Specialty Resins Market – Snapshot
Specialty resins are types of resins that have special properties and that are used in a variety of applications. Due to their advanced properties, specialty resins are costlier than the conventional resins. Specialty resins are produced at a low volume. Engineering plastics or engineering resins come under specialty resins. Specialty resins offer excellent chemical resistance, water resistance, and excellent performance at extreme temperatures. Specialty resins are key ingredients used in the processing of various types of paints and coatings, which are then employed in a variety of end-use industries. These resins impart significant characteristics to finished coatings such as strong adhesion, thermal stability, corrosion resistance, and enhanced durability. Specialty resins are widely used in industries such as building & construction, automotive, marine, furniture, and electronics. These resins are also employed in the aerospace industries for the processing of aircraft composites.
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In terms of product, the global specialty resins market has been divided into vinyl, epoxy, polyamides, unsaturated polyester resin (UPR), and others. Every type of specialty resin has a specific function and they are used in different end-use industries. Out of all types, epoxy resins are most commonly used, due to their excellent properties such as high chemical and thermal resistance. Specialty epoxy resins is a highly versatile family of specialty resins that are used as binders for coatings, adhesives, sealants, and matrices for composite materials. Specialty polyamide resins include specialty nylon resins, which are used in car parts. They are also employed to protect sensitive electronic components. Specialty polyamide resins are also available in medical grades. Thus, different types of specialty resins are useful for different applications.
Based on region, the global specialty resins market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific leads the global specialty resins market, in terms of both value and volume. Consistent use of specialty resins in the production of composite materials and adhesives in the region makes Asia Pacific a leading market for specialty resins. North America is expected to offer higher growth potential to the specialty resins market compared to Asia Pacific in the near future. This can be ascribed to growth of end-use industries in North America such as water treatment, aerospace, and marine.
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Key players operating in the global specialty resins market are focusing on capacity expansion and mergers, which is likely to propel the market during the forecast period. On April 9, 2018, DowDuPont announced its plans to make a series of investments totaling approximately US$ 100 Mn in capacity expansion for specialty resins and additives in the next two years in order to expand its manufacturing facilities and modernize facilities at its Sabine River Works (SRW) plant in Orange County, Texas (the U.S.). Major manufacturers of specialty resins include DowDuPont, Purolite, Mitsubishi Chemical Holding Corporation, and Huntsman International LLC. These companies offer various types of specialty resins such as vinyl, epoxy, polyamide, and UPRs.