Global Casting Resin Market 2019 - 2023
About this market
Increasing adoption of casting resins in medical device production to drive growth in the market. Owing to their excellent mechanical properties and ease of design, casting resins such as epoxy resins, and polyurethanes are preferred for the manufacture of medical device displays, trailing aids, a prototype. Technavio’s analysts have predicted that the casting resin market will register a CAGR of more than 6% by 2023.
Growing adoption of casting resins in industrial sector
Casting resins such as polyurethane and epoxy designs find extensive applications in rapid prototyping and 3D printing and thermoforming in several end-user industries such as food, medical, and general retail.
Increase in prices of raw materials
With the several key producers in the US, Western European companies, and India dependent on raw material imports from China, the steady increase in the prices of raw materials is expected to hamper the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the casting resin market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Covestro and Hexion the competitive environment is quite intense. Factors such as the increasing adoption of casting resins in medical device production and the growing adoption of casting resins in industrial sector, will provide considerable growth opportunities to casting resin manufactures. Covestro, Hexion, Huntsman International, Polytek Development, and Resoltech are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Casting Resin Market 2019-2023
Technavio recognizes the following companies as the key players in the global casting resin market: Covestro, Hexion, Huntsman International, Polytek Development, and Resoltech.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend increasing adoption of casting resins in medical device production.”
According to the report, one of the major drivers for this market is the growing adoption of casting resins in industrial sector.
Further, the report states that one of the major factors hindering the growth of this market is the increase in prices of raw materials.
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