Resin Capsules Market

Resin Capsules Market Size and Growth ( 2023-2028)

The Resin Capsules Market is projected to grow from USD 1022.8 million in 2022 to USD 1,347.5 million by 2028, with a CAGR of 4.57% during the forecast period 2023-2028

The resin capsule includes various types of polymeric or monomeric resins and catalyst components packaged in a cartridge/capsule form. The resin capsules, during installation, are inserted into the anchor hole and break with the rotation. With this, the catalyzed resin spreads around the anchor bolt and joins the annulus. During mixing, a chemical reaction takes place between the two components which further improves the mechanical strength, high performance, and service life of the equipment. Resin capsules in the construction industry are used in high-strength fasteners and withstand high loads in concrete. It is used in the construction of tunnels and dams because they offer rigidity, high strength, easy installation, and maintenance. According to Oxford Economics, the global construction industry will reach $ 13.4 trillion in 2022 and account for nearly 16% of global production, mainly driven by infrastructure development. Also, to increase connectivity, many countries are investing heavily in road and airport construction, which is likely to help resin capsules' market share to grow over the stipulated period, 2020-2025.

Mining was the largest end-user segment in the resin capsule market and accounted for over 65% share in 2020. Resin capsules are used to secure anchor bolts to sidewalls and roofs in the mining industry. Allows easy installation on ceiling mount and reduces human error. The increase and tightening of safety standards in the mining sector will stimulate demand for the product in the years to come. In addition, the fast-growing mining industry in Asia-Pacific will positively impact the demand for resin capsules during the forecast period. According to Forbes, China is responsible for about 47% of global coal production and more than 50% of demand. Due to the growing energy demand from the manufacturing industry in the country, China's coal production is increasing at a healthy CAGR in recent decades. China approved nearly $ 6.8 billion in new coal mines last year, with its coal output increasing by more than 6% to more than 3.7 billion tonnes in 2021.

Drivers in the Resin Capsules Market:

The resin capsule consists of a structural adhesive grout and a resin, such as an unsaturated polyester resin and a threaded rod or rebar, which is inserted into a drilled hole, to develop its capacity of the hold by bonding the adhesive grout to both the anchor as concrete. Growing concerns about safety in underground mines, due to the failure of the tunnel, have boosted the demand for resin capsule bolts. The demand for greater flexibility in the planning, design, and reinforcement of concrete structures has resulted in higher consumption of chemical cement anchors. Therefore, due to the above-mentioned factors, the application of resin capsules of the mining industry is likely to predominate during the forecast period. Resin capsules play an essential role in supporting mining excavations. It is mainly used as an anchoring medium for anchor bolts and cable bolts and provides the necessary support on the roof and side walls of underground excavations. It improves the inherent strength of rock mass stabilization and can be used with hydraulic and pneumatic-type bolts. Due to the operational ergonomics of the resin/bolt system, the installation time of the anchor bolts has been significantly reduced. In addition, with the increasing use of resin capsules, accidents caused by the movement of strata in underground mines have been greatly reduced.

Restraints in the Resin Capsules Market:

The shelf life of resin capsules does not exceed 6 months, which makes storage in large quantities extremely difficult. Exposure to sunlight and heat also shortens their lifespan. Moreover, fluctuations in raw material prices and severe health consequences are key factors that are expected to hamper the growth of the global resin capsules market during the forecast period. Rapid technological innovations have led to the development of very advanced equipment, the purchase of which is expensive.

RESIN CAPSULES MARKET REPORT COVERAGE:

Market Segmentation:

Resin Capsules Market - By Type:

• Polyester

• Epoxy

• Acrylic

• Others(vinyl ester, phenols, and amines)

Ultra-fast resin capsule was the top-grossing product type in 2022 - 2027 and is expected to grow at a significant CAGR of 5.8% over the forecast period. The quick setting time is the main benefit as you will see the highest growth rate by 2025. It is used in hole-end mining to quickly seal the bolt. Slow resin capsule was one of the main product types in the resin capsule market and is expected to experience substantial growth in the coming years. It is mainly used at the end of the hole for fixing and grouting.

Resin Capsules Market - By Catalyst Type:

• Organic peroxides
• Oil-based
• Water-based

The demand for organic peroxide resin capsules is increasing with rapid CAGR in recent years. This can be attributed to the rapid industrialization and urbanization in Asia Pacific. The water-based resin capsule was the main market share of resin capsules and accounted for over 37% of the demand in 2020. Improves mixing quality, consistency, encapsulation and reduction of formulation costs. The rapidly growing mining industry in countries such as China, India, Indonesia, and Russia will positively impact the size of the water-based resin capsules market in the coming years.

Resin Capsules Market - By End-Use:

• Construction

• Mining

• Manufacturing

• Others(marine and oil & gas)

Construction was one of the most lucrative end-user segments in the resin capsules market share in 2022 - 2027 and is expected to grow at a CAGR of over 5% during the forecast period. In construction, it is used in bolting applications in the construction of tunnels and dams. The increasing development of road infrastructure and connectivity around the world will drive the growth of the resin capsules market in the years to come. The Chinese government launched the One Belt One Road (OBOR) initiative in 2015 to revive the ancient Silk Road and increase connectivity between China and other regions. The Chinese government will invest more than 1.6 billion USD in it. These initiatives are likely to stimulate product demand during the forecast period. In addition, most of these roads pass through mountainous areas such as Gilgit-Baltistan, where a large number of tunnels are built.

Resin Capsules Market - By Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

Asia-Pacific is expected to dominate the resin capsules market during the forecast period. The rising call for resin capsules, along with the rise of mining and construction practices in developing countries such as China and India, is anticipated to drive the call for resin capsules in the region. The largest producers of resin capsules are in Asia-Pacific. The process of urbanization and the gross output of China's construction industry increased from $ 0.22154 trillion to $ 2.821 trillion. Due to the above-mentioned factors, the resin capsules market in the Asia-Pacific region is expected to witness significant growth during the study period. Australia and India have shown significant growth in mining production in recent years. For example, according to the Australian Bureau of Statistics (ABS), Australian mining production in recent years has grown at a CAGR of almost 3%. Coal mining production in the country has increased from USD 12.4 billion in 2002 to USD 67.8 billion in 2020. In addition, the growth of construction and mining industries in the Middle East and Africa will impact positively on product demand during the forecast period.

COVID–19 Impact on Resin Capsules Market:

The COVID-19 pandemic is likely to affect the mining industry in several ways. Gold is expected to remain dynamic, as are coal and uranium thermally, but iron ore, for example, is expected to come under increased pressure as it is fully exposed to consumer demand. There are direct mine closures because of viruses or lack of personnel, which is anticipated to have a bad impact on the resin capsules market.

Resin Capsules Market Key Players:

1. Sika AG
2. Minova
3. DYWIDAG-Systems International
4. Koelner Rawlplug IP
5. Sormat Oy
6. fischer fixings UK Ltd
7. Arkema
8. Hexion
9. Mungo Befestigungstechnik AG
10. Polygon Chemicals Private Limited
11. Fosroc, Inc
12. Kee Safety Ltd
13. Kunal ConChem Pvt. Ltd.
14. TIMco
15. SAGAR ENTERPRISES
16. Forgefix Ltd
17. Laxmi Engineering Works
18. Candorr International