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

Specialty Resins Market Size and Trends

Global specialty resins market is estimated to be valued at USD 8.89 Bn in 2024 and is expected to reach USD 13.63 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

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The market is expected to witness positive growth over the forecast period. Specialty resins find extensive applications in construction, paints & coatings, automotive and other industries. Growing construction industry in emerging economies of Asia Pacific and Middle East & Africa is expected to boost demand for specialty resins that are used for flooring, sealants and other applications. Increasing demand for lightweight and durable materials from automotive industry along with stringent environmental regulations regarding VOC emissions are further expected to boost demand for specialty resins in the near future. Developments of bio-based and recyclable specialty resins may offer opportunities for market growth during the forecast period.

Increasing Demand from the Construction Industry

The construction industry has witnessed rapid growth over the past few years globally. With continued urbanization and infrastructure development projects, the demand for buildings and structures is set to increase substantially. Specialty resins are being increasingly used in various construction applications such as flooring, sealants, adhesives, wall panels due to their excellent properties. Epoxy resins provide high strength and adhesion that makes them ideal for applications requiring structural bonding. Acrylic resins offer high durability, resistance to weathering and UV exposure, and are used in exterior construction. The demand is increasing for specialty resins that can offer anti-microbial, anti-slip, self-cleaning properties for flooring in hospitals, laboratories and other commercial buildings. Upcoming mega projects in developing countries such as high-speed rail networks, new airports, smart cities will generate significant demand for specialty resins in the near future. Overall infrastructure development and building construction is expected to remain a major growth driver.

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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.