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Specialty Resins Global Market Report 2021: COVID-19 Growth And Change

·4-min read

Major players in the specialty resins market are Aldex Chemical Company Limited, Radiant Color NV, Huntsman International LLC, Purolite, Mitsubishi Chemical Corporation, Thermax Limited, International Speciality Chemicals Ltd, BASF SE, Emerald Performance Materials, Arkema, Royal DSM, Pure Resin, Kolon Industries, Suqing, and Specialty Resin Chemical.

New York, Aug. 23, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Specialty Resins Global Market Report 2021: COVID-19 Growth And Change" -

The global specialty resins market is expected to grow from $6.73 billion in 2020 to $7.07 billion in 2021 at a compound annual growth rate (CAGR) of 5%. The growth is mainly due to the increased demand for industrial packaging products. The market is expected to reach $9.49 billion in 2025 at a CAGR of 7.7%.

The specialty resins market consists of sales of specialty resins by entities (organizations, sole traders, and partnerships) that manufacture specialty resins.Specialty resins also known as commodity resins and are a type of high-performance resins designed to offer superior thermal and chemical resistance to the materials in which they are used.

It also offers high tensile strength and impact resistance and used for applications such as noise control, vibration damping, shock isolation, and cushioning.

The main types of specialty resins are epoxy, unsaturated polyester resin (UPR), vinyl, and polyamides.Epoxy resins are polymeric materials that contain more than one three-membered ring, also known as epoxide, and are thermosetting polymers.

The most common form of specialty resin is epoxy resin, which is used as an adhesive, sealant, coating binder, and matrices for composite materials.Unsaturated polyester resin (UPR) are the condensation products of unsaturated acids or anhydrides and diols with/without diacids.

These are used for construction and marine sectors, as well as pipes and tanks.Vinyl specialty resins are used in new industrial applications such as coating, printed circuit boards, metal foil laminates, building materials, automotive parts, rigid foams and fiber reinforced composites.

Polyamides are a family of thermoplastic polymers, which are opaque, high-density polymers with excellent strength and heat tolerance. The various types of functions of specialty resins include protection, insulation, and others. These are used in various sectors such as building and construction, automotive, water treatment, marine, electrical and electronics, aerospace, and others.

Asia Pacific was the largest region in the specialty resins market in 2020.Europe was the second-largest market in the specialty resins market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Technological advancement has emerged as a key trend in the specialty resins market.Major players operating in the specialty resins field are focused on developing technologically advanced solutions for specialty resins.

For instance, in September 2020, Allnex, a Germany-based producer of industrial coating resins introduced PHENODUR PR 616/65B, a modern environmentally friendly phenolic resin with a very low free formaldehyde value of less than 0.1%. In BPA-NI applications, PHENODUR PR 616/65B can be combined with high molecular weight polyester or high molecular weight epoxy resins for stable and versatile packaging and drum lining. Also, in 2019, US based DuPont Transportation & Advanced Polymers launched its bio-based material, DuPont Zytel RS polyamide, which is made from castor oil. The company also launched a new non-halogen flame retardant PET resin, which is made from post-consumer recycled resin, helping customers to reduce their environmental footprints.

In November 2020, Jacobi, a Sweden-based supplier of activated carbon, ion exchange resins, and mobile filter services acquired Finex for an undisclosed amount.Through this acquisition, Jacobi widens its portfolio of ion exchange resins.

Finex is a Finland-based developer and manufacturer of chromatographic separation resins and specialty polymers.

The growing demand for the construction industry is projected to fuel the growth of the specialty resins market over the coming years.Construction is a wide industry that involves anything from mining, quarrying, and forestry to infrastructure and building construction, product manufacturing and supply, and repair, service, and disposal.

Epoxy resin, a form of specialty resin, is used in the manufacturing of coatings, adhesives, flooring, plastics, primers and sealers, paints, and other building and construction products and components.For instance, according to construction industry statistics, the construction sector in the USA produced $2 trillion in sales in 2019.

The average spending of the USA construction industry is nearly $1,231 billion every year. Therefore, the growing demand for the construction industry drives the growth of the specialty resins market.

The countries covered in the Specialty Resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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