Specialty Resins Market is Expected to have a Huge Growth by 2025
July 12, 2018 --
Specialty resins are used for specific applications with modified properties. The properties of specialty resins depend on their composition and desired end-use applications. They are available as a homopolymer and a copolymer in liquid or powder form. Specialty resins find promising applications in many end-use industries including building & construction, automotive, water treatment, marine, electrical & electronics, healthcare, aerospace, paint & coating, and furniture, among others. Furthermore, on account of their strong mechanical properties they are used in the manufacturing of composites required in various industries including aerospace, automotive, and marine, which, in turn, is projected to drive the market growth.
The building & construction segment is likely to witness significant growth in the specialty resins market during the forecast period owing to the rapidly booming construction activities in different regions across the world. The automotive segment is also expected to witness considerable growth in the specialty resins market owing to the increasing use of specialty resins in paints & coatings, which performs a major role in improving the vehicle aesthetics and performance.
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The increasing need for resins with better mechanical, physical, thermal, electrical, and optical properties without affecting their processing characteristics is expected to boost the growth of the specialty resins market during the forecast period, 2018–2025. Additionally, the demand for products is expected to witness high growth on account of improved performance and enhanced lifespan even in adverse and challenging environment, particularly in the aerospace and marine industries. This is likely to provide lucrative opportunities to the growth of the market in coming years.
The growing demand for automotive parts with a higher stiffness and wear resistance is creating an increasing pressure on specialty resin manufacturers to produce specialty resins, which can be reinforced with a filler without affecting dynamic load. Moreover, the demand for exterior automotive parts with enhanced UV resistance has been increasing from the past few years. This is projected to fuel the growth of the specialty resins market to some extent.
However, specialty resins are more expensive than virgin polymer resins owing to the properties that they offer such as higher tensile strength, operating temperature, viscosity, and water absorption, among others. This is likely to hamper the growth of the specialty resins market to some extent during the forecast period.
The global specialty resins market is segmented by type, end-user, and geography. On the basis of type, the market is segmented into vinyl, acetal, epoxy, unsaturated polyester resin (UPR), and others. The vinyl specialty resins are experiencing demand from several end-use industries including automotive, electronics and medical.
On the basis of end-user, the market is segmented into building & construction, automotive, water treatment, marine, electrical & electronics, aerospace, healthcare and medical, and others. The aerospace segment is likely to witness significant growth during the forecast period owing to the growing demand for specialty resins in composite manufacturing, which are used in the aerospace industry for achieving better mechanical performance.
By geography, the global specialty resin market is segmented into Asia Pacific, North America, Europe, and Latin America, Middle East and Africa (LAMEA).
Asia Pacific is expected to dominate the specialty resins market owing to the rapid growth of the building & construction and automotive industries in the region. Furthermore, significant surge in construction activities is likely to add fuel to the market growth due to rapid urbanization and increased disposable income. For instance, DowDuPont is planning to open a new compounding facility in China to meet the growing demands for its polyamide specialty resin grades: Zytel and Hytrel; they are majorly used in the automotive field. This is likely to promote the growth of the specialty resins market further.
Europe and North America are also expected to witness considerable growth in the specialty resins market owing to the increasing research and development activities and the presence of key specialty resins manufacturers in both the regions.
Latin America and the Middle East and Africa are also expected to witness a steady growth in the specialty resins market on account of slow infrastructural development and construction activities.
Some of the prominent player in the global specialty resins market are: BASF SE, DowDuPont, Purolite, Arkema, Huntsman International LLC, Royal DSM, Aldex Chemical Company Ltd., Mitsubishi Chemical Corporation, Radiant Color NV, and International Speciality Chemicals Ltd.
Expansion of production facilities, new product developments, mergers & acquisitions and geographical expansions are some of the leading strategies being adopted by key industry players in the specialty resins market.
• Expansion of Production Capacity:
In November 2017, Royal DSM, manufacturers of specialty resins, announced the expansion of its production capacity for two of its specialty high-performance resins: high-temperature polyamides and thermoplastic copolyesters in Emmen and Geleen, the Netherlands. This strategic decision of expansion would enable the company to further strengthen its position in the high-performance specialty resins segment, especially in the electrical & electronics and automotive industries.
• Geographical Expansion
In August 2016, Gremolith AG, specialty resins manufacturer, expanded its business activities in the European market in co-operation with AMAC, a German consulting company in the field of lightweight construction materials. This would benefit the company to strengthen its foothold in the European market and achieve a strategic position in the fields of marine, rail, transportation, offshore and construction.
• Merger & Acquisition
In September 2017, The Dow Chemical Company and E.I. du Pont de Nemours & Company—key manufacturers of specialty resins—completed their successful merger. Post-merger the company would be operating under the name ‘DowDuPont’ through three business divisions: agriculture, materials science, and specialty products. This merger would enable the newly formed company to enhance their product portfolio of specialty resins, widen their client reach, and strengthen their position in the specialty resins segment.
In May 2017, the European Commission approved the merger of Reichhold LLC and Polynt—manufacturers of unsaturated polyester resin—under the EU Merger Regulation. This merger would enhance their client reach in the specialty resins segment.
By Resin Type
• Unsaturated Polyester Resin (UPR)
By End User
• Building & Construction
• Water Treatment
• Electrical & Electronics
• Healthcare & Medical
• North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• Latin America Middle East and Africa (LAMEA)
o South Africa
o Saudi Arabia
o Rest of Middle East and Africa
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