Compounded Resins Market Size, Share, Growth, and Industry Analysis, By Type (Epoxy Resin, Unsaturated Polyester Resin, Phenolic Resin and Others), By Application (Automotive, Building & Construction, Aerospace and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Compounded Resins Market REPORT OVERVIEW

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The global compounded resins market size was USD 597900 Million in 2021 and market is projected to touch USD 872845.5 Million by 2031, exhibiting a during the forecast period of 4.3% during the forecast period.

Compounded resins are used often in a variety of sectors. Sometimes the processing characteristics of the addition are so similar to those of the basic resin that they can be dried and processed in exactly the same way as the primary ingredient. To be certain of its drying requirements (drying temperature, ultimate moisture content, and others.), as well as its storage, handling, and processing requirements, one should speak with the additive supplier. Making assumptions about the drying temperature could result in premature softening in the drying hopper or gassing that isn't present in the base resin alone. Prior to receiving, storing, handling, drying, and processing the new material, the manufacturer should consult with the supplier of any additive on any relevant issues.

COVID-19 Impact: Excellent Logistics of the company to Help Survive the Pandemic

The world as we know it has been altered by the new coronavirus. The health and welfare of employees and workers was a primary priority for businesses in the compounded resins market. They were working harder to stop the spread of the coronavirus and safeguard the wellbeing of residents, tourists, and other people in the community. For top-tier players in the compounded resins sector, there haven't been any significant supply chain interruptions in North America as of yet. To prevent any potential disruptions in supply chains, contractors in the market for compounded resins keep in regular communication with logistics service providers.

LATEST TRENDS

"Government Restrictions on Car Emissions to Promote Market Growth"

Government rules on car emissions are an important factor pushing this sector’s growth. There has been a rising awareness about disadvantages of car emissions. New health hazards related to these harmful emissions have been discovered, therefore the government has decided to reduce these emissions by a considerable amount. Compounded resins market has proved to be eco-friendly which makes it a better alternative for other chemicals.

Compounded Resins Market SEGMENTATION

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• By Type

Based on type; the market is divided into epoxy resin, unsaturated polyester resin, phenolic resin and others.

In terms of product, epoxy resin is the largest segment.

• By Application

Based on application; the market is divided into automotive, building & construction, aerospace and others.

In terms of application, automotive is the largest segment.

DRIVING FACTORS

"Increasing Demand for Paints and Coatings to Enhance Market Sales"

To take advantage of business prospects in the construction and aviation sectors, producers of epoxy resins are increasing their output capacity. To address the demanding needs of clients and customers in the aviation and construction industries, they are developing new paints, varnishes, and adhesives. Since epoxy resins add stability to coating and paint formulations, this is obvious. Additionally, the aviation and construction industries are seeing an increase in demand for paints and coatings that can endure extremes in temperature and weather. Due of the increased mechanical strength and strong resilience to extreme temperatures that epoxy resins are known to offer, these needs are accelerating the compounded resins market growth.

"Use of the Compound in Manufacturing to Augment Market Growth"

To capitalise on value-adding opportunities in applications including metal protection, plastic tooling, and lightweight composites for the automobile industry, manufacturers are focusing on diversifying their product lines. They are spending money on research and development to create epoxy resins, an important class of chemicals used in a variety of industrial applications. The use of compounded resins in the manufacture of autos, boats, and aeroplanes is becoming more and more popular.

RESTRAINING FACTORS

"Low Tensile Strength of the Compound to Impede Market Expansion"

Compounded resins compared to their equivalents made from fossil fuels, they are less malleable and have lower tensile strength. As a result, the use of these items may not gain wider support in a world that is willing to adopt sustainable materials at the expense of productivity and efficiency. However, research is ongoing to develop bio-based epoxy resins with high tensile strength, which would help to overcome the current limitations.

Compounded Resins Market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to High-Volume Production"

North America dominates the market and owns largest portion of compounded resins market share. In North America, high-volume manufacturing has created potential for value capture for all value chain participants. In the coming years, North America's significant market share is projected to be influenced by the region's rapidly growing aerospace industry. A major driver of the market in North America has been the strong government support for aviation research, and the region's market for compounded resins is projected to continue to grow as private investment channels open up.

KEY INDUSTRY PLAYERS

"Manufacturers to Take Support of Sustainable Coating Resins to Boost Market Growth"

Manufacturers are confident in their ability to turn a profit because paints, coatings, adhesives, and other products including epoxy resin are practically present in every end-use industry, including wind energy, electronics, and consumer goods. However, the market for compounded resins is so fiercely competitive that manufacturers are forced to look for a way to set themselves apart. In order to increase their credibility, businesses are engaging in mergers and acquisitions and seizing growth opportunities in sustainable coating resins.

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

List of Market Players Profiled

• BASF (Germany)
• Ashland (U.S.)
• Mitsubishi Chemical (Japan)
• Sumitomo Bakelite (Japan)
• Kukdo Chemical (Korea)
• Hanwha Chemical (Korea)
• Sicomin (France)
• Gurit (Switzerland)

INDUSTRY DEVELOPMENT

"November 2021:" Hexoin Inc. announced that it had entered into a definitive agreement with Westlake Chemical Corporation. Hexion Inc. to sell its Hexion’s global epoxy business for approximately USD 1.2 Billion to Westlake Chemical Corporation company. This transaction is anticipated to be completed in the first half of 2022 following customary closing conditions.

REPORT COVERAGE

The report examines market channels of compounded resins and provides information on the elements affecting probable future global development. Additionally, the report looks at market size and share, regional trends, end-use categories, and market segments. It emphasises the importance of outlining an exhaustive regional analysis. The Global compounded resins market study also carried out a sector analysis to comprehend the key driving factors and entry barriers of the market. The paper also offers suggestions on how businesses might strengthen their market positions in light of significant alterations in the market dynamics.