Resins are viscous or solid substances generally containing prepolymers with reactive groups. Resins that are used in composites manufacturing are termed as composite resins. A composite is a mixture of at least two distinct materials possessing different properties, which when combined together, provide superior performance. MarketsandMarkets projects the global carbon fiber resin to grow from USD 292.7 million in 2016 to reach USD 532.7 million by 2021, at a compound annual growth rate (CAGR) of 12.7% from 2016 to 2021. The increasing demand for carbon fiber s from end-use industries is driving the carbon fiber resin market.
The key players in the carbon fiber resin market are Huntsman Corporation (U.S.), Alpha Owens-Corning (U.S.), BASF SE (Germany), Hexion Inc. (U.S.), Kukdo Chemical Co. Ltd. (South Korea), Ashland Inc. (U.S.), Olin Corporation (U.S.), and so on. These players have adopted various strategies to expand their global presence and increase their market shares. New product launches, partnerships, agreements, collaborations, joint ventures, and capacity expansion are some of the major strategies adopted by the market players to achieve growth in the carbon fiber resin market.
In 2014, many new carbon fiber resin were launched by key players to strengthen their product portfolio. The year 2014 also saw substantial number of expansions between carbon fiber resin manufacturers. New product launches and expansions were the key strategies adopted by the manufacturers for expanding their share in the carbon fiber resin market.
Alpha Owens-Corning developed an epoxy vinyl ester resin to be specifically used with carbon fiber. The new product development helped the company to cater the increasing demand for high performance composites used in aerospace, wind energy, and automotive among other industries. As a part of its growth strategy, the company is mainly focused on new product development strategy for meeting the requirements of end-use industries. The company is focused toward gaining its leadership position in the global resin market
Huntsman Corporation introduced Araldite resin system for its use in Lamborghini’s Aventador car. The resin system was used to make carbon fiber chassis. The new product development helped the company to meet the increasing demand of lightweight composite components in the automobile industry. The development of these products will enhance the competitive edge of the company and improve the performance of carbon fiber resin, which will support the growing demand. Huntsman Corporation increased its global production of all types of specialty epoxy resins at its McIntosh, Alabama facility. The company also invested significantly in expanding its capacity to produce resins in both North America and Europe.
Carbon fiber resin manufacturers worldwide are continuously upgrading their products and services to provide high standard carbon fiber resin which can be combined with carbon fiber. North America accounts for the largest share in the global carbon fiber resin market and also offers potential growth opportunities for carbon fiber resin which are used in various applications such as aerospace & defense, wind energy, automotive, sporting goods, and among others.
