The global composite resins market was estimated to be worth USD 17.16 Billion in 2025, growing at a CAGR of ~6%. Increasing demand for advanced composite resins from the aerospace and automotive industries are the key factors to propel the market growth in the coming years.
Adroit Market Research report on the global composite resins market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities, challenges, and regulatory scenarios. The market has been studied for historic years from 2015 to 2018, with the base year of estimation as 2019 and forecast from 2020 to 2025. The report covers the current status and future traits of the market at global as well as country level. Also, the study assesses the market competition with Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives, and overall revenue. Prominent players operating in the global composite resin market have been studied in detail.
Composite resins are an integral part of the making of composite materials. These resins provide adhesion between the composite fibers and protect the fibers from external damages. Composite resins have high mechanical strength along with being extremely lightweight. Due to these properties, composite materials have gained remarkable demand from the automotive and aerospace industries. Reducing the weight of components and structures has been one of the prime concerns of these industries owing to rising concerns over fuel efficiency. The usage of composite materials significantly reduces the weight along with giving desired strength to the components. Therefore, composite materials such as carbon fibers are used in aircraft body structures as well as in automotive structural designs. Owing to this, composite resins are gaining significant demand which will fuel the market growth in the coming years.
The global composite resins market is segmented based on type and end-use. Based on product type, the market is categorized into thermoplastic and thermosetting resins. Based on end-use, the global composite resins market is segmented into aerospace & defense, automotive, wind energy, electrical & electronics, construction, and others. By product type, thermosetting resins dominated the composite resins market in 2019. The high compatibility of these resins with several fabrication processes is one of the key factors to augment the demand for the resin. By end-use, automotive and aerospace & defense segment are estimated to dominate the demand side for composite resins till 2025.
Based on the region, the global composite resin market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of market demand, Asia Pacific dominated the global composite resins market in 2019 closely followed by North America and Europe. Impressive demand growth in the automotive sector in recent years along with rising wind energy installations in the Asia Pacific, especially China fueled the composite resin market growth in the region. Till December 2016, global wind installed capacity was 486,749 MW in which China alone accounted for >30% of the share. Moreover, the country installed 23,328 MW new installed capacity in the year 2016. The country aims to make wind energy as the key source of renewable energy according to its 2020 Clean-energy target. Overall, a major chunk of composite resin demand is projected to come from the Asia Pacific region.
The global composite resin market is a competitive market with the presence of global players such as Huntsman Corporation, BASF SE, The Dow Chemical Company, Reichhold Inc., HexionInc, Sumitomo Bakelite Company Ltd., SABIC, PolyntSpA, Ashland Inc., Kukdo Chemical Co.Ltd.
Key segments of the global composite resins market
Type Overview, 2015-2025 (Kilo Tons) (USD Million)
- Thermosetting resins
- Thermoplastic resins
End Use Overview, 2015-2025 (Kilo Tons) (USD Million)
- Aerospace &defence
- Wind energy
- Electrical & electronics
Regional Overview, 2015-2025 (Kilo Tons) (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa