Global Composite Resin Market Report and Forecast 2024-2032

Global Composite Resin Market Outlook

The global composite resin market size reached nearly USD 24.36 billion in 2023. The market is projected to grow at a CAGR of 5.9% between 2024 and 2032 to reach a value of around USD 40.80 billion by 2032.

Key Trends in the Market

Composite resin refers to an organic compound which is solid or semi-solid in nature. These compounds are obtained by condensing or polymerising low-molecular-weight organic substances, and they possess high compressive strength.

• The increasing demand for composite resin in the automotive sector is a crucial trend supporting the market growth. Growing research and development activities by the leading automotive manufacturers to develop lightweight and high-performance cars are further boosting the composite resin market growth.

• Heightening demand for composite resins across the construction sector to build robust structures, bridges, and buildings, is adding to the market growth. In addition to this, rapid urbanisation, coupled with the increasing population in emerging economies, is generating a healthy demand for composite resins.

• Composite resins are extensively used in the dental sector to manufacture dental fillings and implants, among others. In this regard, the rising healthcare expenditure of developed and developing countries and the growing focus on oral health are crucial composite resin market trends.

Market Analysis

Based on resin type, the market is segmented into thermoset composite resin and thermoplastic composite resin. On the basis of manufacturing process, the composite resin market segmentation includes layup, filament winding, injection moulding, pultrusion, compression moulding, and resin transfer moulding, among others.

By application, the market is categorised into construction and infrastructure, transportation, electrical and electronics, pipes and tanks, wind energy, marine, and aerospace and defence, among others. The major regional markets for composite resin include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global composite resin market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Huntsman International LLC

• Scott Bader Company Ltd

• BASF SE

• Polynt S.p.A.

• Saudi Basic Industries Corporation

• Arkema S.A

• Evonik Industries AG

• Allnex Group

• Showa America, Inc.

• Others

Market Share by Resin Type

Thermoplastic composite resin accounts for a significant portion of the composite resin market share. This can be attributed to the versatility and customisable benefits of these resins. Thermoplastic composite resins are used in an array of applications, including consumer appliances, clothing items, mechanical components, and packaging materials, among others. In addition, these resins are lightweight and offer high impact resistance, making them applicable in various sectors such as construction and automotive.

Market Share by Manufacturing Process

As per the composite resin market analysis, injection moulding is likely to witness a heightened growth in the forecast period. This process offers high efficiency, low wastage, and repeatability, enabling manufacturers to handle extremely complex parts. It also produces little to no-post processing waste while reducing the overall cost and time required in manufacturing composite resins.

In addition, increasing automation in the injection moulding process is reducing the requirement for manual labour, leading to a higher business profitability. This factor is expected to garner the segment’s growth in the forecast period.

Competitive Landscape

Huntsman International LLC is a company which manufactures advanced materials and performance products, such as composite resin and polyurethane, among others. It was founded in 1970 and is headquartered in Utah, the United States.

BASF SE is a multinational company which manufactures and offers high-quality polymer emulsions, binders, and resins, among others. It was founded in 1865 and is headquartered in Ludwigshafen, Germany.

Polynt S.p.A. is one of the largest chemical producers. The product portfolio of this company includes resins, esters, and several other types of compounds. The company was established in 1955 and is headquartered in Scanzorosciate, Italy.

Other composite resin market players include Scott Bader Company Ltd, Saudi Basic Industries Corporation, Arkema S.A, Evonik Industries AG, Allnex Group, and Showa America, Inc., among others.

Key Highlights of the Report