Published on May 27, 2014
Resins are widely used in electronic applications, coating process, construction works and adhesives, wind blades in windmill turbines, etc. In terms of utilization of resins Paints & coatings are the primary application. All these industries are creating good move for the resin industry with good demand throughout this week, told by industry sources.
Market players said that now increasing urbanization, growing building and construction industry and changing lifestyles are few of the factors driving the demand for resin. The development of building and construction industry in China and India is expected to be one of the vital factors driving the demand for resin over the next few years. Industry analysts said that in near term increasing application scope of resin in the fiberglass market coupled with growing demand for resin. They added that the artificial stone market is expected to open opportunities for the growth of the market over the next few years.
According to a resin trading company some consumer electronics manufacturers that make goods for the Japanese market are curtailing production in anticipation of a demand slump due to consumption. Demand for resins used in consumer electronics and office equipment are falling due to a slow recovery in demand. Petrochemical products used to make ABS resin are also inexpensive right now.
According to a recent study resins market is forecasted to report strong growth over the next few years as the production of resin is seen as a greener alternative due to the lower energy required to manufacture the material. Again the product development in the coating resins market has become increasingly sensitive to environment issues and strict legislation.