The Business Research Company’s Specialty Resins Global Market Report 2021: COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, July 26, 2021 /EINPresswire.com/ — The growing demand for the construction industry is projected to fuel the growth of the specialty resins market over the coming years. Construction is a wide industry that involves anything from mining, quarrying, and forestry to infrastructure and building construction, product manufacturing and supply, and repair, service, and disposal. Epoxy resin, a form of specialty resin, is used in the manufacturing of coatings, adhesives, flooring, plastics, primers and sealers, paints, and other building and construction products and components. For instance, according to construction industry statistics, the construction sector in the USA produced $2 trillion in sales in 2019. The average spending of the USA construction industry is nearly $1,231 billion every year. Therefore, the growing demand for the construction industry drives the growth of the specialty resins market.
Major players in the specialty resins industry are Aldex Chemical Company Limited, Radiant Color NV, Huntsman International LLC, Purolite, Mitsubishi Chemical Corporation, Thermax Limited, International Speciality Chemicals Ltd, BASF SE, Emerald Performance Materials, Arkema, Royal DSM, Pure Resin, Kolon Industries, Suqing, and Specialty Resin Chemical.
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The global specialty resins market size is expected to grow from $6.73 billion in 2020 to $7.07 billion in 2021 at a compound annual growth rate (CAGR) of 5%. The growth in the specialty resins market is mainly due to the increased demand for industrial packaging products. The market is expected to reach $9.49 billion in 2025 at a CAGR of 7.7%.
Asia Pacific was the largest region in the specialty resins market in 2020. Europe was the second-largest market in the specialty resins market. The regions covered in the specialty resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global specialty resins market is segmented by resin type into epoxy, unsaturated polyester resin (UPR), vinyl, polyamides, by function into protection, insulation, others, and by end use industry into building and construction, automotive, water treatment, marine, electrical and electronics, aerospace, others.
Specialty Resins Global Market Report 2021: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides specialty resins global market overview, forecast specialty resins global market size and growth for the whole market, specialty resins global market segments, and geographies, specialty resins global market trends, specialty resins global market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire