Global Casting Resin Market Expected to Reach USD 7,551.6 Million by 2030

According to a recent market study published by Growth Market Reports, titled, “Global Casting Resin Market” by types, by application, and by regions: Size, Share, Trends and Opportunity Analysis, 2015-2030”, the market was valued at USD 4,427.7 Million in 2021 and is expected to grow at a growth rate of 6.1% by the year 2030.

As per Growth Market Reports industry analyst Anupama Kumari, “Global Casting Resin Market is anticipated to witness significant growth during the forecast period 2022-2030. Key players in the casting resin market increased their focus on introducing casting resin with research and development and unique materials that provide users with accurate results. These factors are anticipated to boost the casting resin market during the forecast period.

Casting resin is a low-viscosity epoxy resin, which consists of two components the actual resin and the matching hardener. When these two components are mixed, a chemical reaction occurs, which causes the mass to harden for some time. And this brings us to the special feature of casting resin its thin consistency. This property allows the resin to penetrate and fill even the smallest gaps and cavities. The thinner consistency also has an influence on the curing time, which is considerably longer. Casting resins such as epoxy and polyurethane designs are highly used for rapid prototyping, thermoforming, and 3D printing in multiple end-use industries such as food, general retail, and medical, which is expected to drive the market. In industrial applications, resin casting is used to create individual parts or entire models of objects such as trains, planes, and boats. Electro-casting resins improve reliability and performance while ensuring cost efficiency and long life. Casting resins provide components with reliable and efficient protection against the environmental influences of heat, cold, humidity, and chemicals, which is expected to drive the market.

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The primary and secondary research methodology is used for keen observation and study of the Casting Resin market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 pandemic has highlighted economic disparities in the global demand in the crises of global interdependence and governance challenges. Epidemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities.  According to the current pandemic situation, strict measures are required for monitoring the situation, which in turn, affects businesses causing unanticipated short and long-term effects. Consequently, epidemics and pandemics are problems for the individual market and an enhancement of existing dynamics and limitations. In the long term, COVID-19 can serve as another opportunity for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. In the current scenario, the manufacturers recovering from COVID-19 which has hampered the production process of several manufacturing industries and businesses. Moreover, trade barriers during covid-19 have further reduced the demand-supply of various products and services.

Key Takeaways from the Study:

• The players include Euskatfund SL, Furtenbach GmbH, Huntsman International LLC, Hexion, REFCOTEC, ASAHI YUKIZAI CORPORATION, SQ GROUP, United Erie, HA-International, ASK Chemicals, Vesuvius, Sika AG.
• On the basis of type, the silicon resin segment is expected to expand at a CAGR of 6.2%. Silicone resins are used to make paints and coatings, and in electrical and other applications, as they help to improve durability, safety, and reliability. Silicone molds are ideal for casting resin. They are flexible and are available in a variety of shapes and sizes.
• Based on applications, the aluminum casting segment is expected to expand at a CAGR of 6.3%. Aluminum castings are formed by pouring molten metal into molds that have been shaped by a pattern of the desired final product. Aluminum epoxy resin is formulated for the production of composite tooling, using it as casting resin or as a wet layup lamination system.
• In terms of regions, the global Casting Resin markets are split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America accounts for a 21.2% share of the market in 2021, due to the increasing demand for casting resin from the toys industry.
• The market in Europe is expected to expand at a CAGR of 6.2% during the forecast period owing to the increasing demand for casting resins from the automotive sector.

Report Scope:

Target Audience:

• Supply-side: Raw material suppliers and Manufactures  
• Demand Side: Consumers (Aluminum casting, Steel casting, and Alloy casting)
• Regulatory Side: Concerned government authorities, and other regulatory bodies.