by Global specialty resins market is estimated to be valued at USD 8.89 Bn in 2024 and is expected to reach USD 13.63 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
Specialty resins are polymers that provide specific properties to the finished products. They are used in various end-use industries such as construction, paints & coatings, automotive, and others due to their superior properties such as durability, corrosion resistance, and thermal stability. Growing infrastructure activities and expanding automotive sector are fueling the demand for specialty resins globally.
Key Takeaways
Key players operating in the specialty resins market 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 Specialty Resins Market Demand provides significant opportunities for players as there is a growing need for high-performance materials in various industries. Additionally, the rising adoption of green building concept and bio-based specialty resins in construction and automotive sectors will open new revenue streams for market participants.
Key players are focusing on expanding their geographical presence by tapping into emerging markets through collaborations and partnerships with regional players. Market leaders are also investing in R&D to develop new product formulations specific to regional requirements to cater to the rising demand.
Market Drivers
The major driver for the Specialty Resins Market is the increasing demand from the construction industry. There is substantial usage of specialty resins-based waterproofing, roofing, flooring solutions as well as fiber-reinforced composites in the construction of both commercial and residential spaces owing to their high strength and durability properties. Additionally, the expanding automotive industry globally is augmenting the market growth as specialty resins are widely used in manufacturing interior and exterior automotive components for their corrosion resistance and lightweight characteristics.
PEST Analysis
Political: There are various regulations and standards pertaining to the use of specialty resins across different applications and end-use industries. Regulations around usage of certain chemicals and emission standards impact the market.
Economic: Changes in economic conditions influence the demand for end-use industries such as construction, electronics, automotive etc that utilize specialty resins. The economic growth rate impacts spending by these industries.
Social: Changing preferences of consumers regarding sustainability and environment friendliness drive demand for eco-friendly and bio-based specialty resins. Increased health awareness influences resin choices.
Technological: Developments in material science and formulation techniques help expand applications and deliver enhanced properties. Advances in resin chemistry aid development of customized solutions catering to niche requirements.
Around 40% of the global specialty resins market value is concentrated in Asia Pacific region. Being home to developing economies like India and China with growing construction and manufacturing industries, the demand for specialty resins is high. North America represents the second largest geography for specialty resins market in terms of value.
The fastest growing region for specialty resins is Middle East and Africa. With growing infrastructure development projects and expanding oil & gas industry, the specialty resins consumption is increasing rapidly in countries like Saudi Arabia, UAE, Nigeria etc. Improving economic conditions and rising expenditure on end-use sectors will further accelerate the specialty resins market growth in MEA region over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
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