Composite Resin Industry size is expected to register 5.7% CAGR between 2023 and 2032 propelled by the increasing construction applications.
Selbyville, Delaware , Nov. 01, 2023 (GLOBE NEWSWIRE) — Composite resin market size is predicted to cross USD 31 billion by 2032, as per a recent study by Global Market Insights Inc.
The increasing adoption of lightweight materials across various sectors, growing environmental consciousness, and a surge in infrastructure development projects are pushing the composite resin market growth. With industries placing higher emphasis on energy efficiency and reduced emissions, the shift towards lightweight materials like composite resins has gained momentum. This transition is attributed to their remarkable properties, including high strength-to-weight ratio, corrosion resistance, and thermal insulation. Industries like aerospace, automotive, and wind energy are adopting composite resins to achieve enhanced performance and sustainability.
Also, the heightened environmental consciousness is prompting manufacturers to develop eco-friendly and recyclable composite resins. This factor, along with the surge in construction and infrastructure development projects is bolstering the demand for composite resins in various structural applications.
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Phenolic composite resin demand to influence market growth
The composite resin market from phenolic product segment is anticipated to grow significantly through 2032 owing to the exceptional fire and heat resistance of the product. The automotive and aerospace sectors are incorporating phenolic composite resins in critical components to enhance passenger safety and overall structural integrity. Additionally, the electrical & electronics industry is harnessing the insulating capabilities of the product, ensuring reliability and durability in various applications. Researchers and manufacturers are actively engaged in developing innovative phenolic resins, aiming to further augment their mechanical and thermal properties. As industries continue to prioritize safety and performance, the phenolic composite resin segment is poised to gain traction.
Growing demand for lightweight construction to support industry development
The composite resin market share from construction end-use segment is expected to witness substantial growth through 2032. As urbanization and infrastructure projects increase globally, the demand for durable and lightweight construction materials will also rise. Composite resins, with their versatility and ability to offer high strength while reducing overall weight, are becoming increasingly popular in applications such as bridges, facades, and reinforcements. The material enables efficient building practices, extended service life, and reduced maintenance costs. Additionally, the resistance to harsh environmental conditions and corrosion makes composite resin ideal for infrastructure projects that require longevity and sustainability. With construction activities spanning residential, commercial, and civil sectors, there will be opportunities for industry growth.
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Stringent regulations in Europe to promote industry expansion
Europe composite resin market size is predicted to observe significant development through 2032, showcasing promising growth prospects and a robust ecosystem of R&D. The region’s emphasis on sustainability and stringent regulations regarding emissions has prompted industries to adopt innovative materials that align with environmental objectives. Composite resins, with their eco-friendly characteristics, have gained traction across industries ranging from automotive to wind energy. Additionally, the aerospace sector’s focus on lightweight structures align seamlessly with the capabilities of composite resins. The strong foundation in advanced manufacturing technologies, alongside the collaborations between research institutions and industries will shape the industry dynamics in Europe over the forecast period.
Some of the leading players in the global composite resin market are Solvay S.A., Hexcel Corporation, Huntsman Corporation, Owens Corning, Hexion Inc., Ashland Global Holdings Inc., AOC LLC, Sika AG, Mitsubishi Chemical Corporation, and BASF SE.
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