by Specialty resins are high performance synthetic resins manufactured to withstand extreme conditions. They possess properties like heat resistance, corrosion resistance and flexibility. Specialty resins finds applications in various end use industries like building & construction, automotive, electronics, oil & gas, aerospace among others. In the construction industry, specialty resins are used to provide chemical and weather resistance to concrete structures, roads, bridges etc. Similarly in automotive industry, specialty resins provides durable, lightweight and corrosion resistant components for vehicles. Growing infrastructure development activities across the globe especially in emerging economies is driving higher consumption of specialty resins.
The Global Specialty Resins Market is estimated to be valued at US$ 13.63 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Specialty Resins are BASF SE, Hexion Inc., SABIC, Royal DSM, Arkema, Radiant Color NV, Mitsubishi Chemical Corporation, The Dow Chemical Company, Huntsman International LLC, Aldex Chemical Company Limited, Thermax Limited, International Specialty Chemicals Ltd., Purolite, Kolon Industries, Revex Plasticiser, Tetra , V. B. Chem Industries, Orson Resins And Coatings Private Limited, Nye Lubricants, Inc., Scholle Ipn Corporation.
The growing demand from construction and automotive industries is driving the Global specialty resins market Growth. The increasing construction of roads, bridges, buildings and other infrastructure is fueling consumption of specialty resins which provides durability and chemical resistance.
Major players are expanding globally to cater to the growing demand from developing nations in Asia Pacific and Latin America. Manufacturers are setting up new production plants and acquiring regional players to leverage growth opportunities in emerging markets.
Market Key Trends
One of the key trends in the specialty resins market is the increasing development of bio-based and sustainable resins. With growing awareness about environmental protection, manufacturers are focusing on developing resins from renewable sources like plant based materials and agriculture waste. Bio-based resins have lower carbon footprint and enables reducing dependency on fossil fuels.
Leading players are investing heavily in R&D to commercialize new resin formulations with enhanced properties. Specialty resins with characteristics like flame retardance, high thermal stability and crack resistance are expanding application scope in industries like transportation, marine and oil & gas extraction equipment. Resin makers are also offering customized solutions to meet diverse requirement of end users.
Porter’s Analysis
Threat of new entrants: The specialty resins industry requires huge capital investments and R&D expenditures. Established players hold majority market share which creates entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of resin products from multiple manufacturers. However, switching costs and customer loyalty provide some power to suppliers.
Bargaining power of suppliers: Resin raw material suppliers have moderate bargaining power due to availability of substitute materials and reliance of manufacturers on supplies.
Threat of new substitutes: Threat from substitutes is moderate as specialty resins have applications across various industries that are difficult to replace. However, continuous innovation can lead to new material development.
Competitive rivalry: The industry has major global players and regional competitors leading to high competition based on pricing, quality, and innovation.
Geographical Regions
North America holds the largest share of the specialty resins market in terms of value due to presence of major manufacturers and growing demand from construction and automotive industries in the US and Canada.
Asia Pacific region is expected to be the fastest growing market during the forecast period owing to rising infrastructural activities and increasing production of automotive and electronics in China and India. Government initiatives are encouraging foreign investments which will boost regional market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
