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.
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:
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.
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.