The North America Specialty Resins Market would witness market growth of 5.7% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 263.8 kilo tonnes, showcasing a growth of 26.0% (2020-2023).
The building and construction segment is a major consumer of specialty resins, driven by their durability and versatility. Specialty resins, such as epoxy and vinyl, are used in coatings, adhesives, and composite materials. These materials enhance the structural integrity of buildings, improve aesthetics, and provide resistance against environmental factors. The trend toward sustainable building practices has also spurred demand for eco-friendly resins. Therefore, in US, 225.5 kilo tonnes of Specialty Resins expected to be utilized in building and construction by the year 2031.
The US market dominated the North America Specialty Resins Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,920.7 million by 2031. The Canada market is experiencing a CAGR of 7.6% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 7% during (2024 - 2031).
Specialty resins are advanced resin materials formulated to provide specific properties and performance characteristics tailored for specialized applications. These resins are distinct from general-purpose resins due to their enhanced functionality, durability, and often unique chemical compositions. They are widely used in various industries due to their superior properties, which include high mechanical strength, chemical resistance, thermal stability, and electrical insulating properties.
The specialty resins market has grown substantially over the past decade, driven by their extensive applications across diverse industries. Specialty resins, which include epoxy, polyurethane, phenolic, polycarbonate, and acrylic resins, among others, are integral to numerous industrial processes due to their superior properties such as high durability, thermal stability, chemical resistance, and mechanical strength. These properties make them indispensable in construction, automotive, aerospace, electronics, and more. Technological advancements, rising industrialization, and increased demand for high-performance materials underpin the market's expansion.
The automotive and electronics industries are major factors contributing to Mexico's rising demand for specialty resins. Mexico's automotive industry is one of the most important industries in the country, accounting for 3.6 percent of the country's Gross Domestic Product (GDP) and 18 percent of the manufacturing sector's GDP. The electronics industry in Mexico is also expanding rapidly. In 2023, the trade exchange (includes international purchases and sales) of Electrical, Electronic Equipment was US$223B. Specialty resins like epoxy and polycarbonate are vital in producing electronic components, printed circuit boards (PCBs), and protective coatings. The growing demand for consumer electronics, driven by technological advancements and increasing disposable incomes, further propels the demand for specialty resins in the country. Hence, all these factors will aid the market's growth throughout the forecast period.
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
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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