Home Bulk Chemicals Specialty Resins Market Size, Share, Growth, Demand Forecast to 2029

Specialty Resins Market

Specialty Resins Market: Information by Type (Vinyl, Epoxy, Polyamides, Unsaturated Polyester Resin), End-User (Automotive and Marine), and Region — Forecast till 2029

The global polymers industry witnessed a drastic change over recent years, with trends shifting towards specialty resins production. The development of specialty resins is reshaping the global resins sector and is among the emerging segments of the m
Report Code: SRCH1067DR

Market Overview

The global polymers industry witnessed a drastic change over recent years, with trends shifting towards specialty resins production. The development of specialty resins is reshaping the global resins sector and is among the emerging segments of the market. Specialty resins have gained significant traction owing to the increased focus of consumers on the quality and customization of products. The major factors driving the demand for specialty resins are the array of benefits and its applications in a broad range of industries.

Today, the drive towards specialty resins is backed by the consumer-driven shift, continuous R and D for the introduction of advanced products in the end-user markets, and a rapidly growing middle–class populace requiring more consumer products such as electronic medical devices, personal care, automobiles, food and nutrition products.

The rise in the demand for consumer products globally is stimulating the demand for specialty resins that are crucial raw-materials used to produce them. Moreover, the upgraded technology is making the world smaller, and the higher internet proliferation in the end-user industries have pushed the demand for specialty resins.

Report Scope

Report Metric Details
Base Year 2021
Study Period 2019-2029
Forecast Period 2023-2031
CAGR 5%
Market Size
Fastest Growing Market Asia Pacific
Largest Market North America
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa
  • LATAM
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Market Dynamics

Growing Automobile Sector Globally Is Driving the Demand for Specialty Resins

Growing concerns over the increasing pollution levels and COemissions from vehicles have generated high demand for alternative products with a lower carbon footprint. The consumers have become aware than ever before and are interested in vehicles which help in reducing environmental degradation. Higher adoption of electric or battery-operated vehicles contributes to higher demand for lightweight polymers for the automobile sector. The OEMs are demanding resins for enhancing the performance and building lightweight vehicles that reduce COemissions and fuel consumption. The below-mentioned info graph depicts the global number of electric cars deployed in the world for the period 2010-2019. (in Millions)

global-number-of-electric-cars-deployed-in-the-world-for-2010-2019

As per the statistics recorded by International Energy Agency (IEA), the global number of electric car sales topped 2.1 million in 2019, surpassing the 2018 record- to boost the stock to 4.79 million. The benefits of epoxy resins in manufacturing vehicle or truck parts help reduce overall environmental impact compared to alternative older technologies. The reduced weight of the vehicle helps the owner lower fuel consumption and operating costs, resulting in reduced emissions.

The Europe and North America region is expected to have a considerable market share in the lightweight polymers sector. However, the larger volume of vehicles in the Asia-Pacific region is predicted to increase the demand for specialty polymers at a rapid pace. The numerous applications of specialty resins in the burgeoning automobile sector are driving market growth.

Besides, the automotive sector is expected to have a significant market share in the specialty resins market owing to the high demand for resins for paints and coatings, lubricants, and adhesives. The use of coatings in the automotive sector has significantly increased due to its scratch resistance properties and improved the overall aesthetics. Furthermore, the epoxy resin enables the application of the thin and uniform coating on metal and in small cavities, creating a consistent texture. The upward surge in the U.S. and Europe automobile sales is expected to boost the demand for coatings, thereby driving the demand for specialty resins.

Rapidly Increasing Food and Beverage Industry to Propel the Market Growth

A rapid growth in the incomes of the middle-class population is changing consumer spending patterns. Additionally, the increasing number of working women worldwide also has a positive impact on the food and beverage sector. The changing lifestyles and fast-paced working cultures are influencing the demand for packaged food. The food manufacturers are demanding durable and robust food containers to protect goods during storage and distribution. Furthermore, to satisfy the global demand for healthy and nutritious products, the key participants are introducing attractive resins used for manufacturing flexible packaging.

The food and beverage industry has a high demand for specialty resins to manufacture high-performance and suitable materials that allow manufacturers to ensure proper food safety. The critical challenge of preserving the food and preventing it from food contamination during transit requires safe and reliable food packaging. Consumers, especially millennials, are uplifting the demand for food and beverages by purchasing food with diverse flavors, which has encouraged the manufacturers to innovate. This factor is expected to strengthen the demand for specialty resins for food and beverage packaging globally.

Regional Analysis

The regional analysis has been made considering the trends and the consumption patterns of specialty resins in North America, Europe, Asia Pacific, South America, the Middle East, and Africa.

Asia-Pacific- World’s Largest Consumer for Specialty Resins

Asia-Pacific decisively dominates the global specialty resins market backed by the rapid industrialization and urbanization in the region. China, India, and Japan are the frontrunners in the region and are expected to have the fastest growth in the specialty resins market. Building and construction sector is one of the rapidly growing industries in the region owing to the increased government spending and initiatives for better infrastructures. The use of specialty resins for coatings, floors, sealants, paints, and other architectural materials is essential to achieve higher quality and abrasion standards. Further, the improved standard of living and increasing consumer spending has propelled the demand for paints and coatings, driving the demand for specialty resins.

Increasing government spending on infrastructure development in emerging economies is building a platform for the growth of the construction resins in APAC. In April 2020, the Indian government decided to invest around USD 212 billion for infrastructure development. Additionally, Beijing unveiled 300 major construction projects in China, including 100 infrastructure projects, thus driving regional growth. Apart from India and China, other countries such as Vietnam are planning to invest USD 1 billion in numerous infrastructure projects to develop the residential and industrial areas. The high infrastructure investment and the need for specialty resins for building and construction activities are expected to fuel the market growth. The below-mentioned info-graph depicts the estimated infrastructure investment needs in the APAC region for the period 2016-2030.

North America Region to Have a Lucrative Growth Opportunity

The North American market is a developed market for specialty resins as several industries widely adopt them. The specialty resins are essential raw materials for the manufacturing of various consumer and industrial goods. The growth in the region is attributed to the strong aerospace and marine industries. The construction of massive vessels and the presence of shipbuilders in the U.S. is boosting the demand for specialty resins and compounds. Most of the epoxy resins manufactured find applications in paints and coatings for different industries. They are extensively used in the formation of marine composites, marine, and offshore coatings, and shipping container coatings owing to their high mechanical performance and robustness for harsh environmental conditions.

The epoxy resins consisting of silica nanoparticles are used in structural adhesives and fiber composites used in aerospace applications. According to the data recorded by the Aerospace Industries Association, the U.S. aerospace and defense industry generated USD 151 billion from exports in the year 2018, up from USD 135 billion in the year 2013. Accordingly, the specialty resins consumption during the forecast period is anticipated to be high in the North American region cause the strong aerospace and marine sector.

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Segmental Analysis

Electronics Segment to Dominate the Global Specialty Resins Market

In the last few years, there is a surge in demand for electronic devices around the world. The consumers are attracted to smarter, sleeker, and advanced electronic products for convenience and desire for upgraded technology. Changing consumer lifestyles, continuous innovations, and introducing new products in the industry drives the demand for electronic devices. For proper functioning and manufacturing of the electrical devices, the manufacturers require numerous flexible polymers. Liquid crystal displays (LCDs) and printed circuit boards are essential in various applications such as households, commercial complexes, aerospace, and automotive sectors.

Specialty electronic resins are a vital component in the manufacturing of integrated circuits and other materials. The specialty resins market for the electronics sector is volatile due to the rapidly changing designs of the devices. The electronic providers seek suppliers who can meet the need for specialty resins according to their continually changing needs. With the electronic devices getting complex, there are higher investments in the advancements of additives, which in turn, fosters the market in this end-user.

Top Key Players of Specialty Resins Market

Some of the key players profiled in the global specialty resins market are 

  1. The Dow Chemical Company,
  2. LyondellBasell Industries Holdings B.V.,
  3. Exxon Mobil Corporation,
  4. SABIC, INEOS AG,
  5. BASF SE,
  6. Eni S.p.A.,
  7. LG Chem,
  8. Chevron Phillips Chemical Company LLC,
  9.  Lanxess, 
  10. many others.

Recent Developments

  • In Dec 2019, LyondellBasell and Sinopec came together to form a joint venture to manufacture propylene oxide and styrene monomer in China.
  • In Feb 2020, SABIC unveiled a new LNP™ ELCRES™ CRX PC copolymers ideal for medical devices and are resistant to stress cracking in devices exposed to aggressive disinfectants.

Specialty Resins Market Segmentations

By Type

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

By End-User

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

By Regions

  • North America
  • Europe
  • APAC
  • Middle East and Africa
  • LATAM

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Specialty Resins Market?
Specialty Resins Market size will grow at approx. CAGR of 5% during the forecast period.
Some of the top prominent players in 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,  , many others., etc.
North America has been dominating the Specialty Resins Market, accounting for the largest share of the market.
The region with the most rapid expansion in the Specialty Resins Market is Asia Pacific.
The global Specialty Resins Market report is segmented as follows: By Type, By End-User


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