Market Size in 2024 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 9.23 Billion | USD 14.82 Billion | 5.40% | 2023 |
FrequentlyAsked Questions
A category of resins or polymers designed and formulated to fulfill specific performance requirements or applications is referred to as specialty resins. Resins, which are synthetic materials, find utilization across diverse sectors such as construction, automotive, electronics, and others.
End-user sectors, including but not limited to automotive, construction, electronics, healthcare, and packaging, have a substantial impact on the demand for specialty resins. The expansion or contraction of these sectors can have a substantial impact on the demand for specialty resins. Market expansion may be propelled by ongoing research and development that results in the introduction of new and improved specialty polymers with enhanced properties. In addition, technological developments that produce goods in a more environmentally friendly or economical manner also contribute.
The global specialty resins market size was worth around USD 9.23 billion in 2023 and is predicted to grow to around USD 14.82 billion by 2032.
Global specialty resins market with a compound annual growth rate (CAGR) of roughly 5.40% between 2024 and 2032.
It is anticipated that Asia-Pacific will continue to be the greatest consumer of specialty resins worldwide. Volume and value-wise, the region is anticipated to hold a dominant position in the global specialty resins market throughout the forecast period. Rapid urbanization, a surge in construction activities, and increased investments by market leaders are all contributing elements to the region's increased demand for specialty resins. India, China, and Japan are the primary consumers of specialty resins in the Asia-Pacific region. In fact, significant volumes of plastics, paints & coatings, and adhesives are manufactured in the area.
Some of the predominant players operating in the global specialty resins market include International Speciality Chemicals Ltd, Arkema, Emerald Performance Materials, BASF SE, Dow DuPont, Radiant Color NV, Aldex Chemical Company Limited, Royal DSM, Mexichem S.A.B. de C.V., Huntsman International LLC, among others.
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