Casting Resin Market Size, Share, and Industry Report [2030]

Report Description

Casting Resin Market Outlook

The Global Casting Resin market was valued at USD 4,427.7 million in 2021 and is projected to reach USD 7,551.6 million by 2030, expanding at a CAGR of 6.1% during the forecast period. The rising use of casting resin in electronics, furniture making, crafts, jewelry, sculptures, and memorabilia is driving the demand for the production of casting resin.

Casting resins are pourable plastic or elastomer compounds that are used to cast parts, make molds, or form structures in place. Casting is a common manufacturing process in which liquid material (usually preheated material) is poured into a mold cavity. As the liquid material cools, it solidifies, creating a new object in the shape of the mold.

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Newly created objects, which are called castings, are removed from the mold and used in other manufacturing processes or packaged and sold as final products. Resin casting is a unique casting method that uses synthetic resin.

Casting Resin Market Dynamics 

Driver: Growing demand for epoxy-casting resin for making furniture

Epoxy-casting resin is used in the production of all types of furniture, regardless of the material. It makes wood impermeable to moisture and rot and gives it a gloss finish. This is driving the demand for casting resin. Casting resins are used to make impact tools and fixtures, as well as for encapsulation and potting applications.

Epoxy-casting resin is commonly used for manufacturing flow tables. Increased demand for casting resins is attributed to their lower viscosity and slower cure speed of 24-36 hours as compared to other alternatives such as tabletop epoxies.

Driver: Increasing use in the building and construction industry

The growth of the construction industry has increased the demand for casting resins. Casting resins used in construction and building applications help extend the life of buildings and reduce the need for repainting and refurbishment by improving the durability of paints, components, and engineering adhesives.

Epoxy-casting resin-reinforced paint dries quickly and provides a durable layer of protection. These resins are useful for cast iron, cast steel, and cast aluminum applications and are used to support metal cases by resisting impact. These factors are driving the global casting resin market.

Restraint: Increasing prices of raw materials

Casting resin is made out of raw materials, which are essential commodities. These commodities are subject to wide and daily variations in prices. This drives up the cost of manufacturing casting resins and affects the final price of these products. With several key producers in Western Europe, the US, and India dependent on raw material imports from China, the steady increase in the prices of raw materials is expected to hamper the growth of the market during the forecast period.

Opportunity: Research and development

Major players in the market are constantly developing products, which is expected to create opportunities in the market. Manufacturers are focused on expanding their product portfolios for various applications of casting resin, such as metal protection, plastic tools, and lightweight automotive composites.

Key players are investing in research and development to create highly versatile casting resins for a variety of industrial applications. Casting resins are prevalent in the construction of airplanes, ships, and automobiles.

 Scope of Casting Resin Market Report

The report on the Global Casting Resin market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Casting Resin Market Segmental Outlook

The Global Casting Resin Market is segmented on the basis of By Type, By Distribution Channel and By End Use.

Based on types, Based on types, the Global Casting Resin market is categorized into Polyester Casting Resins, Polyurethane Casting Resins, Acrylic Casting Resins, Others. The polyester resin segment is projected to expand at a CAGR of XX% during the forecast period. The polyester resin used in the molding application is a viscous liquid (like honey) requiring the addition of catalysts and accelerators to complete the curing process. Polyester resins are contact products which require no pressure to cure and can be cured from a fluid or solid state.

The Polyurethane resin segment is expected to expand at a CAGR of XX%. Polyurethane is another durable and water-resistant compound used throughout many industries. It’s mostly in the form of flexible foam and is a mainstay for home furnishings (like bedding, insulator foam for refrigerators) and elastomers (shoe soles, etc.). 

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Based on Distribution Channel, the market is bifurcated into Direct sales & Distributor/Wholesaler. The Distributor/Wholesaler segment is expected to hold a major share in the market. Distributors typically operate through physical stores, online platforms, or a combination of both; therefore, customers are able to easily browse, select, and purchase a wide range of resins. Most of the distribution of casting resins is conducted through retailers.

A large number of retailers in the market hold a small market share. These retailers purchase bulk quantities of resins from manufacturers and sell them to the end users. Moreover, the retailers also stock in order to meet unforeseen demand-supply fluctuations.

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Regional Outlook

Based on regions, the global Casting Resin is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is projected to expand at a 6.5%  CAGR during the forecast period, owing to the presence of a large number of players in countries such as China and India. The market in Asia Pacific is driven by rapid industrialization and high demand for casting resins from end-use industries such as automotive, construction, jewelry, and electronics.

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.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Casting Resin Market

• Historical, Current, and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Casting Resin Market Performance