Resin, when used in a composite, is termed as composite resin. Presence of large number of resin manufacturers is leading to a fragmented market structure. The demand for composite resin will continue to increase because of the rising demand for composites in aerospace, electronics, construction, wind energy industry, and so on. The demand for use of composite resin is increasing across a wide spectrum of applications, and a sustained growth is expected for composite resin in the construction & infrastructure, transportation, and electricals & electronics industries over the next five years.
Asia-Pacific is projected to register the highest growth rate in the next five years due to the increased demand for composite resin from growing economies such as China and India. Increase in demand from construction & infrastructure, transportation, and electricals & electronics applications are the key drivers responsible for the growth of the global composite resin market.
Due to the presence of growing markets such as China and India and mature markets of Japan, the Asia-Pacific region dominates the global composite resin market. It is expected to be the most promising market for composite resin in the next five years. Rapid industrialization and urbanization have led to the increase in demand for composite resin from construction & infrastructure, transportation, electricals & electronics, wind energy, pipe & tanks, marine, aerospace & defense, and other industries in the region.
China is expected to drive the composite resin market in Asia-Pacific during the next five years. China’s composite resin market has witnessed growth due to the rapidly growing manufacturing sector in the country. China contributed to almost 90% of the wind energy capacity addition that took place in Asia-Pacific in 2014. The Chinese manned space shuttle and large aircraft programs provide great opportunities for the development of composite resin, materials, and related technologies. India offers huge scope and opportunities for the growth of composite resin due to rapid urbanization and industrialization in the country. In 2014, the industrial applications dominated the overall composite resin market.
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