Published on May 5, 2014

Industry analysts said that resins market is forecast 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. They added that there is a significant level of manufacturing of coatings, adhesives and inks which specify the major target markets of resins in India.

Recently a research report said that the Indian composites industry is growing rapidly and is projected to grow at a Compound Annual Growth Rate (CAGR) of 18.5 per cent over the next five years. According to this report enlargement in population and resource shortages are the major factors pouring the demand for resins worldwide. It says that the Asian coating resins industry is growing with a fast pace owing to intensification in the paint and coating sector.

Industry sources said that currently higher manufacturing activities and appearance of appliances are encouraging growth to the Resins industry. They added that the demand for high-performance coatings, adhesives and inks within the electronics and industrial coating end-use segments is helping drive increased demand for UV curable resins within Asia.

According to market players global manufacturing activity and the emergence of new applications are growth driving factors for this industry. Again the product development in the coating resins market has become increasingly sensitive to environment issues and strict legislation. Growing investments in R&D, technological advancements and product innovations are expected to yield newer varieties of stronger, durable, eco-friendly resins in the market.