NEWARK, Del, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The composite resin market is expected to reach a valuation of US$ 25.1 billion in 2024. The industry is projected to be worth US$ 48 billion by 2034, expanding at a CAGR of 6.7% between 2024 and 2034. The market is expanding significantly, propelled by its extensive application in key dental, automotive, and construction sectors. These composite materials, crafted from polymers and filler particles, exhibit a remarkable blend of attributes, including durability, aesthetic appeal, and resistance to diverse environmental factors.
In dentistry, composite resins have emerged as the preferred choice for tooth-colored fillings owing to their natural appearance and strong adhesive properties. The automotive industry leverages these materials to enhance lightweight and fuel efficiency, emphasizing their role in advancing sustainability initiatives. Additionally, composite resins are crucial in the construction sector, contributing to structural integrity and offering design flexibility.
The market expansion is further fueled by ongoing research and development endeavors to refine material properties and uncover novel applications. This commitment to innovation underscores composite resin technologies adaptability and continuous evolution to meet the ever-changing demands of diverse industries. As industries increasingly prioritize sustainability, the adoption of composite resins gains momentum due to their eco-friendly characteristics. This shift towards sustainable practices aligns with global initiatives, contributing to the ongoing growth trajectory of the market.
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Key Takeaways from the Market Study:
- Based on the manufacturing process, the layup type is projected to expand at 6.3% CAGR by 2034.
- The United States is estimated to register at a CAGR of 7% by 2034.
- The United Kingdom experiences significant growth, projected at a CAGR of 8% by 2034.
- Based on resin type, thermoset resin is anticipated to expand at a CAGR of 6.5% by 2034.
“The composite resin market experiences a surge as these industries prioritize composite resins for their adaptability and performance, fueling sustained growth in the market” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Scope of the Report:
| Attributes | Details | ||
| Estimated Market Size in 2024 | US$ 25.1 billion | ||
| Projected Market Valuation in 2034 | US$ 48 billion | ||
| CAGR Share from 2024 to 2034 | 6.7% | ||
| Forecast Period | 2024 to 2034 | ||
| Historical Data Available for | 2019 to 2023 | ||
| Market Analysis | Value in US$ billion | ||
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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Competitive Landscape:
The competitive landscape of the composite resin market is characterized by intense rivalry among key players striving for market dominance. Major companies employ strategic initiatives such as mergers, acquisitions, and partnerships to solidify their market positions.
Continuous innovation in product development and a focus on sustainability drive competition, fostering a dynamic environment. The market is marked by a mix of established industry leaders and emerging players, contributing to ongoing advancements and growth in the composite resin sector.
Some key market developments are as follows:
- In March 2020, Ube Industries Ltd. revealed its acquisition of Premium Composite Technology North America Inc. (PCTNA). This acquisition underscores UBE's commitment to global growth and diversification, reinforcing its presence in key regions and enhancing its offerings to the automotive industry.
- In May 2020, Huntsman International LLC completed the acquisition of CVC Thermoset Specialties (CTS), a company specializing in industrial composites, adhesives, and coatings markets. This strategic acquisition enhances Huntsman's position in these key sectors, broadening its portfolio and strengthening its capabilities in serving the evolving needs of the industrial market.
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Key Segments of Composite Resin Industry Survey:
By Resin Type:
- Thermoset Resin
- Thermoplastic Resin
By Manufacturing Process:
- Layup
- Filament Winding
- Injection Molding
- Pultrusion
- Compression Molding
- Resin Transfer Molding
By Application:
- Marine
- Aerospace and Defense
- Construction and Infrastructure
- Automotive and Transportation
- Electricals and Electronics
- Pipes and Tanks
- Wind Energy
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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