Asia-Pacific Region to Grab Lion's Share in the Global Specialty Resins Market

Fri, 09 October 2020 3:47

The Asia-Pacific region is expected to have the largest market share in the global specialty resins market strongly supported by the increasing demand for consumer goods. The changing consumer incomes and increased focus on appearances have propelled the demand for personal care products in the region. South Korea and China are dominating the cosmetics industry due to the significant presence of key players in the countries.

The emergence of environmentally-friendly resins manufactured for the packaging of organic and mild cosmetic products is strengthening the market growth. The innovation of specialty resins such as thermoplastic resin for cosmetic packaging allows the companies to achieve the shine on the end product. The increased use of personal care products by men is also expected to strengthen the market, boosting the specialty resins market's regional growth.

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Specialty Resins Market?

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Impact of Covid-19

The resins industry has been adversely affected due to reduced oil prices and the outbreak of the COVID-19 pandemic. From the supply side, the pandemic has led to impositions of lockdowns and social distancing norms, which has bought the production activities to a standstill. The outbreak has caused severe disruptions in the global supply chain and has cast uncertainties for the global economy. Leading manufacturers have reduced the capital expenditure and operational expenses to remain stable during the crises.

China, the largest producer and consumer for specialty resins, is predicted to witness a second wave of the novel coronavirus. According to the National Bureau of Statistics of China, the chemical manufacturing industry slumped by around 25% in 2020, along with declining profits by 66%. The reduced production and consumption of resins are expected to hamper the market growth in the short term.

Key Highlights

  • The global specialty resins market is growing at an attractive growth rate with a CAGR of xx% owing to its variety of applications in various burgeoning industries around the globe. The increased focus on customization and demand for higher quality products from customers is further propelling market growth.
  • The electronics segment is anticipated to register the highest market share in the specialty resins market. The rising demand backs this for electronic devices and higher adoption of advanced devices, primarily in the emerging markets. 
  • Due to the rapid industrialization and urbanization in the region, the Asia-Pacific region is expected to dominate the global specialty resins market during the forecast period. China is the frontrunner in the region owing to the strong domestic demand for consumer commodities and products in the nation.
  • Some of the key players profiled in the global specialty resins market are The Dow Chemical Company, LyondellBasell Industries Holdings B.V., Exxon Mobil Corporation, SABIC, INEOS AG, BASF SE, Eni S.p.A., LG Chem, Chevron Phillips Chemical Company LLC, Lanxess, and many others.
  • In Dec 2019, LyondellBasell and Sinopec came together to form a joint venture to manufacture propylene oxide and styrene monomer in China.

Specialty Resins Market: Segmentation

By Type

  • Vinyl
  • Epoxy
  • Polyamides
  • Unsaturated Polyester Resin (UPR)
  • Others

By End-User

  • Building & Construction
  • Automotive
  • Water Treatment
  • Packaging
  • Marine
  • Electrical and Electronics
  • Aerospace
  • Others

By Regions

  • North America
  • Europe
  • Asia Pacific
  • South America
  • The Middle-East
  • Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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