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The casting resin market size is estimated to grow by USD 2.54 billion at a CAGR of 6.78% between 2023 and 2028. The market is experiencing significant growth due to increasing demand from various industries, particularly the automotive sector. Automakers are increasingly turning to resin casting for manufacturing complex and lightweight components, leading to increased market demand. Additionally, the use of simulation-based castings is on the rise, enabling more accurate and efficient production processes. Furthermore, the renewable energy sector is also contributing to the growth of the resin casting market. The increasing adoption of resin castings in wind turbine manufacturing and other renewable energy applications is driving demand for this technology. Overall, the resin casting market is poised for continued growth, fueled by advancements in technology and increasing demand from key industries.
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The market is expanding with diverse applications across various industries. Plastic casting techniques utilize synthetic resin to create intricate molds for pilot designs and prototypes. Polymeric compounds such as polyurethane resins, epoxy resins, and unsaturated polyesters are pivotal in producing durable items ranging from medical devices to electronic gadgets and electronic parts. The jewelry industry and decor industry benefit from these resins in small-scale jewelry production and arts and crafts sector applications, including models and figures. 3D printing industry integration is growing, with polyester resin market segment and polyurethane resin category driving innovation. Additionally, do-it-yourself projects and the toys sector leverage these materials for high-density plantations and aluminum and sheet castings. The polymeric compound is poured into a mold where it polymerizes to form a solid, durable shape. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand from the automotive industry is driving growth in the market. Cast iron is used extensively for making engine components, e.g. bushings, cylinder heads, shock absorbers, car bodies, suspension systems, and steering elements with the use of control arm shafts, brake blocks, drum drums, crankshafts, camshafts or heavier-duty gears to be produced in the vehicle industry. Engines that deliver higher horsepower are driving the shift in the heavy commercial vehicle and tractor segments, which will improve the use of components, such as cylinder blocks and cylinder heads, and thereby will increase the consumption of cast iron during the forecast period.
Moreover, The automotive industry in the U.S. is expected to rise rapidly on a number of factors including economic recovery and growth in the country, which has resulted in an increase in auto purchases over the forecast period. The improved production capacities of major manufacturers across the region to meet the needs of customers to remain competitive in the market. These aspects are expected to contribute to the increased use of iron casting in the automobile industry and, hence, will boost the growth of the market in focus during the forecast period.
The increasing demand for waterborne polyurethane coatings is a primary trend in the market. There are many advantages to using waterborne polyurethane coatings, which are widely utilized in the automotive, building and construction, marine, oil and gas, aerospace, and mining sectors. These coatings are used as primers as they offer excellent resistance to heat and abrasion and provide superior adhesion. Due to low VOC levels and hazardous air pollutant (HAP) emissions, waterborne polyurethane coatings are less toxic and flammable.
However, unlike solvent-borne coatings with severe environmental impact, waterborne polyurethane coatings release fewer organic compounds. In comparison with solvent-based coatings, waterborne polyurethanes do not require additives, thinners or stiffeners to be used and are comparatively more cost-efficient. The demand for waterborne polyurethane coatings is growing at a considerable rate worldwide, which will, in return, fuel the growth of the casting resins market during the forecast period.
Volatile raw material prices are a major challenge faced by the market. Due to the volatility in raw material prices and a declining price of steel castings, major producers worldwide are under increasing pressure to increase their profit margins. This has a greater impact on steel producers that maintain long-term raw material supply contracts. Therefore, these producers are integrating their upstream operations vertically to overcome these issues and remain competitive in the market. Also, vertical integration will allow them to gain more control over raw material prices.
Moreover, to remain competitive, many steelmakers have invested a considerable amount in R&D to differentiate their products from those of other manufacturers. Moreover, this would lead to a squeeze on the profit margins of producers of casting and thus hamper their growth. A major source of steel scrap is the packaging sector. Thus, the fluctuating prices of iron ore also affect the demand for steel scrap, and as a result, it will pose a significant challenge to the market in focus during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aditya Birla Management Corp. Pvt. Ltd. - The company offers casting resin such as Epoxy Resin.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The polyurethane segment is estimated to witness significant growth during the forecast period. Polyurethane coatings are used as surface coatings that have organic units of urethane links or even thermoplastic polyurethanes. Polyurethane surfaces are good for use in a variety of sectors, owing to their characteristics such as superior resistance and durability, such as automotive, construction, and wind energy.
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The polyurethane segment was the largest segment and was valued at USD 3.81 billion in 2018. Polyurethane paint can be used for a wide range of applications, such as wood coating, flooring, automotive, buildings, and construction. Polyurethane offers a very high-end premium finish to wooden surfaces. It is available in various finishes, such as high-gloss, semi-gloss, and satin. The durability of the polyurethane coating is not impaired by the amount of gloss in the topcoat; however, every subsequent coat brings it to a smooth finish.
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APAC is estimated to contribute 61% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth in the commercial and residential construction sector and the increasing investments in economic development in the region are likely to fuel the demand for casting resins in end-user industries such as wood and furniture, electrical and electronics, automotive, and transportation. Such new infrastructure developments are expected to fuel the demand for polyurethane coatings during the forecast period. Per capita income in the APAC region has risen as a result of developing countries' growth, including India, China, Indonesia, and others, which is accompanied by increased foreign investments.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Epoxy Resin Market: Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, India, Japan, Germany - Size and Forecast
Blow Molding Resin Market: by End-user and Geography - Forecast and Analysis
Blow Molding Machinery Market: Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Germany, India, UK - Size and Forecast
The market is thriving with innovations in sustainable materials and bio-based resins, offering environmentally friendly resins for various applications. Polymeric compounds and polymers used in manufacturing processes are key for producing high-performance materials like lightweight materials with superior adhesion properties and thermal stability. These resins are essential for small-scale jewelry production, innovative toys, and do-it-yourself projects, while also meeting sustainable packaging standards in food contact materials and food packaging. Architectural applications benefit from aesthetically pleasing building materials, and consumer electronics leverage fiber materials for vehicle weight reduction and fuel efficiency. The market also emphasizes customization and efficient logistics and distribution networks to support product development and adapt to evolving consumer preferences. In small scale jewelry production and do it yourself projects, the use of bio-based resins and renewable casting resins is growing, as these polymeric compounds can be easily molded and polymerize effectively, while also supporting artistic pursuits and offering customization options, all within a streamlined supply chain that optimizes the use of raw materials and fiber material.
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Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
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Market growth 2024-2028 |
USD 2.54 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.23 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 61% |
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Key countries |
China, US, Germany, India, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aditya Birla Management Corp. Pvt. Ltd., Alchemie Ltd., ASAHI YUKIZAI CORP., Atul Ltd., carbonblack composites, Chang Chun Group, CHEMZEST, China Petrochemical Corp., Covestro AG, DIC Corp., Gougeon Brothers Inc., Hexion Inc., Huntsman International LLC, Kolon Industries Inc., Kukdo Chemical Co. Ltd., Polytek Development Corp., RESOLTECH SAS, Schmid Industrieholding GmbH, Specialty Resin Chemical, and Suzhou Xingye Materials Technology Co. Ltd. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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