Rising adoption of composite resins in aerospace for their strength-to-weight ratio and durability; advancements in the transportation industry.

WILMINGTON, DELAWARE, UNITED STATES, June 25, 2024 /EINPresswire.com/ — According to the latest report by Allied Market Research, the global composite resin market was valued at $25.4 billion in 2022 and is projected to reach $49.4 billion by 2032, exhibiting a CAGR of 7.0% from 2023 to 2032. This growth is driven by increasing demand for lightweight, durable materials across various industries, particularly aerospace and automotive.

– Report Title: Composite Resin Market by Resin Type, Manufacturing Process, and Application: Global Opportunity Analysis and Industry Forecast, 2023–2032
– Publication: Allied Market Research
– Total Pages: 350

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Key Market Dynamics

– Drivers: Rising adoption of composite resins in aerospace for their strength-to-weight ratio and durability; advancements in the transportation industry.
– Opportunities: Increasing use of composite resins in the medical sector.
– Restraints: High production costs and recycling challenges.

Segment Analysis

By Resin Type:

Thermoplastic Resins:

– Largest market share in 2022.
– Expected CAGR: 7.1%.
– Key growth factors: Demand for lightweight, high-performance materials; growing emphasis on sustainability.

By Manufacturing Process:

Injection Molding:

– Largest share in 2022, over one-fourth of market revenue.
– Cost-effective for high-volume production, widely used in automotive and electronics.

Compression Molding:

– Highest anticipated CAGR: 7.5%.

By Application:

Automotive and Transport:

– Highest market share in 2022, over one-fifth of market revenue.
– Utilized for lightweight, strong vehicle components, enhancing fuel efficiency and performance.

Aerospace and Defense:

– Expected highest CAGR: 7.6%.

Regional Insights

Asia-Pacific:

– Dominated the market in 2022 with over two-fifths of the revenue.
– Projected highest CAGR: 7.2%.
– Home to key composite material companies like Mitsubishi Chemical, Toray Industries, and Teijin Limited.

Leading Market Players

– Huntsman International LLC
– Hexion Inc.
– Scott Bader Company Ltd.
– DSM
– Allnex GmbH
– Evonik Industries AG
– SABIC
– Celanese Corporation
– Dow
– Sumitomo Bakelite Co., Ltd.

These companies focus on strategies like product launches, collaborations, and expansions to maintain their market position.

Want to Access the Statistical Data and Graphs, Key Players’ Strategies:
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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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