The Composite Resin Market is predicted to be valued at USD 25.1 billion in 2024. This valuation is expected to rise to USD 48 billion by 2034, advancing at a CAGR of 6.7%. The market is witnessing substantial growth driven by its widespread application in the dental, automotive, and construction industries.
These versatile materials, composed of a mixture of polymer and filler particles, offer durability, aesthetic appeal, and resistance to various environmental factors. In dentistry, composite resins are preferred for tooth-colored fillings due to their natural appearance and adhesive properties. In the automotive sector, they enhance lightweight and fuel efficiency. Composite resins contribute to structural integrity and design flexibility in construction.
The market expansion is further fueled by ongoing research and development efforts to improve material properties and explore new applications. As industries prioritize sustainability, composite resins are increasingly adopted for their eco-friendly characteristics, paving the way for continued market growth.
| Attributes | Key Insights |
|---|---|
| Market Estimated Size in 2024 | USD 25.1 billion |
| Projected Market Size in 2034 | USD 48 billion |
| Value-based CAGR from 2024 to 2034 | 6.7% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The scope for global composite resin market insights expanded at an 8.4% CAGR between 2019 and 2023. The market is anticipated to develop at a CAGR of 6.7% over the forecast period from 2024 to 2034.
| Historical CAGR from 2019 to 2023 | 8.4% |
|---|---|
| Forecast CAGR from 2024 to 2034 | 6.7% |
Between 2019 and 2023, the global market exhibited robust growth, with an impressive 8.4% CAGR. During this period, the market witnessed significant expansion, reflecting increased adoption across various dental, automotive, and construction industries.
This growth was propelled by composite resins' versatility, durability, aesthetic appeal, and ongoing research and development initiatives enhancing their properties.
From 2024 to 2034, market forecast projections indicate a slightly moderated but still substantial growth trajectory, with a projected CAGR of 6.7%. Despite a marginally slower pace than the previous period, the market is expected to continue evolving, driven by sustained demand in key sectors and advancements in composite resin applications.
Factors such as increased emphasis on sustainability and material eco-friendly characteristics are likely to contribute to the positive outlook of the market during the forecast period.
Principal Consultant
| Attributes | Details |
|---|---|
| Opportunities |
|
The table emphasizes the CAGRs in five pivotal countries, namely the United States, Japan, China, the United Kingdom, and South Korea.
South Korea emerges as a dynamic and rapidly progressing market, projecting significant growth with a 9% CAGR anticipated by 2034. Renowned for its commitment to innovation, the country plays a crucial role across diverse industries, depicting a flourishing economic landscape marked by continuous development.
The substantial CAGR underscores the proactive stance of the United Kingdom in embracing and steering advancements in the market, solidifying its standing as a key contributor to the global sustainable materials industry. This reflects the dedication to sustainable practices and positions it as a noteworthy player in driving positive global developments within the industry.
| Countries | CAGR from 2024 to 2034 |
|---|---|
| The United States | 7% |
| Japan | 8.3% |
| China | 7.7% |
| The United Kingdom | 8% |
| South Korea | 9% |
The automotive and aerospace industries primarily drive the utilization of composite resins in the United States. These sectors leverage composite resins for their lightweight properties, contributing to fuel efficiency and overall performance.
The demand for aesthetically pleasing and durable materials in dental applications further fuels the use of composite resins in the United States.
The market is notably influenced by its thriving electronics and automotive industries. The demand for high-performance materials in electronic components and the emphasis on light weighting in the automotive sector contribute to the widespread use of composite resins. The versatility of the material aligns with the commitment to technological innovation and product development.
The rapid growth of the construction and infrastructure sectors drives the market in China. Composite resins offer structural integrity and design flexibility, making them suitable for various construction applications.
The expansion of the automotive industry and increasing focus on renewable energy contribute to rising demand for composite resins of China.
The United Kingdom stands out for its proactive approach to embracing sustainable materials. Composite resins find extensive use in the United Kingdom due to their eco-friendly characteristics, supporting the commitment to the environmental responsibility of the country.
The construction sector, in particular, adopts composite resins for their durability and versatility in various building applications.
The dedication to innovation across industries fuels the vibrant market for composite resins. The rapid growth is particularly evident in the electronics and automotive sectors, where composite resins are valued for their advanced properties.
The commitment to staying at the forefront of technological advancements contributes to the significant adoption of composite resins in various applications.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The table below provides an overview of the composite resin landscape on the basis of resin type and manufacturing process. Thermoset resin is projected to lead the resin type of market at a 6.5% CAGR by 2034, while layup in the manufacturing process category is likely to expand at a CAGR of 6.3% by 2034.
The widespread adoption of thermoset resin in the market is propelled by its inherent characteristics, such as high strength, durability, and resistance to heat. The growing preference for the layup manufacturing process is driven by its versatility and cost-effectiveness.
| Category | CAGR from 2024 to 2034 |
|---|---|
| Thermoset Resin | 6.5% |
| Layup | 6.3% |
Thermoset resin is anticipated to take the forefront in the resin type category, exhibiting a projected CAGR of 6.5% by 2034. This suggests a sustained and robust demand for thermoset resin-based composite materials, driven by their durability, heat resistance, and versatility across industries.
Layup is expected to showcase noteworthy expansion in the manufacturing process category, with a projected CAGR of 6.3% by 2034. This indicates a growing preference for the layup process in composite resin production, reflecting its efficiency and applicability in creating complex structures.
The data underscores the enduring significance of thermoset resins and the increasing prominence of the layup manufacturing process in shaping the evolving landscape of the market.
The competitive landscape of the composite resin market is marked by key players vying for market share and influence. Major companies in the industry engage in strategies such as mergers, acquisitions, and partnerships to strengthen their market position.
Innovation in product development, particularly in formulating composite resin solutions for diverse applications, is a focal point for market leaders. These companies emphasize geographic expansion to tap into emerging markets.
The market dynamics also include a mix of established industry giants and emerging players, creating a competitive environment that encourages continuous advancements in technology and materials.
Factors such as research and development initiatives, regulatory compliance, and sustainable practices contribute to the differentiation strategies companies adopt within the market.
Overall, the landscape is dynamic, characterized by a balance of market leaders stability and the agility of emerging players, fostering a competitive atmosphere that drives innovation and market growth.
Some key market developments are as follows
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 25.1 billion |
| Projected Market Valuation in 2034 | USD 48 billion |
| CAGR Share from 2024 to 2034 | 6.7% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Market Segments Covered | By Resin Type, By Manufacturing, By Application, By Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Argentina, Germany, Italy, France, United Kingdom, Spain, Russia, BENELUX, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC |
| Key Companies Profiled | Sumitomo Bakelite Co Ltd; Dow; DSM; Hexion Inc; Scott Bader Company Ltd; Huntsman International LLC; Celanese Corporation; Evonik Industries AG; Allnex GmbH; SABIC |
By 2024, the composite resin landscape is estimated to be valued at USD 25.1 billion.
The composite resin market is projected to flourish at a CAGR of 6.7% from 2024 to 2034.
By 2034, the composite resin market will generate USD 48 billion in value terms.
The thermoset resin type is anticipated to expand at 6.5% CAGR by 2034.
With a CAGR of 9%, South Korea is expected to dominate the market for composite resins.
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Resin Type
5.1. Thermoset Resin
5.2. Thermoplastic Resin
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Manufacturing Process
6.1. Layup
6.2. Filament Winding
6.3. Injection Molding
6.4. Pultrusion
6.5. Compression Molding
6.6. Resin Transfer Molding
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
7.1. Marine
7.2. Aerospace and Defense
7.3. Construction and Infrastructure
7.4. Automotive and Transportation
7.5. Electricals and Electronics
7.6. Pipes and Tanks
7.7. Wind Energy
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
8.1. North America
8.2. Latin America
8.3. Europe
8.4. East Asia
8.5. South Asia
8.6. Oceania
8.7. MEA
9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11. Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13. South Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14. Oceania Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
15. MEA Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
16. Key Countries Market Analysis
17. Market Structure Analysis
18. Competition Analysis
18.1. Sumitomo Bakelite Co Ltd
18.2. Dow
18.3. DSM
18.4. Hexion Inc
18.5. Scott Bader Company Ltd
18.6. Huntsman International LLC
18.7. Celanese Corporation
18.8. Evonik Industries AG
18.9. Allnex GmbH
18.10. SABIC
19. Assumptions & Acronyms Used
20. Research Methodology
Chemicals & Materials
June 2022
REP-GB-318
250 pages
Explore Chemicals & Materials Insights
View Reports
Composite Resin Market
