Resins Market - Forecast(2022 - 2027)
As per the American Coatings Association, total shipment of products by U.S. paint and coatings manufacturers was estimated to be valued at $28.4 billion in 2017. An extensive array of industries from automotive and civil engineering to coatings and packaging employ resins as an imperative and fundamental constituent across countless industrial and manufacturing processes. This abundant potential has driven the global resin market size towards a staggering $666.5 million in 2018. Resins are synthetic polymers or chemically modified natural resins employed by a wide range of end-user verticals owing to their lucrative traits such as adhesiveness, reactiveness, film-forming properties, high strength, high performance, durability, and unique design properties. Properties such as this are facilitating their usage across multiple industries and leading the resins market to grow at a CAGR of 5.10% during the forecast period of 2019-2025.
Resins Market Outlook:
Resins market is growing globally, although APAC is estimated to be the most lucrative region, accounting for a substantial 44% share in the global resins market. The sheer affluence of APAC is attributable to the flourishing automotive industries in India, China and Japan, the growing construction sector and increasing infrastructural operations particularly in India and China, and voluminous packaging operations that are avid employer of resins. Foremost application of resins includes paints and coatings for infrastructure as well as automotive, and packaging films and polymers. Further analysis into the growth trajectory of adjacent markets in APAC provides a clearer understanding-
· The global Beverage Packaging market demand is highest in APAC, which accounted for a share of 24% in 2018. Asia is globally leading as the largest beer-consuming region.
· Flexible Packaging market- APAC is estimated to be the dominant terrain globally in terms of generating demand with a substantial 43% of global flexible packaging market share.
· Automotive Coatings market- APAC is foreseen as the most rewarding terrain in terms of generating demands for automotive coatings, with automotive manufacturing nucleus such as China and India it seized 38% of the global automotive coatings demand in 2018.
· Paints and Coatings Market - APAC region dominated the global paints and coatings market revenue and accounted for more than 44% of the overall market in 2018.
Packaging is estimated to be the fastest growing application segment, growing at a CAGR CAGR of 4.1% going through 2025. Packaging resins are extensively employed in the F&B sector, as it escalates the shelf life of products, thereby protecting food products for longer time periods and ensuring economic benefits to vendors. For instance, High Density Polyethylene (HDPE) resins 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 an integral commodity and constituent implemented for flexible and rigid packaging solutions.
Resins Market Growth Drivers:
· Construction Sector - An Avid Employer of Epoxy Resins-
The globally flourishing construction sector is one of the largest consumers of raw materials such as steel, various forms of industrial chemicals, polymers and engineering plastics. Demand for epoxy resins is surfacing due to modern infrastructural developments and consequently augmenting sustainable resins market growth. Epoxy resins are applied in the production of coatings, adhesives, paints, plastics, primers and sealers, flooring and innumerable products and other materials that are used for building and construction operations.
· ‘Light Weight’ Trend in Automotive Adding Impetus to Resin Market-
Automotive industry consumes polymers to craft various hardware parts such as dashboards, flooring, door panels, and engine components. Light weight plastic resins aid in condensing the load of the vehicle, leading to increased fuel efficacy. Polypropylene (PP) resins are suitable for car bumpers, carpet fibers and for cable insulation. Polyurethane (PUR) dominates application in seat cushions, wheels, suspension brushings, tires and hard parts.
Other Growth Driving Factors-
· Resins are the major constituent of long-lasting epoxy compounds applied in packaging assemblies of semiconductors. Considering the burgeoning application of semiconductors in the flourishing consumer as well as commercial electronics sector, this application segment is an established resin market growth driver.
· Resins are part of the composition of printing inks. Ink resins are used in printing inks to control various factors such as viscosity, pigment adhesion properties, gloss, and pigment wetting, in accordance of the properties of printing substrate. Lithographic printing industry runs almost parallel to packaging industry, as ink resins are employed for printing on packaging films.
Resins Market Trends:
· In 2019, global resins manufacturer Royal DSM announced plans to entirely eradicate from its resins portfolio the usage of 1-methyl-2-pyrrolidone, commonly referred to as n-methylpyrrolidone (NMP). The action was a reaction to the U.S. Environmental Protection Agency (EPA) barring the production, dispensation and circulation of methylene chloride in all paint removers manufactured for consumer use.
· Océ, a Canon company, is developing a technology to produce 3D printed full color artificial teeth for permanent use by converging biocompatible dental reins with 3D workflow software. This can provide a new front for the healthcare applications of resins, and open up new avenues for resins market revenue.
Resins Market Players Perspective:
Some of the key players operating in the global resins market are DowDuPont,Inc., Arkema S.A, Westlake Chemical Corporation, Momentive Specialty Chemicals, Inc., PCCR USA, Phillips Chemical Company LLC, Allnex Group, Royal DSM N.V., Nippon Shokubai Co. Ltd., Aekyung Chemical Co. Ltd., Evonik Industries AG, Bayer A.G, LyondellBasell Industries N.V., Saudi Arabian Basic Industries Corporation (SABIC) , Exxon Mobil Corporation, BASF SE, INEOS AG, Eni S.p.A., Chevron Corporation, and LANXESS Aktiengesellschaf.
Resins Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Resins Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of trends in global Resins Market, and their specific advantages to the market.
The Resins Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
For more Chemical and Materials related reports, please click here
Resins Market Outlook:
Resins market is growing globally, although APAC is estimated to be the most lucrative region, accounting for a substantial 44% share in the global resins market. The sheer affluence of APAC is attributable to the flourishing automotive industries in India, China and Japan, the growing construction sector and increasing infrastructural operations particularly in India and China, and voluminous packaging operations that are avid employer of resins. Foremost application of resins includes paints and coatings for infrastructure as well as automotive, and packaging films and polymers. Further analysis into the growth trajectory of adjacent markets in APAC provides a clearer understanding-
· The global Beverage Packaging market demand is highest in APAC, which accounted for a share of 24% in 2018. Asia is globally leading as the largest beer-consuming region.
· Flexible Packaging market- APAC is estimated to be the dominant terrain globally in terms of generating demand with a substantial 43% of global flexible packaging market share.
· Automotive Coatings market- APAC is foreseen as the most rewarding terrain in terms of generating demands for automotive coatings, with automotive manufacturing nucleus such as China and India it seized 38% of the global automotive coatings demand in 2018.
· Paints and Coatings Market - APAC region dominated the global paints and coatings market revenue and accounted for more than 44% of the overall market in 2018.
Packaging is estimated to be the fastest growing application segment, growing at a CAGR CAGR of 4.1% going through 2025. Packaging resins are extensively employed in the F&B sector, as it escalates the shelf life of products, thereby protecting food products for longer time periods and ensuring economic benefits to vendors. For instance, High Density Polyethylene (HDPE) resins 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 an integral commodity and constituent implemented for flexible and rigid packaging solutions.
Resins Market Growth Drivers:
· Construction Sector - An Avid Employer of Epoxy Resins-
The globally flourishing construction sector is one of the largest consumers of raw materials such as steel, various forms of industrial chemicals, polymers and engineering plastics. Demand for epoxy resins is surfacing due to modern infrastructural developments and consequently augmenting sustainable resins market growth. Epoxy resins are applied in the production of coatings, adhesives, paints, plastics, primers and sealers, flooring and innumerable products and other materials that are used for building and construction operations.
· ‘Light Weight’ Trend in Automotive Adding Impetus to Resin Market-
Automotive industry consumes polymers to craft various hardware parts such as dashboards, flooring, door panels, and engine components. Light weight plastic resins aid in condensing the load of the vehicle, leading to increased fuel efficacy. Polypropylene (PP) resins are suitable for car bumpers, carpet fibers and for cable insulation. Polyurethane (PUR) dominates application in seat cushions, wheels, suspension brushings, tires and hard parts.
Other Growth Driving Factors-
· Resins are the major constituent of long-lasting epoxy compounds applied in packaging assemblies of semiconductors. Considering the burgeoning application of semiconductors in the flourishing consumer as well as commercial electronics sector, this application segment is an established resin market growth driver.
· Resins are part of the composition of printing inks. Ink resins are used in printing inks to control various factors such as viscosity, pigment adhesion properties, gloss, and pigment wetting, in accordance of the properties of printing substrate. Lithographic printing industry runs almost parallel to packaging industry, as ink resins are employed for printing on packaging films.
Resins Market Trends:
· In 2019, global resins manufacturer Royal DSM announced plans to entirely eradicate from its resins portfolio the usage of 1-methyl-2-pyrrolidone, commonly referred to as n-methylpyrrolidone (NMP). The action was a reaction to the U.S. Environmental Protection Agency (EPA) barring the production, dispensation and circulation of methylene chloride in all paint removers manufactured for consumer use.
· Océ, a Canon company, is developing a technology to produce 3D printed full color artificial teeth for permanent use by converging biocompatible dental reins with 3D workflow software. This can provide a new front for the healthcare applications of resins, and open up new avenues for resins market revenue.
Resins Market Players Perspective:
Some of the key players operating in the global resins market are DowDuPont,Inc., Arkema S.A, Westlake Chemical Corporation, Momentive Specialty Chemicals, Inc., PCCR USA, Phillips Chemical Company LLC, Allnex Group, Royal DSM N.V., Nippon Shokubai Co. Ltd., Aekyung Chemical Co. Ltd., Evonik Industries AG, Bayer A.G, LyondellBasell Industries N.V., Saudi Arabian Basic Industries Corporation (SABIC) , Exxon Mobil Corporation, BASF SE, INEOS AG, Eni S.p.A., Chevron Corporation, and LANXESS Aktiengesellschaf.
Resins Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Resins Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of trends in global Resins Market, and their specific advantages to the market.
The Resins Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
For more Chemical and Materials related reports, please click here
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