The Asia Pacific Specialty Resins Market would witness market growth of 5.9% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 1,333.9 kilo tonnes, showcasing a growth of 26.3% (2020-2023).
In the marine sector, Specialty resins are utilized for their excellent resistance to corrosion, water, and UV rays, making them ideal for boat and ship construction. Epoxy resins, in particular, are favored for their strong adhesive properties and ability to create lightweight yet durable structures. The rising demand for recreational boating and maritime trade, along with the need for repair and maintenance of aging vessels, is driving the growth of this segment. Hence, in Japan, 25.73 kilo tonnes of Specialty Resins expected to be utilized in marine sector by the year 2031.
The China market dominated the Asia Pacific Specialty Resins Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,928.9 million by 2031. The Japan market is registering a CAGR of 5.2% during (2024 - 2031). Additionally, The India market would witness a CAGR of 6.6% during (2024 - 2031).
In the aerospace industry, specialty resins are primarily used to manufacture composite materials. These composites reduce the aircraft's weight while maintaining structural integrity and performance. For instance, epoxy resins are commonly used in carbon fiber-reinforced composites, which are extensively used in constructing aircraft components such as fuselage sections, wings, and tail assemblies. These composites provide exceptional strength-to-weight ratios, vital for enhancing fuel efficiency as well as reducing greenhouse gas emissions. Additionally, the excellent mechanical properties and durability of specialty resins contribute to the longevity and safety of aircraft.
The Asia Pacific region is also experiencing growth in the aerospace sector, with countries like China and India making substantial investments in aerospace manufacturing and technology. China's COMAC (Commercial Aircraft Corporation of China) and India's HAL (Hindustan Aeronautics Limited) increasingly incorporate specialty resins into their aircraft designs to enhance performance and efficiency. The expanding middle-class population in these countries is driving air travel demand, necessitating the production of more aircraft and, consequently, the use of advanced materials like specialty resins.
In Australia, the demand for specialty resins is influenced by the construction and marine industries. The marine industry, driven by the demand for recreational and commercial vessels, also relies on specialty resins to manufacture lightweight and durable components, enhancing the performance and longevity of boats and ships. Therefore, the growth of all these sectors contributes to the growing need for specialty resins across the region.
Free Valuable Insights: The Global Specialty Resins Market is Predict to reach USD 12.6 Billion by 2031, at a CAGR of 6.2%
Based on Function, the market is segmented into Protection, and Insulation & Other Functions. Based on Application, the market is segmented into Building & Construction, Water Treatment, Marine, Electrical & Electronics, Automotive, Aerospace, and Other Applications. Based on Type, the market is segmented into Epoxy, Vinyl, Polyamides, Unsaturated Polyester Resins, and Other Types. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
By Function (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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