Composite Resin Market Expected to Reach $49.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Composite Resin Market," The composite resin market was valued at $25.4 billion in 2022, and is estimated to reach $49.4 billion by 2032, growing at a CAGR of 7% from 2023 to 2032.

Resins are a type of synthetic or natural material that can be transformed from a liquid or semi-liquid state to a solid state through chemical reactions, heat, or pressure. They are widely used in various industries, such as construction, coatings, adhesives, composites, and electronics. The properties of resins can vary depending on the type of resin used, such as its chemical composition, curing mechanism, and physical properties. Different resins can also have different processing requirements, such as the need for specific temperatures or curing times.

Composites are materials made up of two or more distinct materials that are combined to form a single material with unique properties. Resins are often used as the matrix material in composite materials. In this context, resin serves as a binder, holding the composite material together. The most common types of composite materials that use resins are fiber-reinforced composites. In these materials, a reinforcing material, such as carbon fibers or fiberglass, is embedded in the resin matrix. The resulting composite material is stronger and durable than the individual materials alone.

The choice of resin for a particular composite application depends on various factors, such as the desired mechanical properties, processing conditions, and environmental conditions. Some commonly used resins in composite materials include epoxy, polyester, and vinyl ester. Epoxy resins are popular for their high strength, durability, and resistance to chemicals and moisture. They are commonly used in aerospace, marine, and automotive applications.

Polyester resins are less expensive than epoxy resins and are commonly used in construction and marine applications. Vinyl ester resins offer a balance of strength and durability, as well as resistance to chemicals and moisture. They are commonly used in applications where high strength and durability are required, such as in boats and tanks. Overall, the use of resins in composites allows for the creation of materials with unique and tailored properties for specific applications.

The market for composite resins is propelled by high demand for composite resins from wide variety of end-use industries such as construction, transportation, electricals & electronics, pipes & tanks, wind energy, marine, aerospace & defense and others due to its excellent features such as high strength, and durability. Resins are used in composites as they provide strength and stiffness to the material. This makes composites an ideal choice for many structural applications where high strength and stiffness are required. Resins used in composites are often resistant to environmental factors such as moisture, chemicals, and temperature fluctuations. This makes composites durable and long-lasting.

Composites made with resins are often lighter in weight than traditional materials such as metal or concrete. This makes them ideal for applications where weight reduction is important, such as in the aerospace and automotive industries. The use of resins in composites allows for a high degree of design flexibility. Composites can be easily molded into complex shapes and sizes, making them an ideal choice for a wide range of applications.

Resins used in composites are often resistant to corrosion and degradation, making them an ideal choice for applications where the material is exposed to harsh environments. Moreover, resins used in composites can be easily processed using a variety of techniques such as hand layup, filament winding, and pultrusion. This makes composites easy to manufacture and cost-effective.

The cost for producing composite resins is high which restrains the growth of the market. The methods used for producing composite resins are exfoliation, chemical vapor deposition and others. The coverage of mechanically exfoliated graphene, however, is insufficient for applications as there are only a few tiny flakes per square centimeter. Moreover, the price of the composite resins could start at several thousand dollars per flake. In addition, use of resins in composites offers many advantages over traditional materials, making them an ideal choice for a wide range of applications. Thus, these advantages help drive the market growth during the projection period.

The composite resins market is segmented on the basis of resin type, manufacturing process, application and region. By resin type, the market is bifurcated into thermosets and thermoplastics. By resin type, the market is categorized into layup, filament, winding, injection molding, pultrusion, compression molding, and resin transfer molding. By application, the market is fragmented into construction & infrastructure, transportation, electricals & electronics, pipes & tanks, wind energy, marine, aerospace & defense and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on resin type, the thermoplastic resin segment dominated the largest market share in 2022 as thermoplastic resins are a group of materials that can be melted and re-molded when heated, making them useful in a wide range of industrial and commercial applications.

Based on the manufacturing process, the injection molding segment dominated the largest market share in 2022 as injection molding is a highly automated process, which can reduce labor costs and increase efficiency in manufacturing composite resin products..

Based on application, the automotive and transportation segment dominated the largest market share in 2022 owing to composite resins are widely used in the automotive and transportation sector because they offer several advantages over traditional materials, such as metals and plastics..

Based on region, the Asia-Pacific region dominated the highest market share in 2022 due to the highly developed automotive and transportation sector in China and the continuous investments are done in the region through the years to advance the automotive and transportation.

The major players operating in the industry include Hexion Inc., SABIC, Celanese Corporation, Huntsman International LLC, Dow, Evonik Industries AG, Scott Bader Company Ltd., DSM, Allnex GmbH, and Sumitomo Bakelite Co., Ltd. Corp. These players have adopted product launch as their key strategy to increase their market shares.

KEY FINDINGS OF THE STUDY

• By resin type, the thermoplastic resins segment was the largest revenue contributor in 2022, while thermoset resins are anticipated to register the highest CAGR of 6.9% during the forecast period.
• By manufacturing process, the injection molding segment was the largest revenue contributor in 2022, while compression molding is anticipated to register the highest CAGR of 7.5% during the forecast period.
• By application, the automotive and transportation segment was the largest revenue contributor in 2022, while aerospace and defense is anticipated to register the highest CAGR of 7% during the forecast period.
• By region, the Asia-Pacific region segment was the largest revenue contributor in 2022 and is anticipated to register the highest CAGR of 7.2% during the forecast period. 

IMPACT OF COVID-19 ON THE GLOBAL COMPOSITE RESIN MARKET

• Overall, the impact of the COVID-19 outbreak on the composite resins market has been mixed, with both negative and positive effects. The disruptions in the supply chain and reduced demand from some industries have led to short-term challenges, however, the increased demand for medical equipment and the growing trend toward sustainable materials offer new opportunities for the composite resins market in the long term.
• Furthermore, the  pandemic has accelerated the trend toward lightweight, durable, and sustainable materials in various industries, including automotive, aerospace, and construction. Composite resins, with their lightweight, high strength, and versatile properties, are well-positioned to benefit from this trend.