Casting Resin Market Insights and Forecast - 2027
Casting resin is a process of plastic casting in which synthetic resin (in liquid form) is filled between a mold and left to harden. Casting resins are mostly employed in small-scale industries for manufacturing pilot designs and prototypes. During the settling of casting resins, a liquid polymerizes to form a polymeric compound and hence hardens between the mold into a particular size, shape, and pattern. Sometimes hardener is also used to increase the rate of settling of the liquid synthetic resins. Casting resins are basically of three types including polyurethane resins, epoxy resins, and unsaturated polyesters. Casting resins are used for a wide variety of applications including toys, small-scale jewelry production, models and figures, aluminum & sheet castings, electronics, and medical devices.
COVID-19 Scenario Analysis
- Owing to the outbreak of the COVID-19 pandemic, the casting resins-based industries have been hard hit due to demand and supply chain disruptions and health issues of the workforce.
- China, the leading manufacturer of casting resins, was first to be affected by the COVID-19 pandemic. The casting resins industry in the country has experienced a sharp fall. This is expected to restrain growth of the casting resin market, owing to its dependence on China and other Asian markets.
- However, expansion of the toys market within Asia-Pacific where casting resins are used widely is expected to propel growth of the casting resin market post-COVID-19 scenario.
- In addition, special incentive schemes such as PLI (production linked incentive) have been announced by the government of India to encourage production rate of industries that are hardly hit by the novel coronavirus pandemic. The casting resins industry was among the top affected industries. This is expected to create new opportunities for casting resins in Asia-Pacific.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
The key factor contributing toward growth of the global casting resin market is the rise in demand for electronic gadgets where casting resins are used extensively for manufacturing electronic parts of gadgets. In addition, growth in the automotive industry where casting resins are used to impart attractive and luxurious looks to vehicles by altering shape, size, and pattern of the fiber material is expected to propel growth of the casting resin market. However, small-scale and batch-wise production constraints associated with casting resins hamper growth of the casting resins. Conversely, use of casting resins for manufacturing medical devices is expected to create lucrative opportunities for the global casting resin market among the growing healthcare sector during the forecast period. In addition, different schemes launched by the governments such as “Toycathon (toy manufacturing hackathon)” by government of India for manufacturing innovative toys within the country where casting resins are used extensively, are expected to create new opportunities.
Key benefits of the report
- This study presents the analytical depiction of the global casting resin market along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with a detailed analysis of the casting resin market share.
- The current market is quantitatively analyzed to highlight the casting resin market growth scenario.
- The report provides a detailed market analysis depending on competition and how the competition will take shape in the coming years.
- This report helps users in comprehending the key product segments and their future.
Questions answered in the global casting resin market research report:
- What is the CAGR of the casting resin market?
- Which are the leading players active in the global casting resin market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What should be the response of casting resin market players amid the COVID-19 pandemic?
- What are the projections for the future that would help in taking further strategic steps?
- What is the outlook of the industry?
Casting Resin Market Report Highlights
Key Market Players
Polytek Development, Hexion, Huntsman International, Resoltech, Covestro