The global Multifunctional Resins market is expected to grow at a compound annual growth rate (CAGR) of 5.6% during the forecast period (2024-2031). The growing adoption of composites is significantly impacting the growth of the multiple resins market. Composites, which are materials composed of two or more distinct phases, offer a unique combination of properties, including high strength-to-weight ratios, durability, and corrosion resistance, making them ideal for a wide range of applications. Multiple resins play a crucial role in composites, serving as the matrix material that binds and holds the reinforcing fibers together. As the use of composites expands, the consumption of multiple resins also increases. This is because multiple resins are an essential component of composites, providing the matrix material that binds and holds the reinforcing fibers together.
The burgeoning wind energy industry serves as a compelling illustration of how the expanding adoption of composites is propelling the growth of the multiple resins market. Wind turbine blades, the primary components responsible for capturing wind energy, are increasingly being fabricated using composites. Epoxy resins and polyurethane resins are prevalent in wind turbine blade manufacturing due to their exceptional strength-to-weight ratios, prolonged durability, and remarkable resistance to fatigue. As the wind energy sector continues its upward trajectory, the demand for multiple resins specifically tailored for wind turbine blade applications is poised to experience significant growth.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Type
- By Application
- By Industry
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape includes Ashland Inc., BASF SE, Dow Chemical Co., Huntsman International LLC, NIPPON STEEL Chemical & Material Co., Ltd., and others.
Multifunctional Resins Market Report Segment
By Type
- Epoxy
- Polyurethane
- Acrylic
- Polyester
- Polycarbonate
- Polyamide
- Silicone
By Application
- Electronics and Electrical Lamination
- Automotive Component Manufacturing
- Paints & Coatings Formulation
- Composite
- Production
- Adhesives Production
- Sealants
- Others (Medical devices, and Textiles)
By Industry
- Packaging
- Automotive & Transportation
- Building & Construction
- Consumer Goods/Lifestyle
- Electrical & Electronics
- Agriculture
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Multifunctional Resins Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Asahi Kasei Corp.
- CHIMEI Corp.
- DIC CORP.
- Evonik Industries AG
- Formosa Plastics Corp.
- Idemitsu Kosan Co.,Ltd.
- KANEKA CORP.
- Kuraray Co., Ltd.
- LANXESS
- LG Chem, Ltd.
- LOTTE Chemical
- Mitsui Chemicals, Inc.
- NAN YA PLASTICS CORP.
- Saudi Basic Industries Corp. (SABIC)
- Shin-Etsu Chemical Co., Ltd.
- Sumitomo Chemical Co., Ltd.
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