High Temperature Resin Market To Generate Revenue Worth $5,031.7 Million by 2030
- Published: August 2022
The global high-temperature resin market size is projected to reach $5031.7 million by 2030, advancing at a CAGR of 3.9% during 2021–2030. This is due to the ability of these materials to withstand extremely high temperatures and other harsh environmental conditions.
The demand for phenolic resins is set to increase rapidly in the coming years as they are known for their heat resistance, being able to withstand temperatures as high as 550 °C. Additionally, their hardness, dimensional stability, and chemical and electrical resistance make them desirable in circuit boards, adhesives for cement, electrical appliances, and brake linings.
Moreover, polyetherimide resins are expected to witness modest growth during the forecast period. They are often used in 3D printing applications and the automotive, aerospace, and other industrial sectors, as they offer high heat resistance and high mechanical strength. These resins are inherently flame-resistant, thus also eliminating the requirement for additives. They also have good UV resistance and weatherability. However, they are offered at a rather high cost and require prolonged drying, before any processing can be possible.
The polyurethane category is also expected to have significant growth in the market, as these resins are versatile and offer a balance between hardness and elongation. They are often used in adhesives, insulation, elastomers, and foam liners for clothing.
Globally, the APAC high-temperature resin market outlook is of the fastest growth in the coming years, at a CAGR of over 4.2%. This can be attributed to the rising urbanization rate and growing construction activities in India, China, and Japan. In this regard, the robust economic growth and healthy political environment are likely to drive the market demand in the coming years.
Amongst developing nations, India is hitting strides in its construction sector, and it is set to become the world’s third-major construction market by 2022. With the sector expected to continue to boom over the next decade, it has become an integral part of the Indian economy. Additionally, the Indian government has implemented various initiatives to ensure its growth. In the Union Budget of India 2021, the government allocated about $2 billion to the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart Cities Mission.
Moreover, the construction sector of Japan is witnessing significant growth with the rising investments in commercial projects by private and public players. It is home to multiple high-rise buildings. Hence, with the rapid growth in construction activities in the APAC region, the requirement for paints and coatings is expected to rise massively during the forecast period. This will, in turn, drive the resins market, as these materials are used in the production of paints and coatings.
Product Launches Are Most-Effective Strategic Measures
Players in the industry have been involved in product launches to remain competitive. For instance, in February 2019, Henkel announced the addition of high-performance compounds based on epoxy to its Loctite MAX resin portfolio. These resins are focused on high-temperature automotive applications, such as wheels. While Loctite MAX6 provides exceptional heat resistance and toughness, Loctite MAX5 NextGen exhibits clarity, for a rich carbon look.
Major players operating in the high-temperature resin market include DuPont de Nemours Inc., Solvay S.A., BASF SE, DIC Corporation, Henkel AG & Co. KGaA, Saudi Basic Industries Corporation (SABIC), Huntsman Corporation, and The Dow Chemical Company.