Feb 9, 2022 SOURCE: BusinessWire

Composite Resin Market by Resin Type, Manufacturing Process, Application and Region - Global Forecast to 2026 - ResearchAndMarkets.com

The "Global Composite Resin Market by Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, Resin Transfer Molding), Application and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global composite resin is expected to grow from USD 20.5 billion in 2021 to USD 27.4 billion by 2026, at a CAGR of 6.0% during the forecast period.

The thermoplastic composite resin is the fastest-growing resin type segment of composite resin in terms of value and volume

The thermoplastic composite resin type segment is expected to witness high growth as the application of thermoplastic resin as a matrix material in composites has grown significantly in recent years. The main advantage of thermoplastic resin as matrix material is that the composites formed can be reshaped and reformed, unlike thermoset resin. High impact strength, better surface quality, less product rejection, high rigidity at elevated and sub-zero temperatures, creep resistance under severe environments, and constant load have made the thermoplastic resin market more lucrative than that for thermoset resin. The thermoplastic composite resins are widely utilized in transportation, electrical & electronics, aerospace & defence, and other industries which will drive the demand during the forecast period.

The compression moulding manufacturing process segment to be the fastest-growing segment during the forecast period

The demand for the compression moulding process is expected to increase during the forecast period. The process requires low investment cost, and can potentially last for decades with minimal maintenance. It produces more consistent sets of products, which is important for high-volume productions. The compression moulding process mainly utilizes thermoset resins such as polyester, epoxy, and phenolic. This process is widely applicable for GFRP and CFRP products in industries such as transportation, infrastructure & construction, and aerospace & defence which is increasing its demand in the market.

The transportation application segment to be the fastest-growing segment during the forecast period

The transportation application is the fastest-growing segment as in this application composite resin is used in large quantities for the production of composites. The strength-to-weight ratio of most composites is higher than that of steel and aluminum. The saving in weight for a given level of strength makes composites play a vital role in the transportation application. Modern light rail and passenger rail are using composites in body panels, floor panels, and other components to reduce the weight and increase the efficiency of these transportation mediums. The environmental regulations regarding emission standards, specifically in North America and Europe, are the major driving factors to introduce more lightweight and fuel-efficient vehicles, thus increasing the demand for composite resins.

APAC to lead the composite resin during the forecast period

APAC is projected to have the largest share in the composite resin and will expand significantly by 2026. This dominance is attributed to the rising demand from domestic industries in the region. APAC is projected to be the fastest-growing composite resin market due to the rising demand for composites from application industries in the region.

The presence of emerging economies such as China, India, and Indonesia make the region the most promising market for composite resin. An increase in its demand from pipes & tanks, electrical & electronics, and wind energy industries in APAC is expected to drive the market in the next five years. The growing focus of the region toward renewable energy resources has led to increased wind turbine installations, further leading to the growth of the composite resin market.

Market Dynamics

Drivers

Growing Automotive & Transportation Industry
Growing Demand for Wind Energy due to Increasing Focus on Renewable Sources of Energy
Increase in Demand for Thermoplastic Resin

Restraints