 | Zion Market Research

The global specialty resins market was worth around USD 7.85 billion in 2021 and is estimated to grow to about USD 13.94 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.4 percent over the forecast period.

A high-performance category of resins, specialty resins are made in a manner to offer greater chemical and thermal resistance to substances in which they are utilized. These resins are pricier when compared to conventional resins owing to their cutting-edge properties. The key categories of specialty resins are vinyl, unsaturated polyester resin (UPR), epoxy, and polyamides. These resins have quickly turned out to be the preferred choice for use in the building & construction industry, owing to their versatile properties as they have outstanding thermal resistance, elevated UV resistance, high chemical resistance, and high hardness. The specialty resins’ key end-use industries include automotive, aerospace, building & construction, water treatment, electrical & electronics, marine, and others.

The global specialty resins market is likely to witness considerable growth during the forecast period owing to the rising demand from electronics, flooring, packaging, sports, and household appliances. Also, the construction activities around the globe are likely to be driven by the rising disposable income of customers, enhancing standards of living, along with rising urbanization. Specialty resins present high resistance to chemicals and temperature. Thus, resins are projected to be used in bulk in the building of infrastructure projects besides non-residential and residential buildings during the coming period. In the automobile sector, there is an elevated implementation of battery- or electric-operated vehicles thereby driving the lightweight polymers demand. Resins are demanded by the OEMs for manufacturing lightweight vehicles and thus improving the performance by decreasing the fuel consumption and CO2 emissions. Further, the food & beverage sector has an increased requirement for specialty resins to make suitable and high-performance materials that enable manufacturers to certify appropriate food safety. All of these factors are projected to drive the expansion of the global market during the forthcoming period.

The global specialty market is divided based on function, resin type, end-user, and region. Based on the function, the global market is divided into insulation, protection, and other functions. The resin type segment is classified into polyamides, vinyl, unsaturated polyester resin (UPR), and epoxy. By end-user, the market is bifurcated into aerospace, electricals & electronics, marine, water treatment, automotive, building & construction, and other end-users.

The global specialty resins market is likely to be governed by Asia Pacific during the projected period as it is the largest consumer of specialty resins. This regional expansion can be attributed to factors such as rise in construction activities, rapid urbanization, and high investments by key market players. In Asia Pacific, China, Japan, and India are the prime specialty resins users. In fact, paints & coatings, plastics, and adhesives are all manufactured in huge amounts in this region. Further, the automobile sector here has been swiftly expanding in recent years thereby fueling regional market expansion. The second position in the global market is held by North America. This regional expansion is likely to be driven by the strong marine and aerospace industries in North America. The existence of shipbuilders and the building of huge vessels in the region is driving the demand for specialty resins and compounds.

Some of the predominant players operating in the global specialty resins market include International Speciality Chemicals Ltd, Arkema, Emerald Performance Materials, BASF SE, Dow DuPont, Radiant Color NV, Aldex Chemical Company Limited, Royal DSM, Mexichem S.A.B. de C.V., Huntsman International LLC, among others.

Recent Developments:

  • Sept 2021, Polytek Development Corp., a specialized producer of polymers for coating, mold forming, and casting applications, confirmed the purchase of Specialty Resin & Chemical. Arsenal Capital Partners has Polytek as a portfolio business.
  • July 2021, PTT Global Chemical has committed to pay USD 4.8 billion to private equity company Advent International for the industrial coating resin maker Allnex. Lone Star Funds will purchase AOC, a resin maker, from CVC Capital Partners, a fellow private equity company, and DSM, a minority stakeholder.

Browse the full Specialty Resins Market By Resin Type (Epoxy, Unsaturated Polyester Resin (UPR), Vinyl, Polyamides), By Function (Protection, Insulation, Other Functions), By End-User Industry (Building & Construction, Automotive, Water Treatment, Marine, Electrical & Electronics, Aerospace, Other End-Use Industries), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/specialty-resins-market

Global specialty resins market is segmented as follows:

By Resin Type

  • Epoxy
  • Unsaturated Polyester Resin (UPR)
  • Vinyl
  • Polyamides

By Function

  • Protection
  • Insulation
  • Others

By End User

  • Building and Construction
  • Automotive
  • Water Treatment
  • Marine
  • Electrical and Electronics
  • Aerospace
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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