Industrial Synthetic Resin Market Share is Expected to Grow at a CAGR of 5.00% by 2035 | ChemAnalyst
According to ChemAnalyst report, “Industrial Synthetic Resin Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Resin Type, Distribution Channel, Regional demand, 2015-2035”, The Industrial Synthetic Resin market is expected to witness considerable growth by reaching demand of 43.5 million tonnes by 2035, growing at a healthy CAGR of 5.00% in the forecast period. Rising application of Industrial Synthetic Resin in end use industries such as construction chemicals, automotive, adhesives, furniture, paints & coatings, and other end-use industries, is likely to boost the Industrial Synthetic Resin market in the upcoming ten years.
Synthetic Resin are artificially synthesized resins, which imparts properties similar to that of natural resins. Synthetic Resin market is segmented into decorative and non-decorative (Industrial) resin market. This report comprises of the Synthetic Resins catering to the demand from industrial sector.
The total installed capacity of Synthetic Resins in 2021 stood at around 27.8 million tonnes. In the forecast period, it is anticipated to reach around 28.1 million tonnes owing to the addition of capacities around the world, fueled by rising demand in a variety of end-use industries.
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Continuing growth in the construction and automotive sector, which spur the need for construction chemicals, paints, coatings, and other Industrial Synthetic Resin applications viz., packaging & adhesives would strongly drive the global Industrial Synthetic Resin market in the forthcoming years. In addition to soaring construction and infrastructural activities, demand from coatings industry, especially for industrial and automotive coatings is on the rise which is increasing the overall Industrial Synthetic Resin consumption.
Industrial Synthetic Resin Market is segmented on the basis of end use, resin type, sales channel, and region. Based on end-uses, the Industrial Synthetic Resin market is segregated into construction chemicals, automotive, adhesives, furniture, paints & coatings, and others. The demand from construction chemical and paints & coatings industry is likely to rise over the forecast period on the back of increasing demand from automotive and construction sectors.
Region wise, Asia Pacific holds the maximum demand share of the Industrial Synthetic Resins, and it is anticipated to grow at a promising pace until the forecast period. The key producer of Synthetic Resin is China which is likely to boost its manufacturing owing to surging demand from the downstream sectors.
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Industrial Synthetic Resin Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Resin Type, Distribution Channel, Regional demand 2015-2035”, some of the major players operating in Industrial Synthetic Resin market Sinopec Group (China Petrochemical Corporation), Covestro AG, Jiangsu Sanmu Group, SABIC, The Dow Chemical Company, Nan Ya Plastics Corporation, Kukdo Chemical Co. Ltd., Huntsman Corporation, Formosa Petrochemical Corporation, and others.
“The rapidly increasing demand from the booming construction industry, paints & coatings and automotive industry is expected to boost the Industrial Synthetic Resin market in the forecast period until 2035. Further, with rising disposable income of middle-class population, resin demand from electrical & electronic industry is rising owing to its encapsulating and potting application. Consistently growing demand for Synthetic Resin in industrial & automotive coatings along with rising construction activities, is likely to augment its market in the next few years. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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