The Latin America, Middle East and Africa Specialty Resins Market would witness market growth of 8.0% CAGR during the forecast period (2024-2031). In the year 2027, the LAMEA market's volume is expected to surge to 329.3 kilo tonnes, showcasing a growth of 7.1% (2024-2031).
The electrical and electronics industry relies heavily on specialty resins for insulation, encapsulation, and protective coatings. These resins, such as epoxy and polyamides, offer excellent thermal and electrical insulation properties, ensuring the safety and reliability of electronic components. As the demand for compact and efficient electronic devices continues to rise, so does the need for innovative resin solutions that can withstand high temperatures and harsh environments. Consequently, in Argentina, 3.85 kilo tonnes of Specialty Resins expected to be utilized in electrical and electronics by the year 2031.
The Brazil market dominated the LAMEA Specialty Resins Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $283.9 million by 2031. The Argentina market is expected to witness a CAGR of 8.8% during (2024 - 2031). Additionally, The UAE market would capture a CAGR of 7.1% during (2024 - 2031).
Specialty resins, such as polyethylene terephthalate (PET) and polyvinyl alcohol (PVOH), are widely used in food and beverage packaging due to their excellent barrier properties. For instance, PET is commonly used in beverage bottles because it provides a strong barrier against gases like carbon dioxide, keeping carbonated drinks fresh for longer periods. Additionally, PVOH is utilized in packaging applications that require high moisture and oxygen barriers, such as vacuum-sealed food products. These resins help prevent contamination and spoilage, ensuring products reach consumers optimally. For instance, Unilever’s ice cream brand, Magnum, has introduced tubs made from recycled polypropylene (rPP), a specialty resin that offers excellent durability and resistance to low temperatures. This innovation helps reduce the environmental impact of packaging waste while ensuring that the ice cream remains well-protected during storage and transportation.
An additional factor that has contributed to the rise in demand for high-performance packaging materials is the proliferation of online shopping. Companies like Amazon have invested in advanced packaging solutions to protect products during shipping. Amazon’s Frustration-Free Packaging program uses specialty resins to create durable, recyclable packaging that minimizes waste and enhances customer experience. This initiative lessens the impact that packaging has on the environment and guarantees that products will arrive in pristine condition.
The mining industry, a significant part of South Africa's economy, drives the demand for specialty resins. These resins manufacture mining equipment and protective coatings, enhancing the equipment's resistance to harsh environmental conditions and wear. In Brazil, the automotive industry drives the increasing demand for specialty resins. Additionally, the automotive industry contributes to the demand for specialty resins. A record US$ 22 billion in investments have been announced in the sector in 2024, with investments occurring through 2032, according to the Brazilian Association of Vehicle Manufacturers (Anfavea). Specialty resin materials are essential for manufacturing lightweight and durable automotive components, contributing to vehicle performance and fuel efficiency. Hence, the expanding construction and automotive sectors in the region will support the expansion of the specialty resins market.
Free Valuable Insights: The Worldwide Specialty Resins Market is Projected 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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