The automotive and transport segment to maintain its leadership status throughout the forecast period.īased on application, the automotive and transport segment held the highest market share in 2022, accounting for more than one-fifth of the global composite resin market revenue and is likely to dominate the market from 2023 to 2032. However, compression molding is anticipated to register the highest CAGR of 7.5% during the forecast period. Injection molding has been widely adopted in industries such as automotive, consumer products, medical devices, and electronics due to its advantages such as cost-effectiveness, high production rates, and the ability to produce complex shapes with tight tolerances. The process involves melting plastic pellets, injecting the molten material into a mold cavity, cooling, and ejecting the finished part. Injection molding is a popular manufacturing process used to produce various types of plastic parts in high volumes. The injection molding segment to maintain its lead position during the forecast period.īased on the manufacturing process, the injection molding segment accounted for the largest share in 2022, contributing to more than one-fourth of the global composite resin market revenue and is likely to dominate the market from 2023 to 2032.
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Procure Complete Report (350 Pages PDF with Insights, Charts, Tables, and Figures) The growing trend toward sustainability and environmental responsibility is driving the demand for thermoplastic resins, as they are often used as a substitute for traditional materials that are less environment friendly. Thermoplastic resins, with their high strength-to-weight ratio, durability, and ease of processing, are well-positioned to meet this demand.
One of the main growth factors is the increase in demand for lightweight, high-performance materials in various industries, such as automotive, aerospace, and construction. The thermoplastic resin segment to maintain its lead position during the forecast period.īased on resin type, the thermoplastic resin segment accounted for the largest share in 2022, contributing to more than half of the global composite resin market revenue, and is projected to register the highest CAGR of 7.1% during the forecast period. However, the pandemic led to increased demand for medical equipment, such as ventilators and personal protective equipment, which require composite materials.The construction, automotive, and aerospace industries, which are major end-users of composite resins, had been particularly affected by the pandemic, resulting in reduced demand for composite resins. The closure of manufacturing facilities and reduced demand for end-use products due to lockdowns and economic uncertainty also affected the demand for composite resins.The pandemic disrupted global trade, causing supply chain disruptions, raw material shortages, and transportation delays, which resulted in increased prices and reduced availability of composite resins.
The COVID-19 outbreak had a significant impact on the composite resin market, as it affected the supply chain, production, and demand for these materials.Rise in Use of Composite Resins in the Medical Sector Increase in Demand for Composite Resins in Several Industriesĭevelopments in the Transportation Industry Resin Type, Manufacturing Process, Application, Region. According to the report, the composite resin market valued for $25.4 billion in 2022 and is estimated to reach $49.4 billion by 2032, exhibiting a CAGR of 7.0% from 2023 to 2032. PORTLAND, Ore., /PRNewswire/ - Allied Market Research published a report, titled, "Composite Resin Market By Resin Type (Thermoset Resin and Thermoplastic Resin), By Manufacturing Process (Layup, Filament Winding, Injection Molding, Pultrusion, Compression Molding, and Resin Transfer Molding), By Application (Polyester Filament Yarn (PFY), Polyester Staple Fiber (PSF)), By Application (Construction and Infrastructure, Automotive and Transportation, Electricals and Electronics, Pipes and Tanks, Wind Energy, Marine, Aerospace and Defense and Other): Global Opportunity Analysis And Industry Forecast, 2023-2032". The global composite resin market is driven by a surge in demand for composite resins in the aerospace sector as composite resins have many applications in the aerospace industry due to their high strength-to-weight ratio, excellent durability, and resistance to heat and corrosion.
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