Rockville, April 28, 2023 (GLOBE NEWSWIRE) -- The multifunctional resins market is set to reach a valuation of US$ 51.6 billion in 2023 and is expected to grow at a CAGR of 5.9% during the forecast period of 2023-2033.
The global multifunctional resins market is currently experiencing significant growth due to the increasing demand for lightweight and high-performance materials in a range of industries, including aerospace, automotive, and construction.
With the increasing focus on sustainability and environmental friendliness. Many companies are now seeking to reduce their environmental impact by using eco-friendly materials in their products, and multifunctional resins are seen as a promising eco-friendly alternative over other available solutions.
For more insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=8544
In addition, advancements in technology and the development of new manufacturing processes have made it easier to produce high-quality multifunctional resins at lower costs, which has further fueled the growth of the market.
It is expected that the multifunctional resins market will continue to experience strong growth in the coming years, due to the increasing demand from a wide range of industries and a growing focus on sustainability and eco-friendliness.
| Multifunctional Resins Market Scope | |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2033 |
| Growth momentum & CAGR | Accelerate at a CAGR of 5.9% |
| Market growth 2023-2033 | US$ 91.7 Billion |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Arkema, Dow, Hexion, Huntsman International LLC, Mitsubishi Chemical Group Corporation, SABIC |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Takeaways from Market Study
- The global multifunctional resins market is dominated by East Asia with a market share of 32.4%
- By resin type, epoxy resin is estimated to reach a valuation of US$ 22.1 billion in 2033 from US$ 11.1 billion in 2023 at a CAGR of 7.1%
- By application, automotive component manufacturing is estimated to grow at a CAGR of 6.9% during the forecast period
- North America and East Asia multifunctional resins markets are estimated to collectively account for a market share of 57.0% in 2023
- Prominent players operating in the multifunctional resins market are Arkema, Dow, Hexion, Huntsman International LLC, Mitsubishi Chemical Group Corporation, and SABIC
“From Strength to Sustainability, the Versatility of Multifunctional Resins is Likely to Drive Multifunctional Resins Market During the Assessment Period” says a Fact.MR analyst.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=8544
Competitive Landscape
Manufacturers are investing heavily in research and development to develop new and improved products with better performance, durability, and versatility. Also, in response to the increasing demand for eco-friendly and sustainable materials, many companies in the multifunctional resins market are developing products that are biodegradable and have a lower carbon footprint.
Further, to leverage each other's expertise and technologies, companies are entering into strategic partnerships and collaborations. Some strategic developments that took place in the multifunctional resins market so far are as follows:
- In September 2021, Hexion Inc. announced the launch of its new range of epoxy resins, EPI-REZ 7720-W-60, for the automotive industry.
- In June 2021, Huntsman Corporation introduced a new range of low-viscosity, high-strength multifunctional epoxy resins for the wind energy sector.
- In March 2021, BASF SE announced the launch of its new polyurethane-based system, Elastocoat C, designed for the marine industry.
- In February 2021, Huntsman Corporation introduced a new range of multifunctional epoxy resins for the production of composite parts in the automotive industry.
Market Development
Manufacturers are constantly developing and launching new and innovative multifunctional resins that cater to the specific needs of various industries. Further, numerous manufacturers are partnering, acquiring, or merging, with other companies, research institutes, and universities to develop new multifunctional resins for diversifying their product offerings and expanding their reach into new markets to curb the demand pool and gain high-profit margins.
Segmentation of Multifunctional Resins Industry Research
- By Resin Type:
- Epoxy
- Polyurethane
- Acrylic
- Polyester
- Polycarbonate
- Polyamide
- Silicone
- By Application:
- Electronics and Electrical Lamination
- Automotive Component Manufacturing
- Paints & Coatings Formulation
- Composite
- Production
- Adhesives Production
- Sealants
- Others
For in-depth competitive analysis, Buy Now:
https://www.factmr.com/checkout/8544
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the multifunctional resins market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of resin type (epoxy, polyurethane, acrylic, polyester, polycarbonate, polyamide, and silicone), application (electronics and electrical lamination, automotive component manufacturing, paints & coatings formulation, composite production, adhesives production, sealants, and others), and across major regions of the world.
Key Questions Covered in the Multifunctional Resins Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Multifunctional Resins sales grow until 2033?
- Which are the factors hampering the Multifunctional Resins demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Multifunctional Resins Market during the forecast period?
Check out more related studies published by Fact.MR Research:
Flame Retardant Polyester Resins Market Growth: Growth in automotive & aerospace industry is resulting in the growth of the flame retardant polyester resins market. That apart, the shift towards the use of plastic in the manufacturing of automotive has also increased the demand for flame retardant polyester resins from the automotive industry.
Agarose Resin Market Sales: Global demand for agarose resins stands at a market valuation of US$ 1.7 billion in 2023 and is estimated to increase at an impressive 8.6% CAGR over the next ten years. As such, by the end of 2033, the global agarose resin market sales predicted to reach US$ 3.9 billion.
Chelating Resins Market Share: The global chelating resins market share is valued at US$ 447.7 million in 2021 and is estimated to grow at a CAGR of 5.1% to reach a valuation of US$ 773.8 million by 2032.
Resin Solvents Market Size: The global resin solvents market size is set to estimate a valuation of US$ 1.5 billion in 2023 and it is expected to grow at a CAGR of 5.6% to reach US$ 2.5 billion by the end of 2033.
Polyphenylene Sulfide (PPS) Resins Market Growth: The global polyphenylene sulfide (PPS) resins market growth is estimated to be valued at US$ 1.3 billion in 2023 and is expected to grow at a CAGR of 6.7% to reach US$ 2.5 billion by the end of 2033.
Epoxy Resins Market Consumption: In 2021, the global epoxy resins market was valued at US$ 11.22 billion, and is anticipated to reach US$ 21.87 billion by 2031-end. Consumption of epoxy resins is expected to increase at a high CAGR of 6.9% from 2022 to 2031.
Pure Monomer Resins Market Demand: The global pure monomer resins market demand is increasing at a CAGR of 5.8%, was valued US$ 1.26 billion in 2022 and predicted to reach US$ 2.22 billion by the end of 2032.
About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Connect to Author: Mr. Shambhu Nath Jha
Email : shambhu@factmr.com
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | YouTube
