Against a backdrop of favorable conditions and remarkable drivers, the resin capsule market is expected to witness significant growth with a CAGR of 13.2% during 2019–2026
Resin capsules are viscous, water-insoluble, and flammable substances with an array of applications in the construction of tunnels and other engineering processes. They are helpful as binders at construction sites as they provide rigidity and good strength. The sealing of dripping holes and resistance to anchoring failure due to vibration or blasting is also accomplished with the use of resin capsules. Increasing tunnel construction for rails, metros, and subways is expected to accelerate market growth. For instance, in 2019, Finest Bay Area Development (Febay) signed a memorandum of understanding (MOU) with TCP to construct a 100-km tunnel underneath the Gulf of Finland.
Growth of construction and infrastructure activities globally are anticipated to drive the resin capsule market. According to the U.S. Department of Housing and Urban Development, privately-owned housing increased by 10.3% in 2017 as compared to 2016.
The global capsule market is segmented by resin type, catalyst type, and application.
Polyester, epoxy, and acrylic are the resin types studied in the resin capsule market. Polyester is expected to be a promising segment in the market due to its remarkable properties such as reliability, controlled setting time, distributed anchorage, and chemical and corrosion resistance. It finds extensive application in mining industries. Recently, Minova RSA, a part of Minova and Orica International, developed a new generation polyester resin, which facilitates systematic roof support methodology, thereby minimizing human errors.
Based on catalyst type, the resin capsule market is segmented into organic peroxides, oil-based, and water-based. Water-based catalyst serves various benefits for the installation of resin bolts. These benefits include blending quality, conformity, and low formulation cost. For instance, Hexion Inc. launched two new waterborne epoxy resin products, namely EPI-REZ Resin 6521-WH-56 and EPI-REZ Resin 6531-WH-57, offering remarkable adhesiveness to both metals and non-metals.
Based on application, the resin capsule market is segmented into mining, construction, manufacturing, and oil & gas. The rapidly growing construction industry in the wake of population growth and urbanization is expected to fuel the resin capsule market during the forecast period. According to Oxford Economics, the global construction sector will attain a value USD 12.7 trillion by 2020 with an annual growth rate of 3.9%, mainly driven by infrastructure development. The use of resin capsules in the construction industry for fixing and supporting high loads in concrete, and tunnel and dam construction as they provide remarkable properties such as rigidity, high strength, easy installation, and maintenance.
To study the global resin capsule market in a better way, we have classified the market in five regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Asia-Pacific is expected to spearhead the resin capsule market, owing to a great deal of construction and infrastructure activities. For instance, China has invested in the South-North Water Transfer Project, which will carry water from three of the country’s largest rivers to the north; the project is expected to be completed in 48 years. According to the Study of Organization for Economic Co-operation and Development (OECD), the region’s construction market is foreseen to attain a value of USD 5.36 trillion by 2025, accounting around 60% of the global construction industry.
The Middle East and Africa region is gaining a significant market share, on account of the burgeoning construction sector. Infrastructure projects such as Qatar National Vision 2030 estimating a valuation of around USD 200 Billion. Africa, with its rich mineral resource, abides to the stringent mining-related regulations resulting in a hostile impact on the mining lubricant industry. The strong presence of key players in the region engenders disruption in the energy market to ferret out new sources by adopting fuel cells and instigating development in vanadium batteries.
North America, with its dominating polyester segment, is projected to flourish in the global resin capsule market. The increasing demand from mining and construction sectors due to polyester resins’ price efficiency, performance, and superior UV resistance in comparison to other resin types is a key factor that drives market growth in the region. Moreover, the strong demand from bio-based polyester resins with technological advancements is expected to provide ample opportunities for market growth during the forecast period.
Market players in the industry are increasing their share with acquisition and merger strategies. For instance, DYWIDAG-Systems International acquired Mining Worlds S.A. in Buenos Aires, Argentina. The company is a manufacturer and distributor of the most efficient fortification and slope control products for underground mining projects.
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