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Composite Resin Market Trends

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

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Composite Resin Market Trends

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.

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.