Specialty Resins Market is projected to reach US$ 11 Bn by 2030
Specialty Resins Market: Introduction
The global specialty resins market was valued at ~US$ 6 Bn in 2019 and is anticipated to expand at a CAGR of 5% during the forecast period. The global specialty resins market is driven by increase in the demand for specialty resins in the global building & construction industry. Asia Pacific accounts for a major share of the global specialty resins market led by high demand for specialty resins among automotive manufacturers.
Key Drivers of Specialty Resins Market
The automotive industry is changing in accordance with changes in consumer preference in terms of aesthetics, safety, and comfort. The automotive industry relies heavily on coating technologies to protect critical auto components and impart them a stylish appearance. These coatings need to provide high performance expected by consumers, while also meeting increasingly stringent regulatory requirements for low VOC emissions. Specialty resins protect metal and plastic components of cars, such as chassis and suspension systems, from corrosion. Specialty resins are utilized in car refinishes and OEM coatings as well as matte finishes in automobiles.
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Specialty resins are used in applications ranging from high-performance structural adhesives to stronger, quicker composite resin systems in automobiles. Specialty epoxy resins are used for structural adhesives for assembly and structural composite applications. The global automotive sector is expected to expand considerably during the forecast period, due to significant increase in the demand for small vehicles and two-wheelers worldwide. Thus, rise in the production of automobiles is expected to boost the demand for specialty resins during the forecast period.
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Rising Demand from Developing Countries to Offer Lucrative Opportunities to Specialty Resins Market
Specialty resins are employed in various applications such as automotive, marine, aerospace, building & construction, electronics, and water treatment. Demand for these resins is increasing in developing countries such as China, India, and Brazil, owing to availability of various new technologies with superior performance in the specialty resins marketplace. Countries such as Brazil, India, and China are making focused efforts to elevate their people in the lower class to the middle class. Rise in the middle-class population drives industries such as building & construction, electrical & electronics (E&E), and automotive. China is a prominent consumer of specialty resins. Developing countries are expected to be major markets for specialty resins during the forecast period. Developing countries are expected to offer significant opportunities to the global specialty resins market during the forecast period.
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High Production Cost of Specialty Resins to Hamper Specialty Resins Market
Raw materials used in the manufacture of specialty resins are bisphenol A (BPA) and bisphenol F (BPF), styrene, maleic anhydride, and phthalic anhydride. These are major raw materials used in the manufacture of epoxy specialty resins and unsaturated polyester specialty resins. These raw materials primarily belong to the chemical commodities sector and prices of these materials have increased considerably over the last few years. Specialty resins with high functionality are required to improve product performance in challenging applications. This further increases their price.
Rising demand for the production of specialty resins with additional features, such as strength and resistance, has significantly fueled the overall production cost of specialty resins. Increase in prices has become a restraining factor for the global specialty resins market over the last few years.
Asia Pacific Dominates Specialty Resins Market
Based on region, Asia Pacific accounted for a major share of the global specialty resins market in 2019. Demand for building and construction activities is high in the region, especially in China, Japan, and South Korea. Growth of building & construction and automotive sectors in the region is anticipated to fuel the specialty resins market in Asia Pacific during the forecast period. Europe is anticipated to offer immense opportunities to the specialty resins market during the forecast period, due to the growing usage of epoxy specialty resins in various end-use industries in the region such as automotive, building & construction, marine, water treatment, and aerospace.
The specialty resins market in Latin America and Middle East & Africa is projected to expand at a sluggish pace during the forecast period. Middle East & Africa and Latin America cumulatively constituted 20.8% share of the global specialty resins market in 2019. These regions are likely to lose a collective market share of 2.4% by 2030.
Consolidated Nature of Specialty Resins Market
A few major players dominate the global specialty resins market. This leads to intense competition. Key producers of specialty resins demonstrate a level of forward integration. The number of small-scale as well as large-scale manufacturers in the global specialty resins market is large. Thus, the market is fragmented.
BASF is a leading player in the global specialty resins market. The company manufactures acrylic specialty resins. It accounted for a market share of 15.6% in 2019. Huntsman is another major player in the global market. The company produces epoxy phenol novolac (EPN) and epoxy cresol novolac (ECN) specialty resins. It held 10.2% of the market share in 2019.
