Specialty Resins Market – Snapshot
Specialty resins are types of resins that have special properties and that are used in a variety of applications. Due to their advanced properties, specialty resins are costlier than the conventional resins. Specialty resins are produced at a low volume. Engineering plastics or engineering resins come under specialty resins. Specialty resins offer excellent chemical resistance, water resistance, and excellent performance at extreme temperatures. Specialty resins are key ingredients used in the processing of various types of paints and coatings, which are then employed in a variety of end-use industries. These resins impart significant characteristics to finished coatings such as strong adhesion, thermal stability, corrosion resistance, and enhanced durability. Specialty resins are widely used in industries such as building & construction, automotive, marine, furniture, and electronics. These resins are also employed in the aerospace industries for the processing of aircraft composites.
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In terms of product, the global specialty resins market has been divided into vinyl, epoxy, polyamides, unsaturated polyester resin (UPR), and others. Every type of specialty resin has a specific function and they are used in different end-use industries. Out of all types, epoxy resins are most commonly used, due to their excellent properties such as high chemical and thermal resistance. Specialty epoxy resins is a highly versatile family of specialty resins that are used as binders for coatings, adhesives, sealants, and matrices for composite materials. Specialty polyamide resins include specialty nylon resins, which are used in car parts. They are also employed to protect sensitive electronic components. Specialty polyamide resins are also available in medical grades. Thus, different types of specialty resins are useful for different applications.
Based on region, the global specialty resins market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific leads the global specialty resins market, in terms of both value and volume. Consistent use of specialty resins in the production of composite materials and adhesives in the region makes Asia Pacific a leading market for specialty resins. North America is expected to offer higher growth potential to the specialty resins market compared to Asia Pacific in the near future. This can be ascribed to growth of end-use industries in North America such as water treatment, aerospace, and marine.
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Growth of the building & construction industry, followed by the automotive industry, is a major factor driving the market for specialty resins. Versatile properties of specialty resins make them a material of choice for the building & construction industry, as these resins have excellent thermal resistance, high chemical resistance, high hardness, and high UV resistance. The outlook for the global construction industry appears positive. This is boosting the demand for unsaturated polyester resins (UPRs). Building & construction is one of the rapidly expanding industries in Asia Pacific. Usage of specialty resins in adhesives, sealants, and coatings (architectural, decorative and protective coatings) is essential to meet quality requirements of the building & construction sector in Asia Pacific. Improvement in standards of living, rise in the disposable income of consumers, and increase in urbanization are major factors fueling construction activities in the region.
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Specialty resins offer high resistance to temperature and excellent chemical resistance. Hence, a large amount of resins are anticipated to be used in construction of infrastructure projects as well as residential and non-residential buildings in the near future. Heat-resistant adhesives processed out of specialty resins (especially, epoxy and amino resins) make the structural lumber used in commercial buildings an attractive alternative for concrete and steel.
China accounted for a leading share of the construction sector in Asia Pacific in 2017. It was followed by India. Demand for specialty resins is anticipated to increase in the residential segment of the construction sector in the near future, due to growth in urbanization and rise in population. India is expected to be a rapidly expanding sector for building & construction during the forecast period, owing to rapid development of infrastructure coupled with governmental support. Furthermore, growth of infrastructure and commercial segments of the construction sector in Indonesia, Thailand, and Singapore is estimated to offer significant growth opportunities to the specialty resins market in the next few years.