Rockville, May 03, 2023 (GLOBE NEWSWIRE) -- Resin solvents are widely used to dissolve and dilute various resins, such as epoxy, polyurethane, and acrylic, to form coatings, adhesives, and other products. The global resin solvents market is set to reach a valuation of US$ 1.5 billion in 2023 and is expected to grow at a CAGR of 5.6% during the forecast period of 2023-2033.
The resin solvents market is witnessing steady growth, due to the increasing demand from various end-use industries such as automotive, construction, and packaging. The growing demand for bio-based and eco-friendly resin solvents is growing due to increasing environmental concerns and regulatory pressures.
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Manufacturers are also investing in research and development to improve the performance and versatility of resin solvents, such as enhancing their solubility, drying time, and resistance to heat and chemicals. This, in turn, is likely to drive the market in forthcoming years.
| Resin Solvents Market Scope | |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2033 |
| Growth momentum & CAGR | Accelerate at a CAGR of 5.6% |
| Market growth 2023-2033 | US$ 2.5 Billion |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Allnex, Arkema, Ballistol, BASF SE, Evonik, Huntsman Corporation, Kudo Chemicals |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Takeaways from Market Study
- The global resin solvents market is projected to grow at 5.6% CAGR and reach US$ 2.5 billion by 2033
- The market witnessed a 4.9% CAGR between 2018 to 2022
- North America is likely to account for the market share of 24.2% in 2023
- East Asia resin solvents market is expected to grow at a CAGR of 5.8% in the forecast period
- The market is likely to project an absolute $ opportunity of US$ 1.3 billion in coming years
Revolutionizing the Resin Solvents Market: Eco-Friendly Solutions, Enhanced Performance, and Growing Demand from Diverse Industries to Drive the Demand says a Fact.MR analyst.
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Market Growth Strategies
Resin solvents market players may invest in research and development to create new and innovative solvent formulations that cater to evolving customer needs, environmental regulations, and industry trends. This involves developing solvents with improved performance, lower toxicity, reduced VOC emissions, and enhanced sustainability profiles.
Further, resin solvents market players may focus on building and maintaining strong relationships with their customers to understand their needs, provide technical support, and offer customized solutions. This requires regular communication, after-sales services, product training, and feedback collection to ensure customer satisfaction and loyalty.
Resin solvent market players are adopting sustainability and environmental stewardship as a key strategy, considering the increasing global focus on sustainability and regulatory requirements related to VOC emissions and environmental impact.
This involves developing environmentally friendly solvent alternatives, implementing waste reduction measures, promoting recycling and reuse, and obtaining certifications for eco-friendly products, which improvise their market position and brand value in the eyes of potential customers.
It reduces the overall operational cost coupled with enabling the company to withstand the government regulations imposed to protect the environment from commercialization and industrialization.
Segmentation of Resin Solvents Industry Research
- By Type:
- Polymerized
- Unpolymerized
- By Application:
- Adhesives
- Inks
- Paints & Coatings
- Laminates
- Sealants
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the resin solvents market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of type (polymerized and unpolymerized), application (adhesives, inks, paints & coatings, laminates, and sealants), and across major regions of the world.
Key Questions Covered in the Resin Solvents Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Resin Solvents sales grow until 2033?
- Which are the factors hampering the Resin Solvents demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Resin Solvents Market during the forecast period?
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Polyphenylene Sulfide (PPS) Resins Market Growth: The global polyphenylene sulfide (PPS) resins market growth is estimated to be valued at US$ 1.3 billion in 2023 and is expected to grow at a CAGR of 6.7% to reach US$ 2.5 billion by the end of 2033.
Epoxy Resins Market Consumption: In 2021, the global epoxy resins market was valued at US$ 11.22 billion, and is anticipated to reach US$ 21.87 billion by 2031-end. Consumption of epoxy resins is expected to increase at a high CAGR of 6.9% from 2022 to 2031.
Flame Retardant Polyester Resins Market Growth: Growth in automotive & aerospace industry is resulting in the growth of the flame retardant polyester resins market. That apart, the shift towards the use of plastic in the manufacturing of automotive has also increased the demand for flame retardant polyester resins from the automotive industry.
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