New York, NY, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Specialty Resins Market by Resin Type (Vinyl, Epoxy, Polyamides, Unsaturated Polyester Resin, and Others) and by Application (Building & Construction, Automotive, Electrical & Electronics, Marine, Aerospace, Water Treatment, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global specialty resins market was valued at USD 7.38 billion in 2017 and is expected to reach USD 10.38 billion in 2024, growing at a CAGR of 5.0% between 2018 and 2024.
Specialty resins are the compound used in several industries in the varied range of applications. These resins are widely used in the coating industry to enhance the durability and thermal stability of the coatings. The specialty resins possess versatile properties like chemical resistance, water resistance, and corrosion resistant. Moreover, increasing construction activities in the emerging countries are the major factor driving the global specialty resins market.
Browse through 71 Tables & 40 Figures spread over 110 Pages and in-depth TOC on “Global Specialty Resins Market: By Industry Type, Size, Share, Segments, Growth Analysis and Forecast 2017 – 2024”.
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The global specialty resins market is growing at the fastest growth rate, attributed to increasing building and construction industry. Growing construction activities across the globe are projected to drive the global specialty resins market in the forecast period. Increasing construction of infrastructure projects and residential & non-residential buildings is likely to increase the usage of specialty resins. However, fluctuating prices of raw materials may restrain the specialty resins market growth. Moreover, increasing technological advancements and research & development are projected to fuel the specialty resins market growth in the near future.
The global specialty resins market can be segmented based on type, application, and regions. On the basis of type, the global market is segregated into the epoxy, vinyl, polyamides, unsaturated polyester resin, and others. Amongst others, specialty epoxy resins are widely used resin in structural adhesives for structural and assembly composite applications. In addition, these resins are used as binders for adhesives, sealants, coatings, and matrices for composite materials. Thus, this, in turn, is expected to propel the market growth for global specialty resins. On the basis of applications, the market is classified into building & construction, automotive, electrical & electronics, marine, aerospace, water treatment, and others. Building & construction is likely to be the fastest growing segment due to the increasing construction activities in the developing countries. Therefore, this segment is anticipated to drive the specialty resins market.
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Geographically, the Asia Pacific accounted for the largest regional market for global specialty resins in 2016 and is projected to maintain its dominance in the forecast period due to the diverse applications in various industries like construction, aerospace, marine, and others. Therefore, growing construction industry in the developing countries like India and China is expected to boost the demand for specialty resins during the forecast period. Rising population and urbanization in the region is likely to propel the construction industry, thereby, increasing the usage of specialty resins. Furthermore, increasing automotive sectors in emerging countries of Asia Pacific is projected to enhance the specialty resins market. These resins are widely used in the automotive industry to protect plastic and metal components of cars such as suspension systems and chassis from corrosion. Therefore, this is projected to fuel the market growth in the near future.
Europe is expected to grow significantly within the forecast period due to the increasing research and development activities in the region. Moreover, the European automotive industry is projected to grow considerably, with the increasing demand for advanced automotive components. Thus, this is expected to boost the demand for specialty resins within the region.
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North America is estimated to show a substantial growth rate in upcoming years. Growing aerospace industry is expected to increase the usage of specialty resins in aircraft, thereby, increasing the market growth in the near future. Moreover, rising demand for coatings from several end-use industries is estimated to boost the specialty resins market over the forecast period. However, fluctuating raw material prices may hamper the specialty resins market in the forthcoming years.
Rapid industrialization and urbanization in Latin America are expected to boom the specialty resins demand within the region. Due to the increasing demand from the construction and automotive industries, the demand for specialty resins is expected to increase. Moreover, increasing application of these resins in coatings is expected to drive the Latin America specialty resins market.
Browse the full "Specialty Resins Market by Resin Type (Vinyl, Epoxy, Polyamides, Unsaturated Polyester Resin, and Others) and by Application (Building & Construction, Automotive, Electrical & Electronics, Marine, Aerospace, Water Treatment, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/specialty-resins-market
The Middle East & Africa is expected to grow moderately in the upcoming years due to the rising automotive industry. In addition, increasing demand for specialty resins in adhesives and sealants is likely to spur the specialty resins market. However, the high production cost of the specialty resins may affect negatively on the market growth. Moreover, rising construction activities along with strong demand for electronics appliances is estimated to boost the demand for specialty resins within the region.
The specialty resins market consists of a large number of manufacturers and is highly fragmented. Companies operating in this market include BASF SE, Arkema, DowDuPont, Mexichem S.A.B. de C.V., Mitsubishi Chemical Corporation, Emerald Performance Materials, Huntsman International LLC, Aldex Chemical Company Limited, Purolite, Royal DSM, Radiant Color NV, International Speciality Chemicals Ltd, and Thermax Limited, among others.
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The report segments the global specialty resins market into:
Global Specialty Resins Market: Resin Type Analysis
- Vinyl
- Epoxy
- Polyamides
- Unsaturated Polyester Resins (UPR)
- Others
Global Specialty Resins Market: Application Analysis
- Building & Construction
- Automotive
- Electrical & Electronics
- Marine
- Aerospace
- Water Treatment
- Others
Global Specialty Resins Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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