What Has Been the Growth Trajectory for the Specialty Resins Market in Recent Years?
The specialty resins market has seen considerable growth due to a variety of factors.
• The market size for specialty resins has seen significant growth in the past few years. The forecast predicts an increase from $9.05 billion in 2024 to $9.64 billion in 2025, signifying a compound annual growth rate (CAGR) of 6.5%.
The historical growth in the market can be linked to the rising demand for high-performance materials, sustainable and environmentally friendly substitutes, industrial use, the need for advanced materials, and expansion in the construction sector.
How Does the Forecast Look for the Specialty Resins Market?
The specialty resins market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the specialty resins market is projected to witness robust growth, with its value expected to reach $13.02 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.8%.
The growth during this projected timeframe can be ascribed to increasing demands for tailored solutions, sustainable and green initiatives, advanced composite materials, smart manufacturing, and electric vehicles (EVs). Forecasts for this period also anticipate trends like bio-based resins, 3D printing and additive manufacturing, advanced coating technologies, smart manufacturing and IoT, and the miniaturization of electronics.
What Are the Critical Driver Fuelling the Specialty Resins Market's Growth?
The expansion of the construction sector is anticipated to stimulate the growth of the specialty resins industry in the forthcoming years. The construction field is broad, encompassing everything from mining, quarrying, and forestry, to infrastructure and building construction, goods manufacturing and supplying, and maintenance, service, and disposal. Epoxy resin, a type of specialty resin, is employed in the production of coatings, adhesives, flooring, plastics, primers and sealers, paints, and other building and construction products and components. For example, the Office for National Statistics, a UK-based statistical authority, reported that in November 2022, construction output saw a monthly increase of 0.4% in August 2022 in volume terms, marking the second straight rise after July 2022's increment of 0.1%; in level terms, August 2022 is ranked as the second-highest monthly value (El 5,011 million), while May 2022 maintains its top spot since the records started in January 2010 (El 5,035 million). Consequently, the escalating demand for the construction industry propels the growth of the specialty resins market.
How Is the Specialty Resins Market segmented?
The specialty resins market covered in this report is segmented –
1) By Resin Type: Epoxy, Unsaturated Polyester Resin (UPR), Vinyl, Polyamides
2) By Function: Protection, Insulation, Other Functions
3) By End Use Industry: Building And Construction, Automotive, Water Treatment, Marine, Electrical And Electronics, Aerospace, Other End Use Industries
Subsegments:
1) By Epoxy: Liquid Epoxy Resins, Solid Epoxy Resins, Modified Epoxy Resins, Epoxy Adhesives
2) By Unsaturated Polyester Resin (UPR): Orthophthalic UPR, Isophthalic UPR, Dicyclopentadiene (DCPD) UPR, Vinyl Ester Resins
3) By Vinyl: Vinyl Ester Resins, Vinyl Chloride Resins, Vinyl Butyral Resins
4) By Polyamides: Aliphatic Polyamides, Aromatic Polyamides, Polyamide Imides (PAI)
Pre-Book The Specialty Resins Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing the Specialty Resins Market?
The progression of technology has become a significant trend within the specialty resins market. The major industry participants are concentrating on delivering state-of-the-art specialty resin solutions. For instance, ASK Chemicals, a chemicals corporation based in Germany, unveiled its fresh reziance brand portfolio of industrial resins in October 2023. The reziance brand range consists of high performing phenolic resins and specialized solutions for molding, as well as an expanding variety of industrial applications.
Who Are the Key Players in the Specialty Resins Market?
Major companies operating in the specialty resins market include:
• Aldex Chemical Company Limited
• Radiant Color NV
• Huntsman International LLC
• Purolite Corporation
• Mitsubishi Chemical Corporation
• Thermax Limited
• International Specialty Chemicals Ltd.
• BASF SE
• Emerald Performance Materials LLC
• Arkema S.A.
• Koninklijke DSM N.V.
• Pure Resin Co. Ltd.
• Kolon Industries Inc.
• Suqing Group
• Specialty Resin Chemical Co. Ltd.
• Scott Bader Company Limited
• Aditya Birla Chemicals (Thailand) Limited
• DIC Corporation
• Allnex Belgium SA/NV
• Polynt SpA
• INEOS Group Limited
• Reichhold LLC
• Sika AG
• Sinopec Baling Company Limited
• Eternal Materials Co. Ltd.
• Chang Chun Plastics Co. Ltd.
• Kukdo Chemical Co. Ltd.
• Hitachi Chemical Company Ltd.
• Nanya Plastics Corporation
• SABIC Innovative Plastics US LLC
• Sumitomo Bakelite Co. Ltd.
• Kyocera Chemical Corporation.
What Is The Most Dominant Region In The Specialty Resins Market?
Asia-Pacific was the largest region in the specialty resins market in 2024. Europe was the second-largest market in the specialty resin market. The regions covered in the specialty resins market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
