Sarasota, FL -- (SBWire) -- 10/05/2018 --Zion Market Research has published a new report titled "Specialty Resins Market by Resin Type (Vinyl, Epoxy, Polyamides, Unsaturated Polyester Resin, and Others) and by Application (Building & Construction, Automotive, Electrical & Electronics, Marine, Aerospace, Water Treatment, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, global specialty resins market was valued at USD 7.38 billion in 2017 and is expected to reach USD 10.38 billion in 2024, growing at a CAGR of 5.0% between 2018 and 2024.
Specialty resins are the compound used in several industries in the varied range of applications. These resins are widely used in the coating industry to enhance the durability and thermal stability of the coatings. The specialty resins possess versatile properties like chemical resistance, water resistance, and corrosion resistant. Moreover, increasing construction activities in the emerging countries are the major factor driving the global specialty resins market.
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The global specialty resins market is growing at the fastest growth rate, attributed to increasing building and construction industry. Growing construction activities across the globe are projected to drive the global specialty resins market in the forecast period. Increasing construction of infrastructure projects and residential & non-residential buildings is likely to increase the usage of specialty resins. However, fluctuating prices of raw materials may restrain the specialty resins market growth. Moreover, increasing technological advancements and research & development are projected to fuel the specialty resins market growth in the near future.
The global specialty resins market can be segmented based on type, application, and regions. On the basis of type, the global market is segregated into the epoxy, vinyl, polyamides, unsaturated polyester resin, and others. Amongst others, specialty epoxy resins are widely used resin in structural adhesives for structural and assembly composite applications. In addition, these resins are used as binders for adhesives, sealants, coatings, and matrices for composite materials. Thus, this, in turn, is expected to propel the market growth for global specialty resins. On the basis of applications, the market is classified into building & construction, automotive, electrical & electronics, marine, aerospace, water treatment, and others. Building & construction is likely to be the fastest growing segment due to the increasing construction activities in the developing countries. Therefore, this segment is anticipated to drive the specialty resins market.
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Geographically, Asia Pacific accounted for the largest market share for the global specialty resins market. Owing to the continued economic development in countries like China, India, Thailand, Malaysia, Singapore, and Indonesia, the demand for new constructions, residential and non-residential is increasing, which is estimated to boost the specialty resins demand in the region. In 2017, Asia Pacific accounted for around 48% of the global specialty resins market. North America is expected to grow substantially in the upcoming years, followed by Europe. The rising demand for specialty resins in the aerospace industry is projected to escalate the specialty resins market growth during the forecast period. The Middle East & Africa is likely to hold enormous potential for specialty resins market. Owing to the increasing disposable income and changing lifestyle, the demand for new advanced electronics components are increasing, therefore, this is expected to register moderate growth rate in the future. Latin America is estimated to show decent growth in the forecast period due to the growing automotive industry within the region.
The specialty resins market consists of a large number of manufacturers and is highly fragmented. Companies operating in this market include BASF SE, Arkema, DowDuPont, Mexichem S.A.B. de C.V., Mitsubishi Chemical Corporation, Emerald Performance Materials, Huntsman International LLC, Aldex Chemical Company Limited, Purolite, Royal DSM, Radiant Color NV, International Speciality Chemicals Ltd, and Thermax Limited, among others.
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The report segments the global specialty resins market into:
Global Specialty Resins Market: Resin Type Analysis
Vinyl
Epoxy
Polyamides
Unsaturated Polyester Resins (UPR)
Others
Global Specialty Resins Market: Application Analysis
Building & Construction
Automotive
Electrical & Electronics
Marine
Aerospace
Water Treatment
Others
Global Specialty Resins Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Browse the full "Specialty Resins Market by Resin Type (Vinyl, Epoxy, Polyamides, Unsaturated Polyester Resin, and Others) and by Application (Building & Construction, Automotive, Electrical & Electronics, Marine, Aerospace, Water Treatment, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/specialty-resins-market
Global Specialty Resins Market to Surpass USD 10.38 Billion by 2024
In order to offer the users of this report, a comprehensive read on the specialty resins market, we have enclosed the detailed value chain analysis. To know the competitive landscape within the market, an analysis of Porter’s Five Forces model for the specialty resins market has additionally been enclosed within the study. The study includes a market attractiveness analysis, where all segments are benchmarked supported their market size, rate, and general attractiveness.