Albany, NY -- (SBWIRE) -- 07/18/2018 -- The global specialty resins market was valued at US$ 7,408.75 Mn in 2017 and is anticipated to register a stable CAGR of 5.1% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled "Specialty Resins Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026." The global specialty resins market is driven by rise in the demand from the building & construction industry. Asia Pacific accounts for a major share of the global specialty resins market, due to increased number of construction activities in the region.
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Growth of building & construction industry in Asia Pacific projected to drive market
Resins are used in a variety of applications, but their usage in the building & construction industry is high. Building & construction is one of the most rapidly expanding industries in Asia Pacific. Usage of specialty resins in adhesives, sealants, and coatings is essential to meet quality requirements of the building & construction sector in Asia Pacific. These resins have high resistance to temperature and excellent chemical resistance. Hence, a large amount of resins are anticipated to be used in the construction of infrastructure projects as well as residential and non-residential buildings in the near future. Improvement in standards of living, rise in the disposable income of consumers, and increase in urbanization are major factors fueling construction activities in Asia Pacific.
China accounted for a leading share of the construction sector in Asia Pacific in 2017. It was followed by India. Demand for specialty resins is anticipated to increase in the residential segment of the construction sector in the near future, due to growth in urbanization and rise in population. India is expected to be a rapidly expanding sector for building & construction during the forecast period, owing to rapid development of infrastructure coupled with government support. Countries such as Indonesia, Thailand, and Singapore are estimated to offer significant growth opportunities to the specialty resins market in the next few years, owing to growth of infrastructure and commercial segments of the construction sector in these countries.
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Expansion of automotive industry likely to offer attractive growth opportunities
The automotive industry is undergoing changes in accordance with changes in the consumer taste. The automotive industry relies heavily on coating technologies to protect critical auto components and impart a unique and stylish appearance. These coatings need to provide high performance expected by consumers, while also meeting increasingly stricter regulatory requirements for low VOC emissions.