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Composite Resin Market Size

Report ID: GMI6157
Published Date: Jul 2023
Report Format: PDF

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Composite Resin Market Size

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.

Composite Resin Market

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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.

Composite Resin Market Report Attributes
Report Attribute	Details
Base Year:	2022
Composite Resin Market Size in 2022:	USD 23 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.7%
2032 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:	Rapid expansion of the automotive industry Increasing construction applications Trend of lightweight products
Pitfalls & Challenges:	Cost differences Supply chain fluctuations Availability of cost-effective substitutes

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Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.