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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