As per a newly compiled business intelligence report by IndustryARC, global resins market size is evaluated to be $665.5 million as of 2018. Analyst of the report quotes “as extensive array of industries from automotive and civil engineering to coatings and packaging employ resins as an imperative and fundamental constituent in countless industrial and manufacturing processes, global resins market demand is witnessing substantial impetus.” Bourgeoning related industries has created opportunities for the resins market to grow at a CAGR of 5.10%, during the forecast period 2019-2025. High adoption of ‘light weight’ original equipment for fuel efficiency by the automotive sector; and increasing demand of packaging material, owing to wide application in F&B industry is capitalizing the global resin market growth.
The report is titled “Resins Market: By Type (Unsaturated Polyester Resins, Alkyd Resins); By Applications (Adhesives, Coatings, Composites); By End User industry (Automotive, Electronics, Healthcare); Geography – Forecast (2019 - 2025).” The report presents a detailed analysis of competitive landscape, taking into account the market share of the leading companies. All commercial aspects of the resins market from end-users verticals, applications insights and regional revenue pockets to an imperative competitive landscape and pricing conditions are covered. An unbiased structure is maintained throughout the report by the analyst via inclusion of challenging aspects pertaining to each segment supported by operative resolutions.
Growing Packaging Market in APAC Well Exploited by Resins Market-
APAC is anticipated to be the most lucrative region with a substantial 44% share in global resins market size. The sheer affluence of APAC is attributable to huge packaging operations in Beverage Packaging market and Flexible Packaging market. Both these packaging industries are dominated by APAC with global demand share in the region reckoned to be 24% and 43%, respectively. Similarly, flourishing center of automotive OEMs in India, China and Japan; rapidly evolving construction sector; and refurbishing infrastructures operations particularly in India and China with recurring demand for paints and coatings are key drivers supporting growth of the APAC resins market. Automotive Coatings market and Paints and Coatings Market have their largest source of demand from APAC market, compared to the other regional markets. Resins are integral constituents implemented in the manufacturing of packaging films, paints and coatings, inks and polymers. All these commodities finds extensive application in the various industries discussed above.
Further analysis of the global resin market application segment estimates packaging to be the fastest growing segment, progressing with an application CAGR of 4.10% going through 2025. Various resins such as High-Density Polyethylene (HDPE) are used in bottles for juice, milk, water, cosmetics, dish shampoo, and laundry detergents and bags for groceries. Low-Density Polyethylene (LDPE) is used in manufacturing of flexible lids and bottles. Polypropylene (PP) is a constituent of flexible and rigid packaging.
Resin Market Growth Drivers and Trends:
Construction Sector in Dire Need of Epoxy Resins-
Demand for epoxy resins is surfacing the modern infrastructural developments and consequently supplementing the resins market size growth. Epoxy resins are used in production of coatings, adhesives, paints, plastics, primers and sealers, flooring and in various products and materials used in building and construction.
‘Light Weight’ Trend in Automotive Adding Impetus to Resin Market Size-
Automotive industry use polymers to craft various automobile hardware parts such as dashboards, flooring, door panels, and engine components to condense the vehicle load and promoting fuel efficacy. Polypropylene (PP) are appropriate for car bumpers, carpet fibers and cable insulation. Whereas, Polyurethane (PUR) are applied in seat cushions, wheels, suspension brushings, tires and hard parts.
Océ, a Canon company is working towards developing a technology to procure 3D printed full color artificial teeth for permanent use by converging biocompatible dental reins with 3D workflow software technology.This can entirely provide a new front to healthcare application of resins and open up new avenues for resins market growth.
Global resins manufacturer Royal DSM made an announcement on May 2019, to phase out the entire usage of 1-methyl-2-pyrrolidone commonly referred to as n-methylpyrrolidone (NMP) of its resins portfolio. The action was a reaction to Environmental Protection Agency issuing an absolute instruction for barring the production, dispensation and circulation of methylene chloride in all paint removers for consumer's use. This event has uplifted the opportunity for influx of investments into R&D, as vendors are urgently looking for NMP replacements that holds a substantial portion of the existing market share.
Resins Market Companies:
Some of the key players in the global resins market are DowDuPont, Arkema, Westlake Chemical Corporation, Momentive Specialty Chemicals, Inc., PCCR USA, Phillips Chemical Company LLC, Allnex, Royal DSM N.V., Nippon Shokubai Co. Ltd., Aekyung Chemical Co. Ltd., Evonik, Bayer A.G, LyondellBasell Industries N.V., SABIC, Exxon Mobil Corporation, BASF SE, INEOS AG, Eni S.p.A., Chevron, and LANXESS.
Tracing the opportunities for replacing metal with polymers due to 'lightweight' trend in the automotive sector, several market players are manufacturing high-performance resins for ultra-high-strength and temperature resistance. For example, DowDuPont Inc., has come up with DuPont™ Zytel® HTN, a high-performance polyamide resin which is a partially aromatic nylon and is applied in the manufacturing of brake booster and tractor hinge.
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.