Global Resins Industry
Overview:
Resin is a natural or synthetic organic compound that consists of a non-crystalline or viscous liquid substance. The natural ones are transparent, fusible, and flammable, while the synthetic ones are viscous substances that are converted into rigid polymers through the process of curing. Resin is used by many industries for making adhesives, varnishes, food glazing, and more. As per reports, the Global Resins market is expected to witness a CAGR of 5.10% from 2019-2025.
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Resins have many properties, such as adhesiveness, film forming, reactiveness, high performance, high strength, unique design, and durability. Therefore, their usage is high across multiple industries across the globe. This organic compound is of different types such as epoxy, polymer, polyester, and others. Epoxy resin is an important raw material for many end-use industries, including electronics, automobiles, construction, paints and coatings, and more. Reports suggest that the Global Epoxy Resin market is expected to witness a CAGR of 6.81% during the forecast period.
Synthetic resin is more stable, uniform, and predictable when compared to natural resin. It is increasingly being used to make polymers and to produce plastics, paints, and other products. The demand for polymer resins is high in different industries such as construction, automotive, electrical, electronics, medical, and more. Eco-friendly packaging materials are also becoming more popular and this is encouraging many plastic manufacturers and packaging vendors to use bio-packaging products. Therefore, the overall Global Resins market is expected to witness an upsurge over the forecast period.
Industry News:
The Global Polymer Resins market is expected to reach US$ 121.43 billion by 2025 from US$ 76 billion in 2018. It is likely to register a CAGR of 6.83% during this period.
Segmentation:
The Global Resins market is divided by origin, type, and application.
Based on origin, the market is split into natural resin, synthetic resin, thermoset resin, and thermoplastic resin.
Based on type, the market is segmented into epoxy, polymer, polyester, epoxy vinylester, acrylic, alkyd, phenolic, polyurethane, amino, and cyanate ester.
Based on application, the market is classified as electronics, laminating, encapsulation, ion exchange, coating, and others.
Regional Analysis:
The important regions considered in this report are North America (The United States and Canada), Europe (UK, Italy, France, Germany, Spain, Russia, and the rest of the region), Asia Pacific (India, South Korea, Indonesia, Australia, China, Japan, New Zealand, and the rest of the region), Central and South America (Brazil, Argentina, Chile, Columbia, and the rest of the region), and the Middle East and Africa (UAE, Nigeria, Saudi Arabia, Turkey, South Africa, and the rest of the region).
Asia Pacific is likely to be the most lucrative region in the global market. Flourishing automotive industry in India, China, and Japan, increasing infrastructural operations, growing construction sector, and many packaging operations are the main factors driving the market in this region. North America and Europe will also hold an important place in the global market. South America, particularly Brazil and Argentina, are likely to witness good growth over the forecast period.
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