Japan and South Korea Synthetic Resins Market Analysis 2017-2018 and Forecast to 2025: A $67+ Billion Opportunity - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 15, 2018--The “Synthetic Resins Market, by Product Type; for Application - Japan and South Korea Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2025” report has been added to ResearchAndMarkets.com’s offering.
The Japan and South Korea synthetic resins market stood at more than 30,000 kilotons in the year 2016 and it is expected to reach around 40 million tons by 2025. The Japan and South Korea synthetic resins market is expected to exhibit a CAGR of around 3% between 2017 and 2025.
The Japan and South Korea synthetic resins market was valued more than USD 50 billion in the year 2016 and it is expected to reach more than USD 67 billion by 2025. The Japan and South Korea synthetic resins market is expected to exhibit a CAGR of around 4% between 2017 and 2025.
Drivers and Restraints
The major factor driving the growth of synthetic resins market is the increased use of the lightweight components to address stringent regulations. Lightweight components have a huge demand in various end-user industries since regulatory taxes and duties could be prevented if the weight of finished products is kept under specified limits. Since most of these lightweight components are manufactured with synthetic resins as raw material, the demand for synthetic resins is expected to grow during the forecast period.
Metals are increasingly getting replaced with plastics and composite materials to save cost and reduce weight. Thus, increasing penetration of composite materials for replacing metals is also expected to boost the demand for synthetic resins in Japan and South Korea.
Environmental concerns regarding inability for natural decomposition of some of these synthetic resin materials are expected to limit the growth of synthetic resins during the forecast period in these countries.
Thermoplastic resins offer numerous advantages such as high recyclability, high-impact resistance, reshaping capabilities, chemical resistance, aesthetically superior finishes, hard crystalline or rubbery surface options, and eco-friendly manufacturing process over thermoset resins. In the product type segment, thermoplastic resins held leading share of more than 80%, in 2016. Thermoplastics are processed using various methods such as injection molding, extrusion, and thermoforming, among others.
Packaging products are mostly made from thermosetting resins such as phenolic epoxy resins as well as from thermoplastics such as polypropylene among others. Increasing packaging requirements for consumer goods, electronics, and durables among various other goods and products have boosted the demand for synthetic resins in a packaging application. Additionally, the automotive and electronics applications are expected to grow at leading rates of more than 3%.
Japan dominated the Japan and South Korea synthetic resins market with around 60% share, in 2016. The dynamic presence and increasing number of manufacturing industries such as automotive and electronics among others are expected to drive synthetic resins market in Japan during the forecast period. Thermoplastic resins dominate the Japan synthetic resins market.
Industry PlayersThe prominent market players maintain the competitive edge in the Japan and South Korea market by innovating and introducing new formulations. These new formulations could find applications in other upcoming end-user industries, thus, spurring the growth of synthetic resins market.Players consolidate by undertaking merger and acquisition activities. Additionally, major players have started their operations in emerging economies to provide cost-effective products in these regions and eliminate any potential supply chain bottlenecks.Market DynamicsDrivers Rising demand for sustainable (recycling) and fast-curing materialsIncreasing demand for lightweight components to address stringent regulationsIncreasing penetration of composite materials for replacing metals Restraints Environmental concerns regarding inability for natural decomposition of some of these materials Opportunities Increasing automotive manufacturingIncreasing electronics and electrical manufacturing
Key Topics Covered
2. Executive Summary
3. Synthetic Resins Industry Analysis
4. Japan and South Korea Synthetic Resins Market Product Type Analysis
5. Japan and South Korea Synthetic Resins Market Application Analysis
6. Japan and South Korea Synthetic Resins Market: Country Analysis
7. Company ProfilesHuntsman International LLCMCC Chemicals Inc.UPC Technology CorporationBayer AGDSMAssaAbloy ABAkolite Synthetic ResinsSinopec CorporationFormosa Plastics GroupPuroliteKansai Paint Co. Ltd.Lawter Inc.D.S.V ChemicalsRutgers GroupThe Dow Chemical CompanyNan Ya Plastics CorporationMomentiveKukdo Chemical Co. Ltd.Gellner Industrial LLCSynresins Ltd.Chang Chun GroupBASF SE
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Related Topics:Plastic Resins
KEYWORD: ASIA PACIFIC SOUTH KOREA JAPAN
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS
SOURCE: Research and Markets
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PUB: 11/15/2018 06:56 AM/DISC: 11/15/2018 06:56 AM