Synthetic resins market in Japan and South Korea expected to reach more than USD 67 billion by 2025 and is growing at a CAGR of more than 3% between 2017 and 2025. In 2016, more than 31 million tons of synthetic resins were consumed in Japan and South Korea.
Synthetic Resins Market
Synthetic resins are non-crystalline or viscous liquid substances. They consist of numerous synthetic materials which have similar properties to natural resins. However, the chemical composition of synthetic resins is different from natural resins. Synthetic resins are broadly differentiated into thermoplastic and thermosetting synthetic resins based on the procedure of their formation processes (esterification and/or soaping of organic compounds). Some of the common thermoplastic synthetic resins include polyethylene, polypropylene, ABS, PET, PVC, polycarbonate, polyurethane, and nylon, among others. Some of the common thermosetting synthetic resins include phenolics, polyurethanes, and epoxy resins, among others.
The Japan and South Korea synthetic resins market stood at more than 30,000 kilotons in the year 2016 and it is expected to reach around 40 million tons by 2025. The Japan and South Korea synthetic resins market is expected to exhibit a CAGR of around 3% between 2017 and 2025.
The Japan and South Korea synthetic resins market was valued at more than USD 50 billion in the year 2016 and it is expected to reach more than USD 67 billion by 2025. The Japan and South Korea synthetic resins market is expected to exhibit a CAGR of around 4% between 2017 and 2025.
The major factor driving the growth of the synthetic resin market is the increased use of lightweight components to address stringent regulations. Lightweight components have a huge demand in various end-user industries since regulatory taxes and duties could be prevented if the weight of finished products is kept under specified limits. Since most of these lightweight components are manufactured with synthetic resins as raw materials, the demand for synthetic resins is expected to grow during the forecast period.
Metals are increasingly getting replaced with plastics and composite materials to save cost and reduce weight. Thus, increasing penetration of composite materials for replacing metals is also expected to boost the demand for synthetic resins in Japan and South Korea.
Environmental concerns regarding the inability for natural decomposition of some of these synthetic resin materials are expected to limit the growth of synthetic resins during the forecast period in these countries.
Thermoplastic resins offer numerous advantages such as high recyclability, high-impact resistance, reshaping capabilities, chemical resistance, aesthetically superior finishes, hard crystalline or rubbery surface options, and an eco-friendly manufacturing process over thermoset resins. In the product type segment, thermoplastic resins held a leading share of more than 80%, in 2016. Thermoplastics are processed using various methods such as injection molding, extrusion, and thermoforming, among others.
Packaging products are mostly made from thermosetting resins such as phenolic & epoxy resins as well as from thermoplastics such as polypropylene among others. Increasing packaging requirements for consumer goods, electronics, and durables among various other goods and products have boosted the demand for synthetic resins in a packaging applications. Additionally, the automotive and electronics applications are expected to grow at leading rates of more than 3%.
Japan dominated the Japan and South Korea synthetic resins market with around 60% share, in 2016. The dynamic presence and increasing number of manufacturing industries such as automotive and electronics among others are expected to drive the synthetic resins market in Japan during the forecast period. Thermoplastic resins dominate the Japanese synthetic resins market.
The report includes detailed profiles of the prominent market players that are trending in the Japan and South Korea synthetic resins market. The list of the players that are compiled in the report includes Huntsman International LLC, MCC Chemicals, Inc., UPC Technology Corporation, Bayer AG, DSM, Assa Abloy AB, Akolite Synthetic Resins, Sinopec Corporation, Formosa Plastics Group, Purolite, Kansai Paint Co., Ltd., Lawter, Inc., D.S.V Chemicals, RÜTGERS Group, The Dow Chemical Company, NAN YA PLASTICS Corporation, Momentive, KUKDO CHEMICAL. Co. Ltd., Gellner Industrial, LLC, Synresins Ltd., Chang Chun Group, BASF SE, and much more.
The prominent market players maintain the competitive edge in the Japanese and South Korean markets by innovating and introducing new formulations. These new formulations could find applications in other upcoming end-user industries, thus, spurring the growth of the synthetic resins market. Players consolidate by undertaking merger and acquisition activities. Additionally, major players have started their operations in emerging economies to provide cost-effective products in these regions and eliminate any potential supply chain bottlenecks.
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