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  • Published In : Apr 2024
  • Code : CMI6853
  • Pages :135
  • Formats :
      Excel and PDF
  • Industry : Polymers and Resins

Market Size and Trends

Global specialty resins market is estimated to be valued at USD 8.89 Bn in 2024 and is expected to reach USD 13.63 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

Specialty Resins Market Key Factors

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The market is expected to witness positive growth over the forecast period. Specialty resins find extensive applications in construction, paints & coatings, automotive and other industries. Growing construction industry in emerging economies of Asia Pacific and Middle East & Africa is expected to boost demand for specialty resins that are used for flooring, sealants and other applications. Increasing demand for lightweight and durable materials from automotive industry along with stringent environmental regulations regarding VOC emissions are further expected to boost demand for specialty resins in the near future. Developments of bio-based and recyclable specialty resins may offer opportunities for market growth during the forecast period.

Increasing Demand from the Construction Industry

The construction industry has witnessed rapid growth over the past few years globally. With continued urbanization and infrastructure development projects, the demand for buildings and structures is set to increase substantially. Specialty resins are being increasingly used in various construction applications such as flooring, sealants, adhesives, wall panels due to their excellent properties. Epoxy resins provide high strength and adhesion that makes them ideal for applications requiring structural bonding. Acrylic resins offer high durability, resistance to weathering and UV exposure, and are used in exterior construction. The demand is increasing for specialty resins that can offer anti-microbial, anti-slip, self-cleaning properties for flooring in hospitals, laboratories and other commercial buildings. Upcoming mega projects in developing countries such as high-speed rail networks, new airports, smart cities will generate significant demand for specialty resins in the near future. Overall infrastructure development and building construction is expected to remain a major growth driver.

Market Concentration and Competitive Landscape

Specialty Resins Market Concentration By Players

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Increasing Substitution of Petro-Based Raw Materials

With rising environmental consciousness, manufacturers are under increasing pressure to reduce fossil fuel dependency and adopt eco-friendly alternatives. Regulatory norms around the world are also becoming stricter regarding the usage of petroleum-derived raw materials. Specialty resins produced from renewable bio-based sources are emerging as an attractive substitute. For example, vegetable oil based alkyd resins and fatty acid based polyester resins provide comparable performance to traditional petro-based resins but with superior sustainability. Resins from natural materials such as plant extracts, lignin, citric acid derivatives have properties suitable for various niche applications. The substitution effect will be more prominent in applications where concerns around VOC emissions and odour are important. Both government policies promoting sustainable chemicals and voluntary initiatives by leading companies are directing the industry towards increased use of specialty resins from bio-renewable feedstocks. This transition opens new revenue opportunities for manufacturers of specialty resins from non-petroleum sources.

Specialty Resins Market Key Takeaways From Lead Analyst

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Market Challenges: Stringent Environmental Regulations

Global specialty resins market faces several challenges. Stringent environmental regulations around the world aim to restrict the use of volatile organic compounds in resins, forcing manufacturers to develop novel formulations. Resin prices fluctuate unpredictably based on supply constraints for key petrochemical feedstocks. End-use industries like construction and automotive shows uncertain demand based on economic cycles. These factors compel resin suppliers to carefully balance operations between stability and agility.

 Market Opportunities: Growing Electronics and Medical Devices Sectors

Growing electronics and medical devices sectors create ongoing demand for high-performance resins offering insulation, durability, and biocompatibility. Resin producers can gain market share by investing in R&D for specialty products tailored to niche applications.

Specialty Resins Market By Type

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Insights, By Type: Superior Performance Drives Epoxy Demand

In terms of type, epoxy segment is estimated to contribute the 35.6% share of the market in 2024, owing to its superior performance characteristics. Epoxy resins exhibit high strength, adhesion, chemical resistance, and heat tolerance. These properties make epoxies ideal for applications requiring tough, durable materials that can withstand demanding operating conditions. Epoxies form a very hard, stiff material upon curing and can bond effectively too many substrates such as metals, wood, masonry, fabric and more. Their high adhesion allows epoxy resins to form very strong joints between bonded assemblies. This makes them well-suited for construction applications such as flooring, glues, and structural bonding. Epoxy resins also possess excellent insulation properties. These effectively resist the flow of both heat and electricity, making them valuable for electrical insulation and potting applications. Their heat resistance allows epoxies to maintain strength and integrity up to 200°C. This heat tolerance enables epoxies’ use in applications like electrical devices, semiconductors, and circuit boards that may experience high operating temperatures. Furthermore, epoxy resins demonstrate outstanding chemical resistance to moisture, acids, alkalis and organic solvents. This protects bonded joints and electrical components from degradation when exposed to chemicals. Epoxies’ chemical resistance also makes them suitable for applications in harsh industrial environments like oil rigs, offshore structures, and shipbuilding.

Insights, By Function: Protection Applications Drive Demand for Insulating Resins

In terms of function, protection segment is estimated to contribute the 41.2% share of the market. Specialty resins play a vital role in providing protective barriers and enclosures for sensitive components and structural elements. Their protective functions defend against moisture, chemicals, abrasion, heat and other destructive environmental factors. Within the Non-conductive specialty resins form lightweight yet durable insulating barriers that prevent short circuits and component failure. These deftly insulate wires, cables, plugs, connectors and more. Without proper insulation, electrical systems would overheat and malfunction. Resins also protect infrastructure and machinery through abrasion-resistant coatings. Industrial floors, vehicle underbodies, offshore platforms and ship hulls require resilient shielding against wear and corrosion. Specialty coatings form tough, non-stick skins that safeguard metal and concrete surfaces. This fortifies structures against weathering and extends their operational lifetimes. Specialty resins protect lives through flame-retardant materials. As fire-resistant additives or cores, resins help slow the spread of flames in buildings, transit vehicles and aerospace cabins. Their effectiveness in maintaining component integrity during fires saves lives and limits property damage. Overall, broad insulating and protective functions provided by specialty resins boosts protection segment growth. Resin formulations reliably shield sensitive components and infrastructure in diverse settings.

Insights, By Application: Building Resins Enable Construction Sector Growth

In terms of application, building & construction segment is estimated to contribute the 42.2% share due to its role in the continually expanding construction industry. Specialty resins contribute to building efficiency, sustainability and aesthetics through coatings, adhesives, sealants and more. Flooring resins lay durable, long-lasting and affordable surfaces for commercial and residential structures. Their chemical and wear resistance withstand heavy foot traffic while retaining an attractive appearance. Specialty resins also reinforce cement and concrete through concrete adhesives and polymer concrete. This improves compressive strength and weather resistance to extend infrastructure lifespan. Insulation and waterproofing resins protect buildings from thermal transfer, moisture penetration and long-term degradation. Closed-cell spray foams, sheathing and subfloors reliably insulate structures to code while repelling water ingress. Adhesive and sealant resins further enable efficient construction by joining substrates quickly and securely. These adhere wall panels, roofing, windows and more with minimal surface preparation. Specialty glazing resins also seam, caulk and weatherproof building perimeters. Continued growth in global populations and urbanization will require massive new construction. Specialty resins play an integral role by efficiently assembling high-performance, durable and sustainable buildings. This drives the building & construction segment growth.

Regional Insights

Specialty Resins Market Regional Insights

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North America has established itself as the dominant region in the global specialty resins market with estimated 37.9 % share in 2024. The region is home to several large resin manufacturers and end-use industries where specialty resins widely find applications. The presence of leading players like Dow Chemicals, BASF, DuPont and others in the U.S. has enabled easy availability of innovative specialty resin products. Stringent environmental regulations regarding volatile organic compound emissions in the paints & coatings industry have pushed resin companies to develop low-emission specialty products. This has further strengthened North America's position. The region also has a highly organized supply chain due to the mature nature of end-use sectors like automotive and construction. Specialty resins imported to North America mainly include Epoxy and Polyamides resins used in electrical components manufacturing from Asia.

Asia Pacific region has emerged as the fastest growing market for specialty resins globally. Countries like China, India, Japan and South Korea are witnessing rapid industrialization and infrastructure growth,  and this has increased demand for specialty resins from key end-use industries. The paints & coatings sector dominated by water-based formulations in the region has provided opportunities for water-borne specialty resin suppliers. Lower labor and production costs have attracted several foreign resin companies to set up manufacturing plants in Asia to cater to the demand. Local resin producers are also expanding their specialty resin portfolios through tech collaborations with global resin giants. Asia Pacific has become a net exporter of specialty resins to other developing markets owing to its growing production capabilities. The pricing of specialty resins in the region remains competitive due to high volumes and low transportation costs.

Market Report Scope

Specialty Resins Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 8.89 Bn
Historical Data for: 2019 to 2023 Forecast Period: 2024 to 2031
Forecast Period 2024 to 2031 CAGR: 6.3% 2031 Value Projection: US$ 13.63 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, Israel, and Rest of Middle East & Africa
Segments covered:
  • By  Type: Vinyl, Epoxy, Polyamides, Unsaturated Polyester Resins, Others
  • By Function:  Protection, Insulation, Others
  • By Application: Building & Construction, Water Treatment, Marine, Electrical & Electronics, Automotive, Aerospace, Others 
Companies covered:

BASF SE, Hexion Inc., SABIC, Royal DSM, Arkema, Radiant Color NV, Mitsubishi Chemical Corporation, The Dow Chemical Company, Huntsman International LLC, Aldex Chemical Company Limited, Thermax Limited, International Specialty Chemicals Ltd., Purolite, Kolon Industries, Revex Plasticiser, Tetra , V. B. Chem Industries, Orson Resins And Coatings Private Limited,  Nye Lubricants, Inc., Scholle Ipn Corporation

Growth Drivers:
  • Increasing Demand from the Construction Industry
  • Increasing Substitution of Petro-Based Raw Materials
Restraints & Challenges:
  • Stringent Environmental Regulations
  • Threat from substitutes

Key Developments

  • In September 2023, Allnex Chemists developed this 1K self-crosslinking waterborne acrylic emulsion for kitchen cabinetry and furniture. It offers excellent stain resistance, including coffee, mustard, and wine, and rapid development of print and block resistance.
  • In August 2023, SABIC, a leading chemical producer, introduced bio-based versions of all NORYL, flexible NORYL, NORYL GTX, and NORYL PPX resin grades. These bio-based versions are formulated with Polyphenylene Ether (PPE) resin feedstock.
  • In August 2023, Bakelite Synthetics, a global producer of thermoset specialty resins, announced the acquisition of LRBG Chemicals, Inc., a custom manufacturer of spray-dried powdered resins, to enhance its product portfolio. The company aims to introduce sustainable solutions to meet customer demands.
  • In September 2021, Polytek Development Corp. acquired the specialty resin and chemical company
  • *Definition: Specialty resins market consists of synthetic polymers that have specific properties making them suitable for niche applications across industries. These resins include electrically & thermally conductive resins, corrosion-resistant resins, and resins with high heat & chemical resistance. These are used in automotive, aerospace, electronics, oil & gas, and other industries for applications like coatings, adhesives, composite materials and insulation requiring specialized characteristics.

Market Segmentation

  • Type Insights (Revenue, USD Bn & KT, 2019 - 2031)
    • Vinyl
    • Epoxy
    • Polyamides
    • Unsaturated Polyester Resins
    • Others
  •  Function Insights (Revenue, USD Bn & KT, 2019 - 2031)
    • Protection
    • Insulation
    • Others
  •  Application Insights (Revenue, USD Bn & KT, 2019 - 2031)
    • Building & Construction
    • Water Treatment
    • Marine
    • Electrical & Electronics
    • Automotive
    • Aerospace
    • Others
  • Regional Insights (Revenue, USD Bn & KT, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa
      • GCC Countries
      • Israel
      • Rest of Middle East & Africa
  • Key Players Insights
    • BASF SE
    • Hexion Inc.
    • SABIC
    • Royal DSM
    • Arkema
    • Radiant Color NV
    • Mitsubishi Chemical Corporation
    • The Dow Chemical Company
    • Huntsman International LLC
    • Aldex Chemical Company Limited
    • Thermax Limited
    • International Specialty Chemicals Ltd.
    • Purolite
    • Kolon Industries
    • Revex Plasticiser
    • Tetra 
    • V. B. Chem Industries
    • Orson Resins and Coatings Private Limited
    •  Nye Lubricants, Inc.
    • Scholle Ipn Corporation

Frequently Asked Questions

The CAGR of global specialty resins market is projected to be 6.3% from 2024 to 2031.

Increasing Demand from the construction industry and increasing substitution of petro-based raw materials are the major factor driving the growth of global specialty resins market.

Stringent environmental regulations and threat from substitutes are the major factor hampering the growth of global specialty resins market.

In terms of type, epoxy segment is estimated to dominate the market in 2024.

BASF SE, Hexion Inc., SABIC, Royal DSM, Arkema, Radiant Color NV, Mitsubishi Chemical Corporation, The Dow Chemical Company, Huntsman International LLC, Aldex Chemical Company Limited, Thermax Limited, International Specialty Chemicals Ltd., are the major players.

North America is expected to lead the global specialty resins market.

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