SPECIALTY RESINS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Specialty Resins Market, By Type (Vinyl, Epoxy, Polyamides, Unsaturated Polyester Resins, Others), By Function (Protection, Insulation, Others), By Application (Building & Construction, Water Treatment, Marine, Electrical & Electronics, Automotive, Aerospace, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024
Code : CMI6853
Pages :135
Formats :
Excel and PDF
Industry : Polymers and Resins

Market Concentration and Competitive Landscape

Specialty Resins Market Concentration By Players

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Increasing Substitution of Petro-Based Raw Materials

With rising environmental consciousness, manufacturers are under increasing pressure to reduce fossil fuel dependency and adopt eco-friendly alternatives. Regulatory norms around the world are also becoming stricter regarding the usage of petroleum-derived raw materials. Specialty resins produced from renewable bio-based sources are emerging as an attractive substitute. For example, vegetable oil based alkyd resins and fatty acid based polyester resins provide comparable performance to traditional petro-based resins but with superior sustainability. Resins from natural materials such as plant extracts, lignin, citric acid derivatives have properties suitable for various niche applications. The substitution effect will be more prominent in applications where concerns around VOC emissions and odour are important. Both government policies promoting sustainable chemicals and voluntary initiatives by leading companies are directing the industry towards increased use of specialty resins from bio-renewable feedstocks. This transition opens new revenue opportunities for manufacturers of specialty resins from non-petroleum sources.

Key Players Insights