Resin is a thermosetting polymer made from organic acids by copolymerization of an epoxide with another compound having two hydroxyl groups. These resins are known for their improved performance in numerous industrial applications, owing to properties such as corrosion resistance, high thermal stability, superior mechanical strength, notable toughness, prolonged durability, resistance to chemical & moisture, and superior adhesion. Automotive resin is used in vehicles because it is lightweight and strengthens the material. It is applied on body panels, paints, repairing bumper cracks, dashboard, engine components, and others. Moreover, the use of resin in coating makes the surface durable, increases efficiency, gives an aesthetic appearance while meeting all the environmental requirements. Furthermore, it protects the vehicle from high temperature, UV radiation, foreign particles, and acid rain. Furthermore, the resin is utilized to manufacture variety of automobile-related products such as seat belts, and carpets. Resin can also be used in the injection molding process for automobiles and is responsible for the durability of the components.
COVID-19 Impact Analysis:
The COVID-19 pandemic has had an impact on the global economy in various countries since the lockdown has caused travel bans and business shutdowns. Due to the lockdown, all automobile manufacturing has been halted. Thus, there has been a disruption in the demand for automotive resin. Furthermore, due to lockdown and social distancing norms, there has been the unavailability of a workforce in the manufacturing units. Moreover, there was even unavailability of raw material of automotive resin which further delayed the operation. Furthermore, automotive is developing sector, but COVID-19 hindered the market. It is expected to recover and drive the growth of the automotive resin market post-pandemic and drive.
Top Impacting Factors
Rise in vehicle production, increase in the demand for durable materials, and surge in aftermarket maintenance & service drive the growth of the market.
Health problems caused due to polymer resin, lack of availability of raw materials, and high cost hinder the market growth.
Rise in the demand for lightweight vehicles, high temperature withstanding capabilities, and rise in vehicle sales act as an opportunity for the market growth.
Rise in Demand for Lightweight Vehicles
The automotive industry is heavily focused on stringent regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES) laid by the governments of the U.S. and Europe imposed on the original equipment manufacturers (OEMs). Moreover, according to the U.S. Environmental Protection Agency (EPA), the transportation industry in U.S. accounts for 27% of greenhouse gas emissions. Furthermore, the U.S. government has made it a critical concern for the automakers to adhere to the average miles per gallon standard for their vehicles, and thus, the U.S. automakers are focusing more significantly on the lightweight vehicles production to reduce the battery weight and thus improving the fuel efficiency of the vehicles. The stringent government rules, the lightweight property, and the high safety associated with the composites thus act as an opportunity for growth of the automotive resin market.
Key Benefits of the Report:
- This study presents the analytical depiction of the automotive resin market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive resin market.
- The current market is quantitatively analyzed to highlight the growth scenario of the automotive resin market.
- The report provides detailed automotive resin market analysis based on competitive intensity and the competition that will take shape in coming years.
Questions Answered in the Automotive Resin Market Research Report:
- Who are the leading market players active in the automotive resin market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the automotive resin market?
- What are the future projections that would help in taking further strategic steps?
Automotive Resin Market Report Highlights
By Resin Type
By Fiber Type
By Manufacturing Process
By Vehicle Type
Key Market Players
Evonik Industries, DuPont, Bayer AG, Solvay SA, SABIC, Celanese Corporation, Covestro, BASF SE, LG Chem, Royal DSM