Composite Resin Market - By Type (Epoxy, Polyester, Polyurethane, Phenolic), By Reinforcement Type (Glass Fiber, Carbon Fiber, Aramid Fiber, Natural Fiber), By Manufacturing Process (Filament Winding, Pultrusion, Compression Molding) & Forecast, 2023 - 20

Composite Resin Market - By Type (Epoxy, Polyester, Polyurethane, Phenolic), By Reinforcement Type (Glass Fiber, Carbon Fiber, Aramid Fiber, Natural Fiber), By Manufacturing Process (Filament Winding, Pultrusion, Compression Molding) & Forecast, 2023 - 2032

Composite Resin Market size is poised to record 5.7% CAGR from 2023-2032 driven by the advantages, such as unique combination of lightweight and strong characteristics. Composite resin materials are widely used in industries such as aerospace, automotive, construction, and renewable energy on account of their lightweight nature. They significantly contribute to fuel efficiency in vehicles and reduce the structural weight of buildings and infrastructure, leading to cost savings and improved sustainability.

The composite resin market is segmented on the basis of type, manufacturing process, reinforcement type, end-use, and region.

With respect to type, the polyurethane-based composite resin market is expected to depict 5.5% CAGR from 2023-2032, owing to increasing adoption across various industries due to their exceptional durability and resilience. On account of their lightweight properties, these resins contribute to fuel efficiency in transportation applications, such as the aerospace and automotive industries. Furthermore, the stricter environmental regulations in China and Europe has led to the higher demand for waterborne resins that don't contain organic solvents.

The constant efforts led by industry players to cater to the rising end-user demands will also propel the segment growth. To cite an instance, in June 2023, DIC Corporation introduced HYDRANTM GP, its new range of environmentally friendly waterborne polyurethane resins with greater solid content than standard water-based polyurethane resins and no amines, to offer lowered greenhouse gas emissions and volatile organic compounds.

Based on end-use, the composite resins market from the electrical and electronics segment is anticipated to exhibit 4.5% growth rate between 2023 and 2032. The increasing use of composite resins for various applications, such as PCBs, insulators, and encapsulation materials for electronic components is contributing to the segment growth. The rapid evolution of electronics, including 5G technology and the IoT is also likely to drive the demand for high-performance, miniaturized, and reliable components.

In terms of regional landscape, Asia Pacific composite resin market is set to record 5% growth rate through 2032. The rapid industrialization and urbanization has surged the demand for durable and lightweight materials across various industrial sectors. The presence of booming automotive industry in the region is further boosting the demand for composite resins.

Moreover, the ongoing R&D initiatives to address the issues of flammability caused by epoxy resins will support the regional market growth. For instance, in September 2022, the ARC Discovery Early Career Researcher Award program funded more than $421,000 to the University of Southern Queensland in Australia. The funding was aimed at the development of new type of imidazole/phosphorus oligomers for single-component epoxy resins to offer fire retardancy, improved storage stability and mechanical properties.