Casting Resin Market Size 2024-2028: Growth, Trends, and Insights

The global casting resin market is set to experience substantial growth, with an estimated increase of USD 2.54 billion at a CAGR of 6.78% from 2023 to 2028. This surge is attributed to significant demand from key industries, particularly the automotive sector and the renewable energy sector, driving adoption across various applications.

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Market Dynamics

The casting resin market benefits from a diverse range of applications, utilizing synthetic resin to create intricate molds for prototypes and pilot designs. The rise of polymeric compounds, including polyurethane resins, epoxy resins, and unsaturated polyesters, is pivotal in producing durable items in sectors such as medical devices, electronics, and jewelry. The jewelry industry and the arts and crafts sector are also witnessing increased usage of these materials for small-scale production of models, figures, and decorative items.

Furthermore, the integration of 3D printing technologies is pushing the market forward, with the polyester resin segment and the polyurethane resin category driving innovation in additive manufacturing. The DIY and toys sectors are also significant contributors, leveraging high-density materials for various casting applications.

Key Market Drivers

1. Automotive Industry Demand: The rising demand for complex, lightweight components is propelling the use of resin casting in the automotive industry. Manufacturers are increasingly utilizing cast iron to create essential engine components such as bushings, cylinder heads, shock absorbers, and brake blocks. The shift toward higher horsepower engines is especially evident in the heavy commercial vehicle and tractor segments, leading to increased consumption of cast iron. Additionally, the economic recovery in the U.S. automotive industry is further driving this growth, bolstered by improved production capacities and rising vehicle sales.

2. Wind Energy & Renewable Sector: The renewable energy sector, specifically wind turbine manufacturing, is becoming a key contributor to the growth of the casting resin market. The adoption of resin castings for renewable energy applications is expected to continue driving market demand.

Significant Market Trends

1. Waterborne Polyurethane Coatings: One of the significant trends is the growing adoption of waterborne polyurethane coatings. These coatings, widely used across industries like automotive, construction, aerospace, and oil and gas, offer excellent abrasion resistance, heat resistance, and superior adhesion. With a growing focus on reducing VOCs and hazardous air pollutants, these coatings have gained popularity due to their low toxicity and cost-effectiveness.

2. Integration with 3D Printing: The continued integration of polyurethane resins in 3D printing is expected to revolutionize casting techniques. As 3D printing becomes more prevalent in various sectors, demand for polymeric compounds for rapid prototyping and small-scale manufacturing will rise.

Major Market Challenges

Despite its growth, the casting resin market faces challenges, particularly from volatile raw material prices. The fluctuating costs of materials such as steel castings and iron ore are putting pressure on manufacturers. In response, many producers are turning to vertical integration to manage raw material costs better. However, this approach may lead to compressed profit margins, especially for casting producers who must navigate the rising cost of steel scrap sourced primarily from the packaging sector.

Market Segmentation

By Type:

• Polyurethane: Estimated to witness significant growth during the forecast period, polyurethane resins are used in surface coatings across multiple industries, including automotive and construction. These coatings provide high durability and resistance, crucial for industries that require long-lasting finishes.

• Epoxy

• Unsaturated Polyester

By End-User Industry:

• Automotive

• Building and Construction

• Electrical and Electronics

• Transportation

• Others

Regional Market Trends

The APAC region is expected to contribute significantly to the growth of the casting resin market, with a 61% market share during the forecast period. followed by Europe, North America, Middle East & Africa and South America.The region's growth is primarily fueled by the booming commercial and residential construction sectors in countries like China, India, and Indonesia. These economies' rapid urbanization, coupled with growing foreign investments, will continue to drive demand for casting resins in industries like wood and furniture, automotive, and electronics.

Key countries and regions expected to see substantial growth include:

• China

• India

• Indonesia

• Saudi Arabia

• South Africa

• Brazil

• U.S.

• Canada

• U.K.

• Germany

• France

Market Research Overview

The global Casting Resin Market has experienced robust growth, driven by the increasing demand for various types of resins like epoxy resin, polyurethane resin, and polyester resin. These resins are widely used in industries such as automotive parts, aerospace components, and construction materials, where high-performance materials are crucial. Advancements in composite manufacturing have made mold casting and resin curing processes more efficient, enabling the production of more durable and reliable products. The popularity of thermosetting polymers and thermoplastic resins has also soared, due to their superior heat resistance, chemical resistance, and high durability. Industrial coatings and adhesive bonding further boost the versatility of casting resins in applications requiring corrosion resistance and impact resistance. These materials are also essential in casting molds, fiber reinforcement, and resin infusion techniques, allowing manufacturers to create polymer composites with exceptional strength and flexibility. Notably, vacuum casting methods have become more popular, helping to reduce resin shrinkage and enhance surface finish, making the casting process more precise.

Key Players in the Market

Several key players are leading the casting resin market, employing strategic initiatives like mergers, acquisitions, and geographic expansion to enhance their market presence. Notable companies include:

• Aditya Birla Management Corp. Pvt. Ltd.: Offers a range of casting resins such as Epoxy Resin.

• Alchemie Ltd.

• ASAHI YUKIZAI CORP.

• Atul Ltd.

• 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.

These companies are leveraging their R&D investments to develop innovative bio-based and sustainable resins, catering to evolving consumer preferences for environmentally friendly materials.

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Research Analysis Overview

The analysis of the Casting Resin Market reveals growing interest in flexible resins and rigid resins, particularly in resin lamination and resin bonding for structural components. These resins are designed to offer enhanced dielectric strength, UV stability, and low shrinkage, which are key features for applications in electrical insulation and high-performance casting techniques. Furthermore, the use of resin additives and resin fillers has improved the thermal conductivity, resin hardness, and overall performance of the material. Innovations in resin formulations continue to meet the demands of casting techniques for aerospace components and automotive parts that require high precision. Additionally, resin viscosity management is crucial for optimizing resin processing and ensuring a smooth, efficient casting process that enhances the overall surface finish and product quality.