[Online Quarterly Update] In 2021, the installed capacity of Industrial Synthetic Resin stood at around 27.8 million tonnes, and it is anticipated to witness a significant growth by reaching around 28.1 million tonnes due to sufficient capacity additions in the forecast period. The demand for Industrial Synthetic Resin stood at around 22.6 million tonnes in 2021, and it is expected to reach around 43.5 million tonnes by 2035, growing at a healthy CAGR of 5.00%.
Synthetic Resins are artificially synthesized resins, exhibiting characteristics similar to that of natural resins. They are viscous liquid having the ability to harden with the application of heat or pressure, or a combination of both. They are typically synthesized using a chemical polymerization process. Synthetic Resin market can be segmented into Decorative and Non-Decorative (Industrial) sector. This report incorporates the market of Industrial Synthetic Resin.
One of the major driving factors for the growth of industrial synthetic resin is its growing application in automotive the industry. In the Automotive sector, there is increased application of lightweight components owing to regulatory taxes and duties, which could be prevented if the weight of finished products is kept under specified limits. As most of the lightweight components are manufactured using synthetic resins as raw material, the demand for synthetic resins is expected to boost in the coming years. In addition to this, surging demand from construction industries and rising demand for industrial and automotive coatings are creating a lucrative driver for market growth.
Geographically, the Industrial Synthetic Resin market is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is anticipated to account for a majority share in the market owing to rising growth of automotive and construction industries. As around more than 50% of global capacity is in China, the country has become the leading producer of Synthetic Resin. To cater to the rising demand, manufacturers have planned to expand their capacity either by expanding existing production facilities or establishing new production facilities. Factors driving the growth of Synthetic Resin in the emerging markets of APAC include surging population base, growing industries and improving R&D sectors. In the Asia Pacific region, especially in China, where industrial and construction sectors account for almost half of the country’s GDP, rising construction activities are likely to drive the market for construction chemicals, paints, & coatings in its application. In addition, the demand for electronic items is expected to rise in the near future due to the rising disposable income of the middle-class population.
Industrial Resins are widely applicable in sectors such as paints & coatings, electronics, and construction. They are used for potting and encapsulating in electrical and electronics applications. In the past few years, Asia Pacific have witnessed growth in electrical and electronics segment. Leading manufacturers in the region are actively involved in the expansion of electrical & electronics industries. The availability of energy and skilled labour at competitive costs and rapidly increasing infrastructural activities are driving factors that enable key resin manufacturers in the region to expand their capacity.
Europe is the second-largest producer of Synthetic Resin with Germany dominating the market owing to surging demand from paints & coatings sector. In the coming years, the Europe Synthetic Resin market is anticipated to grow considerably, followed by North America, Middle East & Africa, and South America.
Based on resin type, the market is segmented into Phenolic Resin, Epoxy Resin, Polyester Resin, Acrylic Resin, Alkyd Resin, Amino Resin, Ketonic Resin, Polyamide Resin, and Others. Among Polyester resins, Unsaturated Polyester Resins (UPR) are commonly used in the production of fiber-reinforced plastics, and it also finds its application in coating and adhesives. It is anticipated that in the coming years, the demand for UPR will rise tremendously due to increasing infrastructural development. Further, a surge in the use of electric vehicles by consumers is going to boost the demand for UPR. However, due to outbreak of COVID 19 pandemic, the demand of UPR from pipes and tanks, transport and building & construction sector was significantly declined. This was attributed to the halted production and construction activities amid lockdown measures imposed by the government.
The demand for the Polyamide Resin majorly comes from electronics, automotive, textile and fiber industries. In addition to this, increasing penetration of e-books and the internet, rising adoption of magazines, books, and newspapers is anticipated to surge the demand for printing inks, which widely incorporates Polyamide Resin. Further, Epoxy Resins are widely used in paints and coating industry owing to excellent resistance, gloss, and color retention properties. Continuing demand from automotive industry after covid-19 coupled with rising focus on furnishing and renovation are expected to boost the sales of resins.
Based on end-use industry, the market is segmented into Construction Chemicals, Automotive, Adhesives, Furniture, Paints & Coatings, and others. The demand for Synthetic Resin is dominated by construction chemical and automotive sector and it is anticipated to maintain its dominance in the coming years. Construction chemical dominated the market on account of increasing demand from construction and restoration of the country’s road network and industrial estates. Further, rising Urbanization and Industrialization are propelling the demand for construction chemicals used in flooring, waterproofing, and roofing. In Automotive sector, Coating Resin is widely applied in automotive refinishing to enhance the appearance, repair, and restore the damage caused by the external environment.
In 2020, Industrial sector was amongst the worst hit industries due to sudden Coronavirus outbreak. Several restrictions imposed due to pandemic hampered supply chain activities of both finished products and raw material availability. Due to the deployment of lockdown by government authorities, production factories were compelled to shut down. As a result, manufacturers suffered significant financial losses, and many were forced to close their operations. Demand from many sectors, such as the automobile and construction industry, has severely decreased amid the pandemic. In 2021, the economy recovered, the market growth post-pandemic observed an upward trajectory due to the increased demand from the downstream industries.
Some of the major players operating in the Industrial Synthetic Resin market are Sinopec Group (China Petrochemical Corporation), Covestro AG, Jiangsu Sanmu Group, SABIC, The Dow Chemical Company, Nan Ya Plastics Corporation, Kukdo Chemical Co. Ltd., Huntsman Corporation, Formosa Petrochemical Corporation, and others.
Years considered for this report:
Historical Period: 2015-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2035
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Objective of the Study:
• To assess the demand-supply scenario of Industrial Synthetic Resin which covers production, demand and supply of Industrial Synthetic Resin market globally.
• To analyse and forecast the market size of Industrial Synthetic Resin.
• To classify and forecast Industrial Synthetic Resin market based on end-use, resin type and regional distribution.
• To identify drivers and challenges for Industrial Synthetic Resin market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Industrial Synthetic Resin market.
• To identify and analyse the profile of leading players involved in the manufacturing of Synthetic Resin.
To extract data for Industrial Synthetic Resin market, primary research surveys were conducted with Industrial Synthetic Resin manufacturers, suppliers, distributors, wholesalers, and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global Industrial Synthetic Resin market over the coming years.
ChemAnalyst calculated Industrial Synthetic Resin demand globally by analyzing the historical data and demand forecast which was carried out considering growth of end use industries coupled with raw material prices used for the production of Synthetic Resin. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Synthetic Resin manufacturers and other stakeholders
• Organizations, forums, and alliances related to Industrial Synthetic Resin distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Synthetic Resin manufacturers, customers, and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Industrial Synthetic Resin market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size volume in 2035
43.5 million tonnes
Growth Rate
CAGR of 5.00% from 2022 to 2035
Base year for estimation
2021
Historic Data
2015-2020
Forecast period
2023 – 2035
Quantitative units
Demand in Million tonnes and CAGR from 2022 to 2035
2.Resin Type (Phenolic Resin, Epoxy Resin, Polyester Resin, Acrylic Resin, Alkyd Resin, Amino Resin, Ketonic Resin, Polyamide Resin, and Others)
3.Sales Channel (Direct Sale, and indirect sale)
Regional scope
North America; Europe; Asia Pacific; South America; Middle East & Africa
Country scope
United States; Mexico; Canada; China; India; Japan; South Korea; Taiwan; Singapore; Germany; Belgium; France; United Kingdom; Spain; Italy; Sweden; Austria; Saudi Arabia; Iran; South Africa; Brazil; Argentina
Key companies profiled
Sinopec Group (China Petrochemical Corporation), Covestro AG, Jiangsu Sanmu Group, SABIC, The Dow Chemical Company, Nan Ya Plastics Corporation, Kukdo Chemical Co. Ltd., Huntsman Corporation, Formosa Petrochemical Corporation, and others.
Customization scope
Free report customization with purchase. Addition or alteration to country, regional & segment scope.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What are the major end-use applications of Industrial Synthetic Resin?
Ans:
Industrial Synthetic Resin is widely used in an array of applications including construction chemicals, automotive, adhesives, furniture, paints & coatings, and others. the others segment comprises of textile, packaging and printing inks.
Q2.
Which region demands the maximum share in the Industrial Synthetic Resin market as of 2021?
Ans:
The Asia Pacific region accounts for the maximum share in the Industrial Synthetic Resin market owing to rising automotive and construction activities & growing developments and investments in the major end-user industries.
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