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". Posting unmarked spoilers will result in removal and warning, and posting spoilers with malicious intent will result in a ban.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. Please report posts containing spoilers unless they are hidden using the following method or are inside a thread clearly labeled as containing spoilers. If you want to promote without participating in the community, purchase an ad. For more information, see the self-promotion on reddit FAQ. Some promotional submitting (posting your own projects, articles, etc.) is permitted, but it must be balanced out by a much greater level of non-promotion participation in reddit - the rule of thumb is no more than 10% of your submissions may be promotional.
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