The global composite resin market is driven by a surge in demand for composite resins in the aerospace sector as composite resins have many applications in the aerospace industry due to their high strength-to-weight ratio, excellent durability, and resistance to heat and corrosion.
PORTLAND, Ore., May 3, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Composite Resin Market By Resin Type (Thermoset Resin and Thermoplastic Resin), By Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, and Resin Transfer Molding), By Application (Polyester Filament Yarn (PFY), Polyester Staple Fiber (PSF)), By Application (Construction and Infrastructure, Automotive and Transportation, Electricals and Electronics, Pipes and Tanks, Wind Energy, Marine, Aerospace and Defense and Other): Global Opportunity Analysis And Industry Forecast, 2023-2032”. According to the report, the composite resin market valued for $25.4 billion in 2022 and is estimated to reach $49.4 billion by 2032, exhibiting a CAGR of 7.0% from 2023 to 2032.
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Prime determinants of growth
The global composite resin market is driven by a surge in demand for composite resins in the aerospace sector as composite resins have many applications in the aerospace industry due to their high strength-to-weight ratio, excellent durability, and resistance to heat and corrosion. On the other hand, high costs associated with manufacturing and challenges in recycling limit the growth of the market. Furthermore, the rise in demand for thermoplastic resins is imposing a positive outlook on the growth of the market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$25.4 billion |
|
Market Size in 2032 |
$49.4 billion |
|
CAGR |
7.0 % |
|
No. of Pages in Report |
350 |
|
Segments covered |
Resin Type, Manufacturing Process, Application, Region. |
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Drivers |
Increase in Demand for Composite Resins in Several Industries Developments in the Transportation Industry |
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Opportunities |
Rise in Use of Composite Resins in the Medical Sector |
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Restraints |
High Production Cost of Composite Resins |
Covid-19 Scenario
- The COVID-19 outbreak had a significant impact on the composite resin market, as it affected the supply chain, production, and demand for these materials.
- The pandemic disrupted global trade, causing supply chain disruptions, raw material shortages, and transportation delays, which resulted in increased prices and reduced availability of composite resins.
- The closure of manufacturing facilities and reduced demand for end-use products due to lockdowns and economic uncertainty also affected the demand for composite resins. The construction, automotive, and aerospace industries, which are major end-users of composite resins, had been particularly affected by the pandemic, resulting in reduced demand for composite resins.
- However, the pandemic led to increased demand for medical equipment, such as ventilators and personal protective equipment, which require composite materials.
The thermoplastic resin segment to maintain its lead position during the forecast period.
Based on resin type, the thermoplastic resin segment accounted for the largest share in 2022, contributing to more than half of the global composite resin market revenue, and is projected to register the highest CAGR of 7.1% during the forecast period. One of the main growth factors is the increase in demand for lightweight, high-performance materials in various industries, such as automotive, aerospace, and construction. Thermoplastic resins, with their high strength-to-weight ratio, durability, and ease of processing, are well-positioned to meet this demand. The growing trend toward sustainability and environmental responsibility is driving the demand for thermoplastic resins, as they are often used as a substitute for traditional materials that are less environment friendly.
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The injection molding segment to maintain its lead position during the forecast period.
Based on the manufacturing process, the injection molding segment accounted for the largest share in 2022, contributing to more than one-fourth of the global composite resin market revenue and is likely to dominate the market from 2023 to 2032. Injection molding is a popular manufacturing process used to produce various types of plastic parts in high volumes. The process involves melting plastic pellets, injecting the molten material into a mold cavity, cooling, and ejecting the finished part. Injection molding has been widely adopted in industries such as automotive, consumer products, medical devices, and electronics due to its advantages such as cost-effectiveness, high production rates, and the ability to produce complex shapes with tight tolerances. However, compression molding is anticipated to register the highest CAGR of 7.5% during the forecast period.
The automotive and transport segment to maintain its leadership status throughout the forecast period.
Based on application, the automotive and transport segment held the highest market share in 2022, accounting for more than one-fifth of the global composite resin market revenue and is likely to dominate the market from 2023 to 2032. Composite resins are increasingly being used in the transportation industry as a lightweight and durable alternative to traditional materials like steel and aluminum. Composite resins can be used to create lightweight and strong components for vehicles, such as body panels, roofs, and hoods. These components can help improve fuel efficiency, reduce emissions, and enhance performance. These factors will drive the market growth during the forecast period. However, aerospace and defense is anticipated to register the highest CAGR of 7.6% during the forecast period
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global composite resin market and is anticipated to register the highest CAGR of 7.2% during the forecast period. The composite materials industry in the Asia-Pacific region covers various sectors, including aerospace, automotive, construction, marine, and wind energy. The region has many leading composite materials companies, such as Mitsubishi Chemical Corporation, Toray Industries Inc., Teijin Limited, and Owens Corning.
Leading Market Players: –
- HUNTSMAN INTERNATIONAL LLC
- HEXION INC.
- SCOTT BADER COMPANY LTD.
- DSM
- ALLNEX GMBH
- EVONIK INDUSTRIES AG
- SABIC
- CELANESE CORPORATION
- DOW
- SUMITOMO BAKELITE CO., LTD.
The report provides a detailed analysis of these key players in the global composite resin market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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