Asia Pacific Composite Resin Market Size By Type(Thermoset, Thermoplastic), By Application(Construction & Infrastructure, Electricals & Electronics, Pipes & Tanks), By Geographic Scope And Forecast

Asia Pacific Composite Resin Market Size And Forecast

Asia Pacific Composite Resin Market size was valued at USD 6,860.17 Million in 2021 and is projected to reach USD 11,964.68 Million by 2030, growing at a CAGR of 6.71% from 2023 to 2030.

One of the main drivers of the Asia Pacific composite resin market is the growth of the construction industry in the region.  The Asia Pacific report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Asia Pacific Composite Resin Market Definition

Composite resin is a material made from a mixture of resin and reinforcing fibers. The properties of composite resin can be tailored to specific applications through the choice of resin and fiber type, as well as the processing method used to make the composite. Composite resin refers to the market for composite materials that are made from a combination of resins, fillers, pigments, and other materials. In order to create composite materials, a very viscous and sticky combination of organic and inorganic ingredients is called composite resin. These composite materials, such as vinyl ester, polypropylene, and polyethylene, show a high degree of fiber binding capability with the materials’ strength and stiffness.

Composite resins have a wide range of applications in various industries due to their high strength, lightweight, and durability. Composite resin is a versatile and durable material that can be used in a wide range of industries. The material is known for its high strength, durability, and resistance to corrosion, which makes it ideal for use in harsh environmental conditions. With its combination of natural and synthetic properties, composite resin has become an essential material in many industrial applications. Composite resin is a versatile and innovative material that has gained a lot of popularity in various industries. Its strength, durability, resistance to corrosion, and lightweight properties make it ideal for a range of applications, from construction and infrastructure to electrical and electronics, pipes and tanks, and transportation. Its use has revolutionized the way we build, create, and transport products, making it. The composite resin is divided into thermoset resin and thermoplastic resin.

Asia Pacific Composite Resin Market Overview

Composite resin is a material made of a mixture of resin, filler particles, and other ingredients. It is widely used in various industrial applications such as construction, automotive, and electrical and electronics. The market for composite resin is growing rapidly due to its versatility and ability to be molded into different shapes and sizes, making it a preferred choice for various applications.

One of the main drivers of the Asia Pacific composite resin market is the growth of the construction industry in the region. The increasing urbanization and population growth in countries such as China and India have led to an increase in the demand for residential and commercial buildings. The construction industry is making extensive use of composite resins to produce lightweight and durable building materials, such as panels, doors, and windows.

Another significant contributor to the growth of the composite resin market in the Asia Pacific region is the rising demand for transportation and consumer goods. The increasing consumer spending on cars, motorcycles, and consumer electronics has led to a surge in the demand for composite resin-based products in these sectors. The automotive industry is using composite resins to manufacture lightweight, fuel-efficient vehicles, while the consumer electronics industry is using these materials to produce consumer goods that are both stylish and durable.

The Asia Pacific composite resin market is also being driven by the increasing demand for renewable energy sources in the region. The governments of various countries in the region are investing in the development of wind and solar energy, and composite resins are being used to produce wind turbine blades, solar panels, and other renewable energy components.

Asia Pacific Composite Resin MarketSegmentation Analysis

The Asia Pacific composite resin market is segmented based on type, application, and geography.

Asia Pacific Composite Resin Market by Type

• Thermoset
• Thermoplastic

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Based on type, the market is further segmented into thermoset, and thermoplastic. Thermoset segment is expected to grow faster in forecast period due to its high mechanical and thermal stability, chemical resistance, and dimensional stability. These properties make thermoset an ideal material for applications in construction, infrastructure, transportation, and aerospace industries. In addition, the increasing demand for lightweight and high-performance materials in these industries is driving the growth of the composite resin market.Asia Pacific Composite Resin Market by Manufacturing Process

Based on manufacturing process, the market is further segmented into compression molding, filament winding, injection molding, layup, and others. Layup manufacturing method is the dominant procedure in 2021 among the various manufacturing processes used in the Asia Pacific composite resin market. This technique is used rather frequently to produce composite resin. With the aid of a resin and hardener matrix, layers of composite fiber are inserted one after the other. After then, the layup may cool at room temperature. Currently, it is anticipated that increased production of boats, wind turbine blades, and architectural moldings would significantly boost demand for the layup process segment.

Asia Pacific Composite Resin Market by Application

• Construction & Infrastructure
• Electricals & Electronics
• Pipes & Tanks
• Transportation
• Others

Based on application, the market is further segmented into construction & infrastructure, electricals & electronics, pipes & tanks, transportation, and others. In 2021, the transportation category dominated the Asia Pacific composites resin market as composite resin is increasingly being consumed by this industry. This occurs as a result of composite resin being used in the production of vehicle parts. When it comes to increasing energy efficiency, lowering vehicle emissions, and boosting durability, the automobile sector faces numerous obstacles. In the transportation industry, composite resins are viewed as alternatives to aluminum and steel that can reduce the weight of the vehicle. Composites resin offers lightweight structures as well as superior mechanical qualities and increased durability..

Asia Pacific Composite Resin Market by Geography

• China
• India
• Japan
• Rest of Asia Pacific

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Based on regional analysis, the Asia Pacific composite resin market is segmented into China, India, Japan, and the rest of Asia Pacific. China is the largest market for composite resins, due to the presence of a large number of manufacturers and growing demand from various end-user industries. The growth of the construction and transportation industries in these countries is driving the demand for composite resins. Japan is a significant market due to the presence of well-established composite resin manufacturers and increasing demand from the construction and automotive industries. India is also a growing market due to the increasing demand for lightweight and high-performance materials in the construction and automotive industries.

Key Players

The “Asia Pacific Composite Resin Market” study report will offer valuable insight with an emphasis on the worldwide market. The major players in the market are 3M India, Atul Ltd., DIC Corporation, Kukdo Chemical, Nan Ya Plastics Corporation, Okura Industrial Co. Ltd., Sumitomo Bakelite Co. Ltd., Showa Denko K K, Swancor Holdings Co. Ltd., UBE Industries Ltd., Yamakin co. Ltd, amongst others are a few major companies operating in the composite resin market.

The competitive landscape section also includes a Asia Pacific Market study of the above-mentioned competitors’ primary development strategies, market share, and market ranking.

Key Developments

• In August 2022, Showa Denko Materials Co., Ltd. announce the completion of a share transfer agreement with CERTINA Automotive Products AG and its affiliated company (hereinafter “CERTINA GROUP”), headquartered in Germany, to transfer its subsidiary ISOLITE GmbH, a manufacturer and distributor of thermal insulations for aircraft, automobiles, and other industrial applications, and its group companies to CERTINA GROUP.In July 2022, The Guangdong Province, China-based Guangdong TOD New Materials Co., Ltd., a maker of coating resins, was fully purchased on July 1st, according to DIC Corporation, which is DIC’s wholly owned subsidiary. This acquisition supports DIC Corporation’s continued efforts to increase its coating resins capacity in the Asian market, with a particular emphasis on China—the largest coating resins market in the world.

• In May 2022, DIC Corporation announced the start of construction on a new coating resins production plant in the Supa industrial region of the Indian state of Maharashtra by its fully owned subsidiary Ideal Chemi Plast Private Limited. a fresh greenfield. The initiative will improve Ideal Chemi Plast’s ability to produce these resins, allowing it to keep up with India’s growing demand.

• In April 2021, In Gujarat, India, Nouryon, and Atul have successfully begun production at Anaven, a new joint venture that will assist in meeting the country’s rapidly expanding demand in the agricultural, personal care, and pharmaceutical industries.

• In November 2022, Kukdo Chemical India, the company’s regional affiliate, finished building its Dahej production facility. Despite the proliferation of COVID-19, Kukdo India’s industrial facility was completed in a year and a month. The plant, which is situated on a 138,025m2 plot of land in Gujarat’s Dahej Special Economic Zone in western India, will make 40,000 tonnes of epoxy annually.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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