Global Resin Market: Snapshot
Advancing chemistry of composites has helped expanding the potential applications of various classes of resins. Key types include but not limited to polyesters, epoxies, bismaleimides, polyimides, and phenolics. A large pace of the evolution of the resin market comes from growing popularity of epoxy resin systems. The vast range of applications of epoxy resins is due to several ways that they can be formulated using processing chemistry. The use of fibrous fillers and cross-linking agent has helped modify the mechanical properties and chemical resistance of these resins. For instance, epoxy resins as a matrix material in advanced composites, such as fiber-reinforced polymer (FRP).
Characterization of resins is widely heterogeneous. Key types include thermoset resins, alkyd resins, and amino resins. Of these, thermosets resins have seen vast uptake in various end-use industries, notably marine, transportation, electrical and electronics, and construction. Another category alkali resins have garnered popularity on account of their versatility of use for a range of coating polymers.
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Global Resin Market: Notable Developments
Researchers have seen vast potential of epoxy resins as a permanent barrier material for challenging oil and gas applications. Numerous companies have conducted research to optimize each property of epoxy resins to tailor it to meet these applications. A U.S.-based company Wild Well Control has unveiled a resin to this end. Called ControlSEAL, this helped in improving long-term barrier under extreme well conditions, especially in for well abandonment and downhole isolation application. To test the effectiveness, the company conducted large-scale laboratory testing using enhancing additives and specialty activators to modify the properties.
Another company CannSeal AS has unveiled mobile mixer technology; end user can develop resin immediately before installing it. The technology enabled the company to optimize the property of resin. This also prevents heavy workovers.
Some of the key players operating in the resin market are:
- Chi Mei Corporation
- Samsung Sdi Co., Ltd
- Thai Polycarbonate Co. Ltd.
- LG Chem Ltd.
- Chi Mei Corporation
- Teijin Ltd.
- SABIC Innovative Plastics
Global Resin Market: Growth Dynamics
The global resin market has witnesses marked momentum from the rising shift toward eco-friendly resins that don’t emit volatile organic compounds. This has gained impetus from growing awareness of health hazards. A case in point is unsaturated polyester resins. Extensive utilization of alkyd resins in various synthetic paints and coatings is also propelling revenue generation in the resin market.
Growing demand for high-performance resins, especially epoxy resins in the automotive industry is also boosting the resin market. Bio-based resins are extensively used among plastics manufacturers and packaging vendors, world over. Rising utilization of molded plastics in lightweight vehicles is a key trend boosting the market. Further, the market has benefitted from extensive use of urea-formaldehyde resin in wood-based composites.
Wide range of applications of casting resins in electronics and electrical industries is boosting the market. Another application that has paved way for new avenues in the resins market is the utilization of resins ion-exchange resins for water treatment. This is especially in industrial wastewater treatment.
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Global Resin Market: Regional Analysis
Among the various key regions in the resin market, Asia Pacific has been consistently contributing sizable revenues over the past few years. Another promising region is the Americas. Europe is also a potentially lucrative market. Moreover, the Middle East and Africa resin market is rising at rapid pace, increasingly on the back of rising use in infrastructural developments. The growth in the key regional markets is driven by the rising utilization of resins in paints and coatings.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.