• John Watson

Global Composite Resin Market Size to grow by US$ 32.89 Bn in 2030.

The composite resin market is projected to grow USD 32.89 Bn in 2030, at a CAGR of 7.2%.


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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 automotive, footwear, and transportation industries. The global composite resins market is benefiting from such breakthroughs.


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.


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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 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 moulding 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.


North America region is dominating the market share of global composite resin market owing to the 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.


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KEY INDUSTRY DEVELOPMENTS:


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.


February 2020- INEOS Composites launched low-profile resin for the recreational marine and vehicle markets in North America. Aropol™ LP 67400 is designed to have low shrink and excellent cosmetics while offering high strength and robust processing capabilities that boat builders and RV manufacturers desire.


September 2019- INEOS has acquired the composite business of Ashland Global Holdings to expand its product portfolio across the world.


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