Global Composite Resin Market Report and Forecast 2023-2028

Global Composite Resin Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global composite resin market reached a value of USD 23 billion in 2022. Aided by the rising demand in various applications and the burgeoning construction and aerospace industries, the market is projected to further grow at a CAGR of 5.82% between 2023 and 2028 to reach a value of USD 32.44 billion by 2028.

Composite resins, widely recognised for their superior durability, heat resistance, and versatility, are widely used in multiple applications, including automotive, aerospace, construction, electrical and electronics, and marine sectors. Their application ranges from being key elements in aircraft structures to car parts and wind turbine blades. Their mechanical properties, such as high strength-to-weight ratio and excellent resistance to wear, make them a valuable asset across multiple industries.

A significant driver of the global composite resin market growth is the increasing demand in various sectors. The construction sector is one area where the usage of composite resin materials is expanding rapidly due to their excellent durability, lightweight nature, and corrosion resistance. They're commonly used in the manufacture of components like panelling, roofing, and structural elements, making them an integral part of the modern construction industry.

Similarly, the automotive and aerospace industries have become increasingly reliant on composite resin materials. In these sectors, the lightweight properties and strength of composite resins contribute to improved fuel efficiency and performance in both vehicles and aircraft. Their versatility and customisability also offer opportunities for design innovation, contributing to their growing popularity.

Another significant trend propelling the composite resin market development is the ongoing push towards renewable energy sources. Wind turbine blades are commonly made from composite resins due to their strength, flexibility, and longevity. With the global emphasis on clean, renewable energy sources, this application is likely to contribute to the increasing demand for composite resins.

The use of composite resin in marine applications, particularly in the construction of boats and marine structures, is also a vital factor in composite resin market expansion. Their resistance to the corrosive effects of seawater and their ability to withstand intense physical stress make them a preferred choice in marine construction.

Market Segmentation

The market can be divided based on resin type, manufacturing process, application, and region.

Market Breakup by Resin Type

• Thermoset Composite Resin
• Thermoplastic Composite Resin

Market Breakup by Manufacturing Process

• Layup
• Filament Winding
• Injection Moulding
• Pultrusion
• Compression Moulding
• Resin Transfer Moulding
• Others

Market Breakup by Application

• Construction and Infrastructure
• Transportation
• Electrical and Electronics
• Pipes and Tanks
• Wind Energy
• Marine
• Aerospace and Defence
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global composite resin companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Huntsman International LLC
• Scott Bader Company Ltd
• BASF SE
• Polynt S.p.A.
• Saudi Basic Industries Corporation
• Arkema S.A
• Evonik Industries AG
• Allnex Group
• Showa America, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.