Dallas, Texas, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Some of the major drivers influencing the global composite resin market's expansion include the growing use of composite resin in aerospace, military, and building and construction projects. Additionally, another factor driving the market's growth is the demand for light materials from transportation, which improves fuel economy as a result. The market is expected to rise favorably due to the increased need for thermoplastic resins. However, challenges limiting the market's expansion include the high cost of manufacturing and problems with recycling.
The Global Composite Resin Market was valued at USD 21.73 billion and is anticipated to increase at a CAGR of 6.0 % in the year 2029 to reach USD 29.8 billion.
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The outstanding thermal performance of high-temperature composite resins is one of the key aspects anticipated to propel composite resin market growth in the anticipated time frame. Due to the rising need for lightweight materials from the aerospace, transportation, and defense industries, the market for the high-temperature composite resin is also anticipated to grow. Likewise, it is predicted that the rising number of research projects aimed at bringing down the price of high-temperature composite will moderate the growth of the global composite resin market. On the other hand, the timeframe period is expected to see a further slowdown in the market expansion for composite resins due to the rising cost of these materials. The adoption of products in the future global composite resin market may also be hampered by a number of drawbacks of current products as well as the growing demand for product enhancements and technical developments.
Report coverage & details:
| Report Coverage | Details |
| Historic Data | 2019-2020 |
| Study Period: | 2022-2029 |
| CAGR | CAGR of 6.0% during 2022-2029 |
| Segment Covered | Type, End- User, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Hexion, Swancor Holdings, The Dow Chemical Company, Atul Ltd, Showa Denko, Evonik Industries, Arkema, Allnex Composites, Sumitomo Bakelite, Polynt, Kukdo Chemical, Nan Ya Plastics Corporation, Royal DSM, BASFSE, Ashland Global Holdings, SABIC, and Huntsman International. |
Due to the recent significant increase in the use of thermoplastic resin as a matrix material in composites, it is anticipated that the composite resin market would expand significantly. Contrary to thermoset resin, thermoplastic resin's primary advantage as matrix material is the ability of the resulting composites to be deformed and reshaped. The market for the composite resin is more lucrative than that for thermoset resin due to factors including strong impact strength, superior surface quality, lower product rejection, high stiffness at high and low temperatures, creep resistance in harsh environments, and consistent load. Over the forecast period, the need for composite resins is anticipated to grow, particularly in the pipelines and tanks and electrical and electronics application sectors.
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During the predicted time frame, the manufacturing process segment for compression molding is likely to increase at the quickest rate. During the forecast period, there should be an increase in demand for compression molding. With little maintenance, the process can possibly last for decades at a cheap cost of investment. For high-volume productions, it is crucial that the product sets it creates to be more consistent.
In terms of revenue, the target market's Asia Pacific composite resin market is anticipated to hold a sizable proportion. Due to rising demand from the transportation and construction & infrastructure industries in these nations, it is also expected that the Asia Pacific market will develop at the quickest rate in terms of revenue over the next few years.
Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Global Composite Resins Market by Type, 2019-2029 (USD Billion)
• Thermoplastic Composite Resin
• Thermoset Composite Resin
5. Global Composite Resins Market by End-users, 2019-2029 (USD Billion)
• SMEs
• Large Enterprises
6. Global Composite Resins Market by Applications, 2019-2029 (USD Billion)
• Transportation Industry
• Automotive Industry
• Wind Energy Industry
• Others
7. Global Composite Resins Market by Region 2019-2029 (USD Billion)
1. North America
1. US
2. Canada
2. Europe
1. UK
2. Germany
3. France
4. Rest of Europe
3. Asia Pacific
1. China
2. Japan
3. India
4. Rest of Asia Pacific
4. Middle East & Africa
8. Key Players
9. Competitive Landscape
10.Appendix:
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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