The market of synthetic resin is majorly used in diverse articles from automobiles parts to daily commodities. It is considerably attributed to the development in strength, rigidity, and heat resistance of synthetic resins by composing glass fibers or fillers shown by carbon in addition to the development of different synthetic resins suitable for individual applications.
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Synthetic resins are non-crystalline or liquid substances. It consists of numerous different synthetic materials that have similar properties to natural resins. Whereas, the chemical composition of synthetic resins is dissimilar from natural resins. Synthetic resins are majorly distinguished into thermoplastic and thermosetting synthetic resins depending on the procedure of their formation processes. A few of the common thermoplastic synthetic resins include polyethylene, polypropylene, ABS, PET, PVC, polycarbonate, polyurethane, and nylon, among others. A few of the common thermosetting resins have phenolic, polyurethanes, and epoxy resins, among others.
Key Driving Factors of the Industry
The important factor pushing the growth of the synthetic resins industry is the growing usage of the lightweight components to address stringent regulations. In various end-user industries, the lightweight components have high demand since regulatory taxes and duties can be prevented if the weight of finished products is kept under specified limits. As a lot of the lightweight components are manufactured with synthetic resins as raw material, the growth for synthetic resins is anticipated to increase in the forecasted period.
Also, metals are majorly getting replaced with plastics and composites material to save cost and reduce weight. Hence, high penetration of composite material for replacing metals is also anticipated to push the demand for synthetic resins in Japan and South Korea.
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Environmental concerns related to the inability of natural decomposition of some of this synthetic resin material are possible to limit the growth of synthetic resins during the upcoming years in these countries.
Synthetic Resins Market Outlook
The market of synthetic resins is anticipated to see category spend growth of more than USD 153 million in between the year 2018-2023, with spend momentum acceleration at a CAGR of 5.03% in the forecasted period. It has a lot of advantages such as lightweight durability, rigidity, and the ability to act as an excellent barrier. Synthetic resins are majorly selected as one of the key raw materials to use in the manufacturing of different types of flexible packages. The proliferation of the E-commerce industry is creating a substantial requirement of a range of flexible packages and that in turn is generating growth in the synthetic resins market. Between the category segments, the epoxy resins segment is anticipated to increase at a CAGR of over 7.35%. The evolution is driven by the increasing demand for epoxy resins in manufacturing different construction material, like paints, solvents, coatings, adhesives, casting, additives, and composites.
Globally, the market of synthetic resins is expected to increase at a considerable rate in the upcoming years, in between the period from 2021 and 2026. In the year 2020, the industry is increasing at a steady rate and with the increasing adoption of strategies by key players, the industry is expected to increase over the projected horizon.
Conclusion
NIIR Project Consultancy Services (NPCS) has written a book on Modern Technology of Synthetic Resins & Their Applications (2nd Revised Edition) the book comprises properties, manufacturing process, formulae of synthetic resins and applications of synthetic resins, derivatives of resins, use of resins in polymer field, alkyd resin technology, epoxy resins, manufacture of polystyrene-based ion-exchange, etc. For an easy understanding of the industry, the book also includes various informational photographs of Machinery with Suppliers Contact Details, Sample Plant Layout, and Process Flow Chart. Get the book today to get all the latest and forecasted information about the industry.
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