Published Date : 17 Aug 2023
The global specialty resins market size surpassed USD 128.83 billion in 2022 and is projected to rise to USD 214.93 billion by 2032, anticipated to grow at a CAGR of 5.25 percent during the projection period from 2023 to 2032.
Commodity resins are another name for specialty resins. Specialty resins are low-cost plastics that may be made in significant volumes. Epoxy resin is the most popular specialty resin used as an adhesive, sealer, coating binder, and matrices for composite materials. These resins have a strong tolerance for heat and chemicals. Over the past few years, the manufacture of specialized resins has become increasingly popular, undergoing a dramatic transition in the worldwide polymers business. One of the emerging market sectors transforming the global resin industry is the development of specialty resins. Due to consumers' increased emphasis on product quality and customization, specialty resins have grown substantially.
Specialty resins are in greater demand due to the automobile industry's need to protect metal against corrosion. As a result of the vast increase, specialty resins are being used more in infrastructure and construction projects. The demand for flooring, electronics, home appliances, packaging, and sports is also rising, boosting the specialty resins market. The expansion of the specialty resins industry may need to be improved by the availability of inexpensive substitutes. The aerospace sector's end-user of epoxy resin places a significant demand on the material. As a result of product improvements and new features, the market for specialty resins is predicted to develop significantly over the next few years.
In 2022, the Asia Pacific region held a 62% revenue share and dominated the market. Throughout the projected period, the market will likely be driven by increasing building activity and rising demand from the automobile industry in emerging nations like India, Japan, and South Korea. Additionally, the accessibility of raw materials has created enormous opportunities for the application of specialty resin-based products across a range of end-use industries. In addition, the Asia Pacific vehicle industry has expanded quickly in recent years, assisting the market expansion. During the projected period, North America will likely continue to have the second-largest regional market share in the worldwide specialty resins market.
Specialty Resins Market Report Scope:
|Market Revenue in 2023
|USD 8.59 Billion
|Projected Forecast Revenue in 2032
|USD 14.57 Billion
|Growth Rate from 2023 to 2032
|CAGR of 6.05%
|2023 To 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Specialty resins are a preferred material for usage in the building and construction sector due to their versatile features, which include excellent thermal resistance, strong chemical resistance, high hardness, and high UV resistance. The future looks promising for the global building sector. One of the industries in the Asia Pacific region that is increasing is building and construction. Specialized resins must be used in adhesives, sealants, and coatings (protective, decorative, and architectural coatings) to achieve the quality standards of the building & construction business in Asia Pacific. Specialty resins are in greater demand due to the automobile industry's need for them to protect metal against corrosion. As a result of this enormous increase, specialty resins are being used more in infrastructure and construction projects. The demand for flooring, electronics, home appliances, packaging, and sports is also rising, boosting the market for specialty resins.
The cost of raw materials has been rising for chemical commodities, and specialty resin prices have increased due to this. Epoxy specialty resins based on bisphenol A (BPA) and bisphenol F are the most widely utilized (BPF). High-functionality epoxy resins are frequently needed to boost product performance in demanding situations. Application areas for specialty resins include composite, coating, electronic, and electric laminating. The production of unsaturated polyester specialty resins requires several vital raw ingredients, including styrene, maleic anhydride, and phthalic anhydride. These materials are now much more expensive.
Over the past few years, the water and wastewater treatment business has seen rapid growth worldwide. Approximately 40% of the treated water does not meet the required necessary requirements, and only 60% of the industrial wastewater is treated. Sewage treatment is a severe problem because only 37% of the sewage produced can be treated by urban water treatment facilities. Ion exchange resins are crucial for the purification of water. These are typically made using acrylic acid and the crosslinking ingredient divinyl benzene (DVB). Ion exchange resins are created by some firms using methacrylic acid or its by-products. They are frequently utilized in demineralization facilities to de-alkalize water.
The market has been led by the epoxy-type sector, which in 2022 represented more than 35% of total revenue. Epoxy resins, unsaturated polyester resins (EPS), vinyl, and polyamide are the four primary categories of specialty resins. Epoxies, often known as epoxy, are thermoset polymers that are composed of several three-membered rings. Epoxy, which is used as an adhesive, sealer, bond coat, and matrix for composite materials, is the most popular type of specialty resin. Unsaturated acids or diols with or without diacids and anhydrides precipitate to form unsaturated polyester resin (UPR). It is utilized in pipelines and tanks, as well as in the maritime and construction industries.
In 2022, the segment of protection function led the market and had more than 60% of the revenue share. In 2022, Insulation, protection, and other uses are among the primary purposes of a specialty resin that are discussed in this paper. The market for protective functions is anticipated to have the largest market share over the expected time frame. Increased demand from building and construction, water treatment, marine, electrical & electronics, automotive, aerospace, and others is driving the market. The specialized resin is the ideal material for a protective function because it has a high strength-to-weight ratio, is lightweight, and is made up of discrete cells of low-density polymer.
More than 38% of market revenue in 2022 came from the building and construction application sector, which led the market. Due to their exceptional resistance to cracks, stains, blistering, harsh temperatures, and chemicals, specialty resins are frequently used in residential and commercial buildings, the marine industry, the automotive industry, and wastewater treatment facilities, among other places. Their products have excellent strong anti-corrosion performance, adhesion, and low volatile organic compound concentration. Increasing demand in the construction sector will likely propel market expansion throughout the projected period. Building and infrastructure construction, product manufacturing and supply, product disposal, repair, maintenance, and forestry are all included in the expansive construction field.
Major Key Players:
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