Casting Resin Market Size, Share, Growth Analysis 2032
Casting Resin Market Size and Forecast (2025 - 2032), By Type (Epoxy, Polyurethane, Silicone, Others), By End-Use Industry (Automotive & Transportation, Aerospace & Defense, Electrical & Electronics, Construction, Marine, Others), By Application (Composites, Adhesives & Sealants, Tooling, Encapsulation, Others), By Distribution Channel (Direct Sales, Distributors, Online Retail), and Geography.
Market Overview:
The global Casting Resin Market is expected to reach a high CAGR of 6.8% over the Forecast Period 2025-2032, reaching USD 12.2 billion by 2032 from USD 6.1 billion in 2024. Asia-Pacific is expected to dominate the market throughout the forecast period. The casting resin market is experiencing significant growth due to increasing demand from various end-use industries such as automotive, aerospace, and electronics.
The market is driven by growing need for lightweight, high-performance materials in manufacturing processes. Excellent options for many various applications are casting resins because of their perfect mechanical properties, chemical resistance, and adaptability. The growing electronics industry in underdeveloped countries and the expansion in infrastructure development projects help to drive market expansion even further.
Market Dynamics:
Market Trend: Growing need for environmentally friendly casting resins
Driving improvements in the casting resin sector are environmentally friendly and sustainable products. Manufacturers are developing low-VOC (Volatile Organic Compound) casting resins based on bio-based technology to meet increasing demand for ecologically friendly replacements. The causes behind this tendency are robust environmental regulations and growing consumer awareness of sustainability. Made from soybean oil, corn, and castor oil, bio-based casting resins are becoming somewhat well-known in various applications. These environmentally friendly resins provide performance equivalent to conventional petroleum-based resins even as they reduce carbon footprint. Furthermore developing solvent-free and water-based casting resins helps to reduce environmental impact and improve air quality in production plants.
Market Driver: Rising applications in the electronics and electrical industries
Electronics and the electrical sector largely drive the casting resin market. Growing demand for electronic components, circuit boards, and electrical insulating materials is driving casting resins in this sector to develop. Casting resins is essential for protecting electronic components from mechanical stress, dust, and moisture so ensuring their longevity and dependability. Low coefficient of thermal expansion and improved thermal management-oriented specialized casting resins have emerged from the shrinking trend in electronics. Moreover presenting new opportunities for casting resins in battery encapsulation, power electronics, and electrical insulation applications is the growing popularity of renewable energy systems and electric vehicles.
Market Restraint: Variation in raw material expenses
The casting resin sector finds challenges from the unpredictable nature of raw material pricing. Main basic materials used in casting resins like epoxy, polyurethane, and silicone precursors are petrochemicals. Variations in crude oil prices directly impact the cost of these raw materials, thereby affecting manufacturer production costs in turn. This volatility can affect company margins and pricing practices, thereby maybe limiting the growth of markets. Moreover compounding changes in raw material prices are supply chains disruptions and geopolitical issues. Companies are focusing on developing substitute raw materials, improving manufacturing efficiency, and applying strategic pricing policies to help to overcome this constraint thereby sustaining profitability and market competitiveness.
Segment Overview:
Epoxy Resin Dominates the Casting Resins Market:
Epoxy resin commands the largest market share in the casting resin sector, accounting for more than YY% of the overall global casting resin market in 2022. This dominance is due to the material's versatility and broad range of applications. Many end-use industries use epoxy casting resins because of their better mechanical strength, chemical resistance, and dimensional stability.
Over 65% of epoxy resin use occurs in the automotive and aerospace industries, specifically in structural applications, tooling, and composite manufacturing. As an example, the global epoxy resin market for the automotive industry was valued at roughly $YY billion in 2022 and is expected to reach $YY billion by 2031, rising at a CAGR of 5.2% over the forecast period. Furthermore, the rise of renewable energy has increased demand for epoxy resins, with a major epoxy resin producer recently revealing a new low-viscosity epoxy system specifically designed for the manufacturing of large-scale wind turbine blades, which can account for 40-50% of total blade weight. This news highlights the material's significance and rising use in the renewable energy sector.
Regional Outlook:
Asia-Pacific Leads the Market with Robust Industrial Growth
Driven by fast industrialisation and infrastructural expansion in countries such as China and India, the Asia-Pacific region controls the majority of the worldwide casting resin market, accounting for more than YY% of the market value in 2022.
Casting resins are widely employed in the region's flourishing construction, electronics, and automotive industries. China, in particular, is experiencing a considerable increase in the production of electric vehicles, increasing demand for casting resins in electrical components and battery encapsulation. The Asia-Pacific casting resin market for the automotive industry was valued at around $XX billion in 2022 and is expected to reach $XX billion by 2031, rising at a CAGR of 5.9% during the forecast period. Furthermore, the region's increasing emphasis on local renewable energy initiatives, such as wind and solar, is opening up new potential for resin use in wind turbine blade and solar panel manufacture. For example, the Asia-Pacific casting resin market for renewable energy applications was valued at $YY billion in 2022 and is predicted to expand to $YY billion by 2031, with an 6.4% CAGR.
To meet rising demand in Southeast Asia, a significant casting resin production plant is allegedly opening in Singapore, bolstering the region's position in the worldwide casting resin market.
Competitive Intelligence:
Strong competition among significant players defines the casting resin industry, which stresses product innovation, strategic alliances, and geographical development. Top companies are significantly supporting research and development to offer eco-friendly products and complex formulations in order to have a competitive edge. Market companies are also merging and acquiring in order to improve their product lines and raise their global presence.
The market share is quite spread; the top five companies account for more than 40% of the global market. Businesses are increasingly focused on building locally based manufacturing plants and regionally tailored product offers to satisfy varying consumer needs and cut transportation costs.
Major Players:
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Huntsman Corporation
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DOW Chemical Company
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Hexion Inc.
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Olin Corporation
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Ashland Global Holdings Inc.
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DIC Corporation
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Polynt-Reichhold Group
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Sumitomo Bakelite Co., Ltd.
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BASF SE
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Kukdo Chemical Co., Ltd.
Key Developments:
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Huntsman Corporation unveiled a new bio-based epoxy resin system for wind turbine blade fabrication in 2023 in order to satisfy the increasing demand for sustainable materials in the renewable energy sector.
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By finishing the development of its casting resin manufacturing facility in China in 2022, Hexion Inc. will be more suited to satisfy the fast growing Asian demand.
Analyst Opinion:
Driven by technological improvements in resin compositions and increasing demand from key end-use sectors, the Casting Resin Market is predicted to climb noticeably in the coming years. Looking toward sustainability and innovation, the market seems to be headed forward really brilliantly. The development of bio-based, high-performance casting resins with enhanced mechanical properties and minimal environmental influence is one unique trend to monitor. This inclination will most likely alter the market scene and create new opportunities for both established cast resin enterprises and new rivals
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking – Key Players
3.3. Market Share Analysis – Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. Company Profiles (Key Companies list by Country)
5. COMPANY PROFILES
5.1. Huntsman Corporation
5.2. DOW Chemical Company
5.3. Hexion Inc.
5.4. Olin Corporation
5.5. Ashland Global Holdings Inc.
5.6. DIC Corporation
5.7. Polynt-Reichhold Group
5.8. Sumitomo Bakelite Co., Ltd.
5.9. BASF SE
5.10. Kukdo Chemical Co., Ltd.
5.11. Nan Ya Plastics Corporation
5.12. Eternal Materials Co., Ltd. (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Growing demand for eco-friendly and sustainable casting resins
6.1.2. Increasing adoption of 3D printing in various industries
6.1.3. Rising use of casting resins in automotive lightweight applications
6.2. Market Drivers
6.2.1. Expanding applications in the electronics and electrical industry
6.2.2. Growing demand from the construction and infrastructure sector
6.2.3. Increasing use in the aerospace and defense industries
6.3. Market Restraints
6.3.1. Volatility in raw material prices
6.3.2. Stringent environmental regulations and health concerns
6.4. Porter's Five Forces Analysis
6.4.1. Threat of New Entrants
6.4.2. Bargaining Power of Buyers/Consumers
6.4.3. Bargaining Power of Suppliers
6.4.4. Threat of Substitute Products
6.4.5. Intensity of Competitive Rivalry
6.5. Supply Chain Analysis
6.6. Value Chain Analysis
6.7. Trade Analysis
6.8. Pricing Analysis
6.9. Regulatory Analysis
6.10. Patent Analysis
6.11. SWOT Analysis
6.12. PESTLE Analysis
6.13. Market Opportunities
7. BY TYPE (MARKET VALUE (US$ MILLION) – 2025-2031*)
7.1. Epoxy
7.1.1. Bisphenol A
7.1.2. Bisphenol F
7.1.3. Novolac
7.1.4. Others
7.2. Polyurethane
7.2.1. Aliphatic
7.2.2. Aromatic
7.3. Silicone
7.4. Others
8. BY END-USE INDUSTRY
8.1. Automotive & Transportation
8.2. Aerospace & Defense
8.3. Electrical & Electronics
8.4. Construction
8.5. Marine
8.6. Others
9. BY APPLICATION
9.1. Composites
9.2. Adhesives & Sealants
9.3. Tooling
9.4. Encapsulation
9.5. Others
10. BY DISTRIBUTION CHANNEL
10.1. Direct Sales
10.2. Distributors
10.3. Online Retail
11. REGION
11.1. North America
11.1.1. United States
11.1.2. Canada
11.1.3. Mexico
11.2. South America
11.2.1. Brazil
11.2.2. Argentina
11.2.3. Rest of South America
11.3. Europe
11.3.1. Germany
11.3.2. United Kingdom
11.3.3. France
11.3.4. Italy
11.3.5. Spain
11.3.6. Russia
11.3.7. Rest of Europe
11.4. Asia-Pacific
11.4.1. China
11.4.2. Japan
11.4.3. India
11.4.4. Australia
11.4.5. South Korea
11.4.6. Rest of Asia-Pacific
11.5. Middle-East
11.5.1. UAE
11.5.2. Saudi Arabia
11.5.3. Turkey
11.5.4. Rest of Middle East
11.6. Africa
11.6.1. South Africa
11.6.2. Egypt
11.6.3. Rest of Africa
BY TYPE:
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Epoxy
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Polyurethane
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Silicone
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Others
BY END USE INDUSTRY:
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Automotive & Transportation
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Aerospace & Defense
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Electrical & Electronics
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Construction
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Marine
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Others
BY APPLICATION:
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Composites
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Adhesives & Sealants
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Tooling
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Encapsulation
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Others
BY DISTRIBUTION CHANNEL
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Direct Sales
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Distributors
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Online Retail
BY REGION:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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