Resin is any synthetic ornatural organic compound comprising of a non-crystalline or viscous liquid substance. It isgenerally a mixture of organic compounds.It is used to “glue” the fibers or strings together. Itprotects the filaments from abrasion, keeps the fibers in the appropriate position, distributes loads, and provides interlaminar shear strength. It also provides a uniform peripheral surface for bonding of external hardware to the structure. There are various classes of resins available. These resins include phenolics, bismaleimides, polyesters, epoxies, and polyimides.
Some of the essential properties are included high thermal stability, moisture resistivity, mechanical strength, adhesion, mechanical, electrical, and heat resistance.
According to study, “Global Functional Resins Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global functional resin market are BASF S.E, Dow Chemical Company, Arkema S.A., Gellner Industrial, Evonik Industries AG, TaiChang Resin, TOD Chemical, Lotte BP Chemical, Allnex, Kaneka Corporation, Elementis, Dongsheng, Sanmu, KITO, Air Products and Chemicals, Inc., DIC Corporation, Nippon Shokubai Co., Ltd., Hitachi Chemical Co., Ltd., Cargill, Eastman Chemical Company, Novozymes, Formosa Plastics Corporation, Momentive Specialty Chemicals Inc., Mitsubishi Chemical Holdings Corporation. Key vendors are focusing on innovating or developing new technologies to cater to the consumers’ changing demands.
Based on type, functional resin market is segmented into polyester resin and acrylic resin.Polyester resin is further sub-segmented into saturated polyester and unsaturated polyester. Acrylic resin includes Acrylates & Hybrids and Methacrylates. Acrylic resins are mainly used in paints & coatings that are integral in commercial and residential constructions, decorative coatings, and do-it-yourself (DIY) coatings. Additionally, solvent-based acrylic resins are used widely in coating applications owing to its high durability & high-quality appearance and also to produce paints due to their resistance to chemicals, weather, and stain. In addition, based on application, market is segmented into plastic coating, metallic coating, glass coating and others.
The functional resin market is driven by increase in market penetration in medical devices, followed by rapid urbanization & industrialization particularly in emerging economies, growth of automotive industry, rise in macroeconomic factors such as VOC regulations in Western countries, growth in industrial development in the developing countries, increase in consumption in commercial segments, growth in disposable income and rise in shift from solvent-borne to waterborne. However,growth in environmental concerns degradability of plastics and volatile raw material prices may impact the market.Moreover, rise in investment in research & development (R&D) by companies to develop bio-based raw materials is a key opportunity for market.
Based on geography, the Asian-Pacific region holds major share in functional resin market owing torise in flexible regulations coupled with government support for instance tax relief to promote manufacturing in the region. Whereas, the European and Asian-Pacific regions are predicted that future of the market will be optimistic caused by growth of key industries such as electronics, infrastructure, automotive and healthcare over the forecast period. In upcoming years, it is likely that future of the market will be bright as a result of growth of construction industry during the forecast period.
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Ankur Gupta, Head Marketing & Communications