Composite Resin Market Size To Grow USD 29.325 Bn in 2030 | CAGR of 7.2%
Category: Chemicals & MaterialsComposite Resin Market Size To Grow USD 29.325 Billion in 2030
The Global Composite Resin Market was valued at USD 20.55 Billion in 2021 and is expected to reach USD 29.325 Billion by 2030, growing at a CAGR of 7.2% during 2021-2030. According to the new research study published by Spherical Insights & Consulting.
The composite resin market is projected to grow USD 29.325 Billion in 2030, at a CAGR of 7.2%. Bio-based composite resins are gaining popularity in footwear industry. To expand their product range in renewable chemicals, deep-pocketed petrochemical companies are strengthening R&D for composite-based manufactured which is gaining traction in the footwear, automotive and transportation industries. The global composite resins market is benefiting from such breakthroughs.
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Renewable composite resins and films have received a lot of attention for their ability to minimize greenhouse gas emissions by capturing carbon dioxide (CO2) during the manufacturing process. Chemical firms are forming strategic partnerships to incorporate bio-based thermoset polymers into footwear. As a result, firms in the composite resins market are expanding their manufacturing capacities in order to improve the availability of renewable chemicals that assist conserve natural resources.
Solar panels with composite resins have a higher level of durability and performance. As a result, solar panel producers in the composite resins composite resins market are increasingly conscious of the importance of floating the EVA film between the front protective glass and the back sheet to prevent solar panels from being damaged. EVA hot melt adhesives are one of the most extensively used, popular, and economical industrial hot melt adhesives. They adhere to a wide range of cellulosic materials and come in a variety of formulations. They have a low cost, but they also have a bad performance. They have low creep resistance under load, like most other hot melts. During the projected period, the hot melt adhesives segment is expected to grow at a stable rate.
Browse 60 market data tables and 54 figures spread through 211 pages and in-depth TOC on “Global Composite Resin Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding, and Others), By Resin Type (Thermoset, and Thermoplastic), By Application (Construction, Transportation, Automotive, Electrical & Electronics, Wind Energy, Aerospace & Defense, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”, Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/composite-resin-market
Sound insulation glass (sound reduction index of at least 36 dB), fire-protection glass (better fire-resistance than PVB), and laminated safety glass can all be made with EVA film lamination. As a result, the glass lamination market is expected to grow at a stable rate over the forecast period. EVA polymers are used to enclose over 80% of photovoltaic (PV) modules. EVA provides a number of benefits, including outstanding light transmission and flexibility, low processing temperatures, excellent melt fluidity, and adhesive properties.
The aerospace, transportation, and other industries have seen a considerable increase in the use of composite resin. The need for lightweight, affordable materials is causing the usage of composite resins to spread across a range of industrial areas, and this is fueling the market's expansion. The demand for composite resins is also anticipated to be driven by rapid urbanization accompanied by economic expansion and significant investments in R&D activities. It is anticipated that the emerging economies will increase demand for these resins.
The compression molding segment has dominated the market share in 2020 of global composite resin market owing to widely used method for the manufacturing of resins industry. Most thermoset resins, including polyester, epoxy, and phenolic, are used in the compression molding process. The thermoset segment has dominated the market share in 2020 of global composite resin market owing to commonly utilized for composites production because, while uncured, they are liquid at normal temperature. The automotive segment is dominated the market share in 2020 of global composite resin market owing to increasing demand of composite resin being used in the production of vehicle parts. When it comes to increasing energy efficiency, lowering vehicle emissions, and boosting durability, the automobile sector faces numerous obstacles.
The aerospace, transportation, and other industries have seen a considerable increase in the use of composite resin. The need for lightweight, affordable materials is causing the usage of composite resins to spread across a range of industrial areas, and this is fueling the market's expansion. The demand for composite resins is also anticipated to be driven by rapid urbanization accompanied by economic expansion and significant investments in R&D activities. It is anticipated that the emerging economies will increase demand for these resins.
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North America region is dominating the market share of global composite resin market owing to the presence of major players and the increasing demand from the pipelines and tanks, electrical and electronics, and wind energy industries in the US and Canada. The region's expanding emphasis on renewable energy sources has raised the number of wind turbine installations, which has further fueled the expansion of the composite resin market.
COMPOSITE RESIN MARKET: RECENT DEVELOPMENT
- May 2021- Huntsman International LLC has acquired Gabriel Performance Products a North American specialty chemical manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants and composite end-markets, from Audax Private Equity.
- May 2020- Huntsman International LLC has acquired CVC Thermoset Specialties (CTS) which serves the industrial composites, adhesives and coatings markets.
COMPOSITE RESIN MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Composite Resin Market. The Global Composite Resin Market is segmented by Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding, and Others), by Resin Type (Thermoset and Thermoplastic), by Application (Construction, Transportation, Automotive, Electrical & Electronics, Wind Energy, Aerospace & Defense & Others) and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the global composite resin market.
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