PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320191
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320191
Composite Resin Market size was valued at USD 22,507.6 Million in 2022, expanding at a CAGR of 7.3% from 2023 to 2030.
The organic and inorganic components of the composite resin are combined to create a highly viscous, sticky substance that is utilized to create composite materials. These composite materials, including vinyl ester, polypropylene, and polyethylene, demonstrate a great capacity for bonding the variety of fibers present in the materials with the strength and stiffness of the materials. The automobile, aerospace and military, building and construction, as well as other industries, heavily utilize composite resins.
The need for modern defense equipment, such as hypersonic missiles, fighter planes, unmanned aerial vehicles, and communication and spy satellites, is being driven by rising geopolitical tensions in the Middle East and the South China Sea. A fighter jet's external body, nozzles, air defense systems, blades and propellers, leading edges on hypersonic missiles, and fire-resistant material for a submarine's motor compartment are all made of high-temperature composite resin. As a result, the demand for composite resin will rise as the sale of defense equipment increases. As tensions between Iran and the UAE increase, for instance, the United States has committed to sell the United Arab Emirates MQ-9B unmanned aerial systems and F-35 Lightning II aircraft for $23.37 billion in November 2020. Thus, this is expected to drive the market growth over the forecast period.
The Global Composite Resin Market is segmented based on resin type, manufacturing process, application, and Region.
Based on resin type, the global Composite Resin market is segmented into thermoset resin and thermoplastic resin. The thermoplastic resin segment is expected to dominate the market over the forecast period. Thermoplastic resins are substances that become a liquid at high temperatures and then solidify once again at low temperatures. These characteristics allow thermoplastic materials to be molded into a wide range of forms and structures, making plastic resins useful across several sectors. The method of injection molding is where they are most frequently employed. Therefore, these properties of thermoplastic resin is expected to drive the segment growth.
Based on manufacturing process, the Composite Resin industry is segmented into layup, filament winding, injection molding, pultrusion, compression molding and resin transfer molding. The compression molding segment is expected to hold a significant market share over the forecast period due to the extensively employed procedure for the industry's resin manufacture.
Based on the application, the Composite Resin industry is segmented into marine, aerospace and defense, construction and infrastructure, automotive and transportation, electricals and electronics, pipes and tanks, wind energy and others. The aerospace and defense segment is expected to hold the largest market share over the forecast period. These resins are used to create a variety of aerospace and defense components, including the interiors and exteriors of fighter planes, missiles, and satellites, as well as engine parts. The market for composite resin is expanding as high-temperature composite fighter planes like the F-35 are in more demand. The need for Composite Resin will thus be further fueled by any growth in the demand for aerospace and defense systems. According to the American Aerospace Industry AIA report from 2019, revenue for the American aerospace and military industry in 2018 was $929 billion, up 4.17% from 2017. The demand for composite resin will rise as a result of this expansion in the aerospace and defense industries.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to hold the largest market share over the forecast period. The market is expanding as a result of the rising demand for high-temperature composite resin in the regional automotive, marine, aviation, and aerospace & defense sectors. For the manufacture of defense equipment, high-temperature composite resins offer a variety of features including fire resistance, high-temperature resistance, and lightweight, as well as more expensive defense spending. They are also appropriate for usage in a variety of industrial verticals, including aerospace & military, automotive, and manufacturing, owing to their exceptional features. For instance, according to the 2019 report from the US Department of Defense, the budget for US defense in 2019 was $686 billion, up from $611.8 billion in 2018. Thus, this is expected to drive the market growth in the region.
The Composite Resin Market's top players use technology launches, acquisitions, and R&D efforts as their primary business strategies. The key market players are Allnex GmbH, DSM, Celanese Corporation, Huntsman International LLC, Dow, Evonik Industries AG, Scott Bader Company Ltd., SABIC, Hexion Inc. and Sumitomo Bakelite Co., Ltd. Corp.
In March 2020, the acquisition of Premium Composite Technology North America, Inc. (PCTNA) was announced by Ube Industries, Ltd. With the help of this purchase, UBE will be able to supply vehicle components to manufacturers and create production facilities in Spain, Thailand, and Japan.