The Worldwide Composite Resin Industry is Expected to Reach $27.4 Billion by 2026

DUBLIN, Feb. 10, 2022 /PRNewswire/ -- The "Global Composite Resin Market by Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding), Application and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global Composite resin is expected to grow from USD 20.5 billion in 2021 to USD 27.4 billion by 2026, at a CAGR of 6.0% during the forecast period.

The thermoplastic composite resin is the fastest-growing resin type segment of composite resin in terms of value and volume

The thermoplastic composite resin type segment is expected to witness high growth as the application of thermoplastic resin as a matrix material in composites has grown significantly in recent years. The main advantage of thermoplastic resin as matrix material is that the composites formed can be reshaped and reformed, unlike thermoset resin. High impact strength, better surface quality, less product rejection, high rigidity at elevated and sub-zero temperatures, creep resistance under severe environments, and constant load have made the thermoplastic resin market more lucrative than that for thermoset resin. The thermoplastic composite resins are widely utilized in transportation, electrical & electronics, aerospace & defence, and other industries which will drive the demand during the forecast period.

The compression moulding manufacturing process segment to be the fastest-growing segment during the forecast period

The demand for the compression moulding process is expected to increase during the forecast period. The process requires low investment cost, and can potentially last for decades with minimal maintenance. It produces more consistent sets of products, which is important for high-volume productions. The compression moulding process mainly utilizes thermoset resins such as polyester, epoxy, and phenolic. This process is widely applicable for GFRP and CFRP products in industries such as transportation, infrastructure & construction, and aerospace & defence which is increasing its demand in the market.

The transportation application segment to be the fastest-growing segment during the forecast period

The transportation application is the fastest-growing segment as in this application composite resin is used in large quantities for the production of composites. The strength-to-weight ratio of most composites is higher than that of steel and aluminium. The saving in weight for a given level of strength makes composites play a vital role in the transportation application. Modern light rail and passenger rail are using composites in body panels, floor panels, and other components to reduce the weight and increase the efficiency of these transportation mediums. The environmental regulations regarding emission standards, specifically in North America and Europe, are the major driving factors to introduce more lightweight and fuel-efficient vehicles, thus increasing the demand for composite resins.

APAC to lead the composite resin during the forecast period

APAC is projected to have the largest share in the composite resin and will expand significantly by 2026. This dominance is attributed to the rising demand from domestic industries in the region. APAC is projected to be the fastest-growing composite resin market due to the rising demand for composites from application industries in the region.

The presence of emerging economies such as China, India, and Indonesia make the region the most promising market for composite resin. An increase in its demand from pipes & tanks, electrical & electronics, and wind energy industries in APAC is expected to drive the market in the next five years. The growing focus of the region toward renewable energy resources has led to increased wind turbine installations, further leading to the growth of the composite resin market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Composite Resin Market
4.2 Composite Resin Market, by Resin Type
4.3 Composite Resin Market, by Manufacturing Process
4.4 Composite Resin Market, by Application
4.5 Composite Resin Market, by Key Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Automotive & Transportation Industry
5.2.1.2 Growing Demand for Wind Energy due to Increasing Focus on Renewable Sources of Energy
5.2.1.3 Increase in Demand for Thermoplastic Resin
5.2.2 Restraints
5.2.2.1 High Processing and Manufacturing Cost
5.2.2.2 Recycling-Related Issues
5.2.3 Opportunities
5.2.3.1 Increasing Demand from Emerging Economies
5.2.3.2 Increasing Use of Composite Resins in the Growing Aerospace Industry
5.2.4 Challenges
5.2.4.1 Need for Continuous Improvement in Product Offering
5.2.4.2 Market Recovery from COVID-19
5.3 Porter's Five Forces Analysis
5.3.1 Bargaining Power of Suppliers
5.3.2 Bargaining Power of Buyers
5.3.3 Threat of Substitutes
5.3.4 Threat of New Entrants
5.3.5 Intensity of Competitive Rivalry
5.4 Technology Analysis
5.5 Ecosystem: Composite Resin Market
5.6 Value Chain Analysis
5.6.1 Raw Material Selection & Manufacturing
5.6.2 Distribution & Applications
5.7 Supply Chain Analysis
5.8 Impact of COVID-19
5.8.1 Impact of COVID-19 on the Aerospace Industry
5.8.2 Impact of COVID-19 on the Automotive Industry
5.9 Patent Analysis
5.9.1 Introduction
5.9.2 Methodology
5.9.3 Document Type
5.9.4 Insights
5.9.5 Legal Status of Patents
5.9.6 Top Applicants of Patents
5.10 Composite Resin Market: Optimistic, Pessimistic, and Realistic Scenarios
5.10.1 Optimistic Scenario
5.10.2 Pessimistic Scenario
5.10.3 Realistic Scenario
5.11 Pricing Analysis
5.12 Average Selling Price
5.13 Key Markets for Imports/Exports
5.13.1 Export Scenario of Composite Resin
5.13.2 Import Scenario of Composite Resin
5.14 Tariffs and Regulations
5.15 Case Study: Composite Resin
5.16 Trends and Disruptions Affecting Customer's Business

6 Composite Resin Market, by Resin Type
6.1 Introduction
6.2 Thermoset Composite Resin
6.2.1 Superior Properties of Thermoset Composite Resin to Boost the Market
6.2.2 Thermoset Composite Resin Market, by Region
6.2.3 Thermoset Composite Resin Market Size, by Type
6.2.3.1 Unsaturated Polyester Resin
6.2.3.2 Unsaturated Polyester Resin Market, by Region
6.2.3.3 Epoxy Resin
6.2.3.4 Epoxy Resin Market, by Region
6.2.3.5 Vinyl Ester Resin
6.2.3.6 Vinyl Ester Resin Market, by Region
6.2.3.7 Other Thermoset Composite Resins
6.2.3.8 Other Thermoset Composite Resins Market, by Region
6.3 Thermoplastic Composite Resin
6.3.1 Thermoplastic Composite Market to Grow at a Fast Rate During the Forecast Period
6.3.2 Thermoplastic Composite Resin Market, by Region
6.3.3 Thermoplastic Composite Resin Market, by Type
6.3.3.1 Polypropylene Resin (Pp)
6.3.3.2 Polypropylene Resin Market, by Region
6.3.3.3 Polyether Ether Ketone Resin (Peek)
6.3.3.4 Peek Resin Market, by Region
6.3.3.5 Other Thermoplastic Composite Resins
6.3.3.6 Other Thermoplastic Resins Market, by Region

7 Composite Resin, by Manufacturing Process
7.1 Introduction
7.2 Layup
7.2.1 Layup Manufacturing Process to Have the Highest Share in the Composite Resin Market
7.2.2 Composite Resin Market in the Layup Manufacturing Process, by Region
7.3 Filament Winding
7.3.1 Transportation Industry to Augment the Demand for Filament Winding Manufacturing Process
7.3.2 Composite Resin Market in Filament Winding Manufacturing Process, by Region
7.4 Injection Molding
7.4.1 Injection Molding to be the Third-Largest Manufacturing Process
7.4.2 Composite Resin Market in Injection Molding Manufacturing Process, by Region
7.5 Pultrusion
7.5.1 Pultrusion Process to Witness the Highest Growth in the APAC Region
7.5.2 Composite Resin Market in Pultrusion Manufacturing Process, by Region
7.6 Compression Molding
7.6.1 Compression Molding to be the Second-Largest Manufacturing Process
7.6.2 Composite Resin Market in the Compression Molding Manufacturing Process, by Region
7.7 Resin Transfer Molding
7.7.1 Resin Transfer Molding to be the Fastest-Growing Manufacturing Process
7.7.2 Composite Resin Market in Rtm Manufacturing Process, by Region
7.8 Others
7.8.1 Composite Resin Market in Other Manufacturing Processes, by Region

8 Composite Resin Market, by Application
8.1 Introduction
8.2 Composite Resin Market, by Application
8.3 Construction & Infrastructure
8.3.1 APAC to be the Fastest-Growing Region in the Construction & Infrastructure Application Segment
8.3.2 Composite Resin Market in Construction & Infrastructure Application, by Region
8.4 Transportation
8.4.1 Increasing Growth of Automotive & Transportation Industry in APAC to Propel the Demand for Composite Resin
8.4.2 Automotive & Heavy Vehicles
8.4.3 Rails
8.4.4 Composite Resin Market in Transportation Application, by Region
8.5 Electricals & Electronics
8.5.1 Increasing Use of Composites in Electricals & Electronics Segment to Drive the Market Growth of Composite Resin
8.5.2 Composite Resin Market in Electricals & Electronics Application, by Region
8.6 Pipes & Tanks
8.6.1 Lightweight Properties of Composites to Boost the Demand for Composite Resins in the Pipes & Tanks Application Segment
8.6.2 Composite Resin Market in Pipes & Tanks Application, by Region
8.7 Wind Energy
8.7.1 Growing Wind Energy Industry to Augment the Demand for Composite Resins
8.7.2 Composite Resin Market in Wind Energy Application, by Region
8.8 Marine
8.8.1 Marine Application to Witness Rapid Growth in the Composite Resin Market
8.8.2 Composite Resin Market in Marine Application, by Region
8.9 Aerospace & Defense
8.9.1 North America to Have the Largest Market Size in the Aerospace & Defense Application
8.9.2 Composite Resin Market in Aerospace & Defense Application, by Region
8.10 Other Applications
8.10.1 APAC to be the Leading Region in the Other Applications of Composite Resin
8.10.2 Composite Resin Market Size in Other Applications, by Region

9 Composite Resin Market, by Region

10 Competitive Landscape
10.1 Introduction
10.2 Market Share Analysis
10.3 Market Ranking
10.4 Market Evaluation Framework
10.5 Revenue Analysis of Top Market Players
10.6 Company Evaluation Matrix
10.6.1 Star
10.6.2 Pervasive
10.6.3 Participants
10.6.4 Emerging Leaders
10.7 Small and Medium-Sized Enterprises (Sme) Evaluation Matrix
10.7.1 Progressive Companies
10.7.2 Responsive Companies
10.7.3 Dynamic Companies
10.7.4 Starting Blocks

11 Company Profiles
11.1 Key Companies
11.1.1 Huntsman International LLC
11.1.2 Hexion, Inc.
11.1.3 The Dow Chemical Company
11.1.4 Ashland Global Holdings, Inc.
11.1.5 Sumitomo Bakelite Co., Ltd.
11.1.6 Schott Bader Company Limited
11.1.7 Royal Dsm N.V.
11.1.8 Basf Se
11.1.9 Kukdo Chemical Co., Ltd.
11.1.10 Polynt S.P.A
11.1.11 Sabic
11.1.12 Arkema
11.1.13 Evonik Industries Ag
11.2 Regional Companies
11.2.1 Poliya
11.2.2 Atul Ltd
11.2.3 Allnex Composites
11.2.4 Nan Ya Plastics Corporation
11.2.5 Chemrex Corporation Sdn. Bhd.
11.2.6 Showa Denko K.K
11.2.7 Hitech Resins
11.2.8 Industrial Chemicals & Resins Co.
11.2.9 Polychem Middle East
11.2.10 Orgi Chemie Fzc LLC
11.2.11 Saudi Industrial Resins Limited
11.2.12 Eternal Resin Company Limited
11.2.13 Showa Highpolymer Singapore Pte Ltd
11.2.14 Swancor Holdings Co., Ltd
11.2.15 Luxchem Polymer Industries Sdn Bhd
11.2.16 Synresins Limited
11.2.17 Sino Polymer Co., Ltd.
11.2.18 Ncs Resins (Pty) Ltd
11.2.19 Eagle Chemicals
11.2.20 Nimir Resins Limited

12 Appendix

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