Composite Resin Market
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Composite Resin Market size was valued at around USD 23 billion in 2022 and is estimated to register over 5.7% CAGR between 2023 and 2032. The increasing demand for fuel-efficient & lightweight vehicle components escalate the usage of composite resins in the automotive, transportation, and aerospace industries will drive market expansion.
Regardless of the advancements in manufacturing technologies and economies of scale, composite resins are costlier than conventional materials such as metals & plastics. This cost variation can be an obstacle for price-sensitive markets, limiting the adoption of composite resin-based products and impeding composite resin market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Composite Resin Market Size in 2022: | USD 23 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.7 |
| 2023 Value Projection: | USD 31 Billion |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 215 |
| Tables, Charts & Figures: | 249 |
| Segments Covered: | Type, Reinforcement Type, Manufacturing Process, End Use, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The implementation of lockdown measures during the COVID-19 pandemic led to disruptions in the supply chain. These measures limited the availability and movement of raw materials used in composite resin production. Governments worldwide also implemented travel restrictions, resulting in reduced production capacities and logistical challenges. This resulted in delayed deliveries and increased raw material prices. Owing to diminished customer expenditure, delayed projects, and declined manufacturing activities, several key end-use industries including aerospace, automotive, construction, and marine experienced a considerable drop in the resin-based product demand. The subsequent reduction in COVID-19 cases and enactment of strategies by government & non-government organizations are projected to fuel the composite resin market growth.
Composite resins are suitable for applications that require structural integrity & robustness such as automotive, aerospace, and sports equipment manufacturing owing to their exceptional strength, stiffness, and impact resistance. Advanced production processes, such as resin infusion, Resin Transfer Molding (RTM), and automated manufacturing techniques, have enhanced the production & cost-effectiveness of composite resin-based products. These cutting-edge technologies have expanded the application scope of composite resins, boosting their demand.
Based on product, the composite resin market is bifurcated into epoxy, polyester, vinyl ester, polyurethane, phenolic, and others. The epoxy segment reached USD 11.04 billion in 2022. Epoxy resins possess outstanding mechanical properties including high strength, stiffness, and dimensional stability, making them perfect for applications that need structural integrity and stability. Their strong adhesive properties enable them to bond well with various substrates including metals, composites, and plastics. On the other hand, polyester resins are more cost-effective than other resin types, making them suitable for applications where cost considerations are crucial. Vinyl ester resins offer high resistance to chemicals, acids & solvents, increasing their adoption in chemical processing, water treatment, and oil & gas applications.
Based on reinforcement type, the composite resin market is divided into glass fiber, carbon fiber, aramid fiber, natural fiber, and others. The glass fiber segment held approximately 40% of the market share in 2022 and is anticipated to drive at a rapid pace by 2032. Fiberglass reinforcement offers a good strength-to-weight ratio, making it appropriate for applications that need low-weight & robust materials. Carbon fiber reinforcement is used in applications that require high-performance materials and structural integrity as it offers remarkable strength and stiffness.
Based on the manufacturing process, the composite resin market is categorized into hand lay-up, spray-up, filament winding, Resin Transfer Molding (RTM), pultrusion, compression molding, and others. The hand lay-up segment accounted for a dominant market share in 2022 and is poised to grow at over 4.6% CAGR through 2032. Hand lay-up is appropriate for small-scale production or custom-made composite products as it is a relatively simple & cost-effective manufacturing process. The spray-up process enables the speedy deposition of resin and fiber concurrently, leading to quicker manufacturing in comparison to other processes.
Based on end use, the composite resin market is divided into automotive, aerospace & defense, construction, electrical & electronics, marine, sports & recreation, wind energy, and others. The automotive segment held the largest market share in 2022. Composite resins offer low-weight alternates to traditional materials, increasing their demand in the aerospace & defense and automotive industries to enhance fuel efficiency, increase payload capacity, reduce vehicle weight, and improve vehicle performance. The composite resin demand in various other applications depends on specific performance requirements, regulatory standards, cost considerations, and industry trends.
U.S. dominated North America with a high market value of USD 12.42 billion in 2022 and is predicted to expand at a considerable rate from 2023 to 2032. North America composite resin market has a thriving aerospace sector with the presence of major aircraft manufacturers and defense contractors. The need for low-weight materials, increased fuel efficiency, and high-performance components in aerospace applications are propelling the composite resin demand. The regional automotive industry is also emphasizing the reduction of vehicle weight to enhance fuel efficiency and reduce emissions, thereby improving the automotive component performance and proliferating product demand in the North America market.
are the key players operating in the composite resin market. These participants concentrate on strategic partnerships, new product launches, and commercialization efforts for market expansion. They heavily invest in research to launch advanced products and garner maximum market revenue.
Market, By Type
Market, By Reinforcement Type
Market, By Manufacturing Process
Market, By End Use
The above information is provided for the following regions and countries:
Hexcel Corporation, Owens Corning, Hexion Inc., AOC LLC, Ashland Global Holdings Inc., Solvay S.A., Huntsman Corporation, BASF SE, Sika AG, and Mitsubishi Chemical Corporation.
U.S. dominated North America composite resin market with a revenue share of USD 12.42 billion in 2022, attributed to the thriving aerospace sector in the region with the presence of major aircraft manufacturers and defense contractors.
The glass fiber segment held around 40% of the composite resin market share in 2022, owing to the ability of fiberglass reinforcement to offer a good strength-to-weight ratio, making it appropriate for applications that need low-weight & robust materials.
The market size of composite resin was valued at around USD 23 billion in 2022 and is predicted to reach USD 31 billion by 2032 as they are ideal for uses in the manufacturing of aircraft interiors, structural parts, and engine components to enhance the overall vehicle performance.