As per a newly compiled business intelligence report by IndustryARC, global resins market size is evaluated to be $665.5 million as of 2018. Analyst of the report quotes “as extensive array of industries from automotive and civil engineering to coatings and packaging employ resins as an imperative and fundamental constituent in countless industrial and manufacturing processes, global resins market demand is witnessing substantial impetus.” Bourgeoning related industries has created opportunities for the Resins Market to grow at a CAGR of 5.10%, during the forecast period 2019-2025. High adoption of ‘light weight’ original equipment for fuel efficiency by the automotive sector; and increasing demand of packaging material, owing to wide application in F&B industry is capitalizing the global resin market growth. Growing Packaging Market in APAC Well Exploited by Resins Market-
APAC is anticipated to be the most lucrative region with a substantial 44% share in global resins market size. The sheer affluence of APAC is attributable to huge packaging operations in Beverage Packaging market and Flexible Packaging market. Both these packaging industries are dominated by APAC with global demand share in the region reckoned to be 24% and 43%, respectively. Similarly, flourishing center of automotive OEMs in India, China and Japan; rapidly evolving construction sector; and refurbishing infrastructures operations particularly in India and China with recurring demand for paints and coatings are key drivers supporting growth of the APAC resins market.
Browse Resin Market Report Link:
www.industryarc.com/Report/18233/resins-market-research-report-analysis.html
Resin Market Growth Drivers and Trends:
Construction Sector in Dire Need of Epoxy Resins
Demand for epoxy resins is surfacing the modern infrastructural developments and consequently supplementing the resins market size growth. Epoxy resins are used in production of coatings, adhesives, paints, plastics, primers and sealers, flooring and in various products and materials used in building and construction.
Resins Market Companies:
Some of the key players in the global resins market are DowDuPont, Arkema, Westlake Chemical Corporation, Momentive Specialty Chemicals, Inc., PCCR USA, Phillips Chemical Company LLC, Allnex, Royal DSM N.V., Nippon Shokubai Co. Ltd., Aekyung Chemical Co. Ltd., Evonik, Bayer A.G, LyondellBasell Industries N.V., SABIC, Exxon Mobil Corporation, BASF SE, INEOS AG, Eni S.p.A., Chevron, and LANXESS.
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.