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Solid State Resins Market Size
Solid State Resins Market will register significant growth between 2024 and 2032, driven by the increased production of PET-grade resin products by industry leaders. As leading companies ramp up their manufacturing of PET-grade resins, the demand for solid-state resins, essential components in the production process, rises accordingly.
For instance, in February 2024, Indo Rama Synthetics experienced a surge in its stock value as its subsidiary initiated commercial production of 'Bottle grade PET resins.' Trading at Rs. 47.99, up by 5.22 points or 12.20% from its previous close of Rs. 42.77 on the BSE, Indo Rama Synthetics (India) achieved this milestone through its wholly-owned subsidiary, Yarns. The successful commencement of commercial production took place at the recently constructed Solid-State Polymerisation Plant, located in Maharashtra, on June 2, 2023.
These resins play a crucial role in enhancing the performance and quality of PET resin products, meeting stringent industry standards. Consequently, the Solid State Resins Market witnesses sustained growth propelled by the expanding production of PET-grade resin products by leading companies.
The Solid State Resins Industry experiences escalating demand due to continuous innovations and developments from industry leaders. Leading companies are investing in R&D to introduce advanced solid-state resin formulations and technologies. These innovations aim to enhance product performance, durability, and sustainability, meeting evolving market requirements. With a focus on improving processing efficiency and product quality, these developments drive the demand for solid-state resins across various industries such as packaging, automotive, construction, and electronics, fueling market growth and expansion.
For instance, in July 2022, SABIC introduced a prototype solid-state water meter crafted from amorphous Noryl PPO, marking its entry into this sector. With extensive experience in water management using Noryl PPO, particularly in applications involving drinking water contact, such as standard water meters, SABIC showcased its expertise by developing a prototype meeting the required mechanical performance level.
Several factors restrain the Solid State Resins Market's growth trajectory. Regulatory hurdles and compliance standards impose stringent requirements, potentially delaying product development and market entry. Technical complexities in resin formulation and processing present challenges, demanding continuous innovation and expertise. Market fragmentation and competition among manufacturers intensify, affecting pricing and profitability. Moreover, limited awareness and adoption in certain industries hinder market expansion. These constraints underscore the need for strategic planning, innovation, and collaboration to navigate challenges and capitalize on emerging opportunities in the solid state resins sector.
Solid State Resins Market Trends
The Solid State Resins Industry is witnessing notable trends driven by increasing research and development activities in the field. As scientists and engineers explore novel materials, formulations, and processing techniques, the market experiences a surge in innovative solutions. Emerging trends include the development of high-performance resins with enhanced properties such as durability, heat resistance, and sustainability. Additionally, research efforts focus on addressing environmental concerns by developing eco-friendly resins and recycling technologies. These advancements propel the Solid State Resins Market forward, shaping its future trajectory and meeting evolving industry demands.
Citing an instance, in December 2023, Keyland Polymer UV Materials, located in Barcelona, Spain, announced the inauguration of its new ultraviolet (UV)--cured solid resin development laboratory. This state-of-the-art facility was equipped with a team comprising resin chemists, Keyland's European business development manager, and technicians. The laboratory enhances Keyland's global UV resin research and development (R&D), as well as the production and sales of solid resins that are UV-cured. These resins find application in UV-cured powder coatings for both traditional substrates and heat-sensitive materials for 3D printing/additive manufacturing, additives for inks, and various other UV-cured products.
Solid State Resins Market Analysis
In terms of product type, the solid state resins industry is segmented into amorphous PET, crystallizable PET, and others. Out of these, the demand for amorphous PET will rise with growing penetration in the packaging of food items & beverages. This can be attributed to their robust abilities to provide low creep characteristics, optimum strength and stiffness, and clear visibility. Rising product penetration to offer easy molding in a diverse range of shapes and dimensions will favor the market expansion.
The solid state resins market revenue from the beverage container application, which further comprises carbonated drinks, alcoholic beverages, bottled water, dairy products, and a few others, will expand with higher penetration in the food packaging sector. Given their prolific strength, flexibility, and effective chemical resistance, the resins are largely preferred to protect food items from contamination and spoilage. These resins ensure product integrity, prolong shelf life, and enhance recyclability, aligning with consumer preferences for eco-friendly packaging. Consequently, the solid state resins industry continues to thrive, fueled by the beverage industry's demand for high-quality packaging materials.
Asia Pacific will record significant consumption of solid state epoxy resins on account of the socio-economic dynamics and improving per capita spending in the region. The region benefits from a robust manufacturing infrastructure and skilled labor force, enabling efficient production processes. Additionally, increasing demand across various end-user industries, such as automotive, electronics, packaging, and construction drives market growth. Moreover, favorable government policies, rising investments in research and development, and expanding industrialization further propel the solid-state resins market in the Asia Pacific, making it a prominent hub for industry innovation and expansion.
Solid State Resins Market Share
Major companies operating in the solid state resins industry competitive landscape include:
- Teijin Ltd.
- INEOS (INEOS Limited)
- Exxon Mobil
- Dhunseri Petrochem Ltd. (Dhunseri Investments)
- Lyondell Basell,
- Dow Chemical (Dow Inc.),
- LG Chem (LG Corp),
- Lanxess
- Polyplex
- SABIC (Saudi Aramco)
- Chevron Phillips (Chevron USA Inc., Phillips 66 Company)
- Polyquest
- ENI
- Neo Group
- BASF
Solid State Resins Industry News
In June 2021, PolyQuest Inc., headquartered in Wilmington, North Carolina, a distributor of polyethylene terephthalate (PET) resins and a manufacturer of recycled PET resins, provided additional information regarding its expansion project in Darlington, South Carolina. The company had initially disclosed its intention to invest in its PET recycling operation in Darlington in September 2020.