New York, United States , Nov. 09, 2022 (GLOBE NEWSWIRE) -- The Global Composites Market Size was valued at US$ 20.55 billion in 2021 and is expected to reach around USD 29.325 billion by 2030, expanding growth at a noteworthy CAGR of 7.2% from 2022 to 2030. According to the new research study published by Spherical Insights & Consulting. Asia Pacific dominated the global composite market in 2021, with around 45.5% revenue share of the overall market. This dominance is due to proliferating demand from different end-use sectors of major countries such as Japan, India and China.
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The composite resin market is projected to grow USD 29.325 Billion in 2030, at a CAGR of 7.2%. Bio-based composite resins are gaining popularity in footwear industry. To expand their product range in renewable chemicals, deep-pocketed petrochemical companies are strengthening R&D for composite-based manufactured which is gaining traction in the footwear, automotive and transportation industries. The global composite resins market is benefiting from such breakthroughs.
Renewable composite resins and films have received a lot of attention for their ability to minimize greenhouse gas emissions by capturing carbon dioxide (CO2) during the manufacturing process. Chemical firms are forming strategic partnerships to incorporate bio-based thermoset polymers into footwear. As a result, firms in the composite resins market are expanding their manufacturing capacities in order to improve the availability of renewable chemicals that assist conserve natural resources.
Solar panels with composite resins have a higher level of durability and performance. As a result, solar panel producers in the composite resins composite resins market are increasingly conscious of the importance of floating the EVA film between the front protective glass and the back sheet to prevent solar panels from being damaged. EVA hot melt adhesives are one of the most extensively used, popular, and economical industrial hot melt adhesives. They adhere to a wide range of cellulosic materials and come in a variety of formulations. They have a low cost, but they also have a bad performance. They have low creep resistance under load, like most other hot melts. During the projected period, the hot melt adhesives segment is expected to grow at a stable rate.
Sound insulation glass (sound reduction index of at least 36 dB), fire-protection glass (better fire-resistance than PVB), and laminated safety glass can all be made with EVA film lamination. As a result, the glass lamination market is expected to grow at a stable rate over the forecast period. EVA polymers are used to enclose over 80% of photovoltaic (PV) modules. EVA provides a number of benefits, including outstanding light transmission and flexibility, low processing temperatures, excellent melt fluidity, and adhesive properties.
Browse 60 market data tables and 54 figures spread through 211 pages and in-depth TOC on “Global Composite Resin Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding, and Others), By Resin Type (Thermoset, and Thermoplastic), By Application (Construction, Transportation, Automotive, Electrical & Electronics, Wind Energy, Aerospace & Defense, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”, in detail along with the table of contents
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The aerospace, transportation, and other industries have seen a considerable increase in the use of composite resin. The need for lightweight, affordable materials is causing the usage of composite resins to spread across a range of industrial areas, and this is fueling the market's expansion. The demand for composite resins is also anticipated to be driven by rapid urbanization accompanied by economic expansion and significant investments in R&D activities. It is anticipated that the emerging economies will increase demand for these resins.
The compression molding segment has dominated the market share in 2020 of global composite resin market owing to widely used method for the manufacturing of resins industry. Most thermoset resins, including polyester, epoxy, and phenolic, are used in the compression molding process. The thermoset segment has dominated the market share in 2020 of global composite resin market owing to commonly utilized for composites production because, while uncured, they are liquid at normal temperature. The automotive segment is dominated the market share in 2020 of global composite resin market owing to increasing demand of composite resin being used in the production of vehicle parts. When it comes to increasing energy efficiency, lowering vehicle emissions, and boosting durability, the automobile sector faces numerous obstacles.
The aerospace, transportation, and other industries have seen a considerable increase in the use of composite resin. The need for lightweight, affordable materials is causing the usage of composite resins to spread across a range of industrial areas, and this is fueling the market's expansion. The demand for composite resins is also anticipated to be driven by rapid urbanization accompanied by economic expansion and significant investments in R&D activities. It is anticipated that the emerging economies will increase demand for these resins.
North America region is dominating the market share of global composite resin market owing to the presence of major players and the increasing demand from the pipelines and tanks, electrical and electronics, and wind energy industries in the US and Canada. The region's expanding emphasis on renewable energy sources has raised the number of wind turbine installations, which has further fueled the expansion of the composite resin market.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. 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 and Others 20+ prominent key players we have covered in the final report.
TABLE OF CONTENTS
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Composite Resin Market
Chapter 5. Global Composite Resin Market Overview, By Manufacturing Process, 2017 - 2030(USD Million)
Chapter 6. Global Composite Resin Market Overview, By Resin Type, 2017 - 2030(USD Million)
Chapter 7. Global Composite Resin Market Overview, By Application, 2017 - 2030(USD Million)
Chapter 8. Global Composite Resin Market Overview, By Geography, 2017 - 2030(USD Million)
Chapter 9. North America Composite Resin Market Overview, By Countries, 2017 - 2030(USD Million)
Chapter 10. Europe Composite Resin Market Overview, By Countries, 2017 - 2030(USD Million)
Chapter 11. Asia Pacific Composite Resin Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 12. Middle East & Africa Composite Resin Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 13. South America Composite Resin Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
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