“Resin Market”– High market demand for resins.


Overview:

History and Origin of Resin

Resin’s been here for quite some time. In a wide variety of areas, such as art supplies, wooden paints, fragrances, soap and so on, it is widely used. It is from ancient Greece that the first evidence of use with resin was found. However, the world of resins has recently come into its own with chemicals like Epoxy Resins. In the 1930’s, a chemist found an essential chemical reaction in epoxy resins. In 1934, Paul Schlack obtained patent on Epoxy Resin. In parallel, different claims have been made regarding the bisphenolA based epoxy resins. One of the appellants was Pierre Castan, a Swiss chemist who went on to become one of the most famous inventors of epoxy resins with Paul Shlack. The Resin Market size was USD 532.6 billion in 2022 and is expected to Reach USD 780.99 billion by 2030 and grow at a CAGR of 4.9% over the forecast period of 2023-2030, According to SNS Insider Research Report.

One of the following categories includes natural resins:

Rosins – Resins derived from the pitch of pine trees. Rosin is used in the manufacture of wood varnishes, paints, adhesives and a number of other substances.

Oleoresins – Organic resins that contain the essential oils of plants.

Gum Resins – Natural mixtures of the actual gum and synthetic resins, namely natural rubber, gutta percha, gamboge, myrrh or olibanum.

Fossil Resins – The resins obtained from ancient wood which have been subjected for a great deal of time to chemical modification.

The current challenges in the resin market have also led to complications involving:

  1. Product quality
  2. Cost of goods

Timeliness of delivery Depending on the grade, virgin resin prices are up 30% to 50% from a year ago a significant problem because landed resin material constitutes more than 60% of manufacturers’ total cost of goods sold. This is compounded by the fact that railcar deliveries are becoming increasingly unreliable, exacerbated by hoarding and the inability to use the resin already in the inventory that does not meet the technical specifications.

Globalization and diversification of resins supply

Many pharmaceutical companies have been forced to rethink their supply chains as a result of the supply chain disruption caused by the first wave of the COVID-19 outbreak in 2020, which has led to changes in the resins industry. In order to mitigate the risk of local disruption, which could lead to delays in supplies, pharmaceutical companies began moving away from over reliance on raw materials from any single geographical area and have diversified their networks with multiple partners across a range of markets. Purolite’s team is prepared to deal with these issues in an agile and effective manner.

For example, there is a distinct advantage in attracting new customers looking to mitigate against future disruptive effects for suppliers who have global footprint and are able to demonstrate the quality of their supply chain. As part of our planned expansion in the dualcontinent, Purolite’s supply to market is facilitated and we help pharmaceutical firms optimize their supply chain security.

Pharmaceutical companies will continue to monitor their supply networks in 2022. Suppliers will continue to stand out on the strength of their ability to demonstrate a flexible approach in resolving these supply chain reliability concerns. In response to these concerns, the Purolite team is committed to being agile and responsive. We are working with our customers to achieve full understanding of their pain points and provide the best supply solutions in Purolite.

Recent Developments

BASF has developed advanced technologies in the field of Acrylic Resins. One recent example is a new hydroxyl functional acrylic resin dispersion for waterborne, 2K polyurethane, DTM coating applications that, according to Stewart, provide performance comparable to solventborne technologies. With a reduced viscosity and low demand for isocyanate, compositions made from this new type of resin exhibit high durability, flow and leveling with the additional benefit of being very easy to work with,”

For instance, Evonik has been working to develop special resins based on silicone hybrid technology. The technology platform allows the creation of more low viscous resins with a high solidity, which has an OH functional range and offers non fluorocyanate curing mechanisms. Furthermore, traditional processing and application equipment may be used without the need to invest in new production or use technologies.

Conclusion:

An understanding of the different types of resins has been provided in this article. Due to the growing demand from a variety of enduse industries, the resin market is expected to remain an important sector that will be further expanded over the years ahead. But there will be many challenges facing the industry, ranging from increasingly stringent rules to the impact of the COVID19 Pandemic. To keep up with the competition and sustain growth, industry must adapt to these challenges.

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