Global thermoset composites market is projected to grow at a formidable rate during the forecast period, 2023-2027. The market growth can be attributed to the increasing demand for lightweight materials from the automotive and transportation industries. Besides, the superior properties of thermoset composites such as low specific gravity, excellent modulus of elasticity, excellent strength, lightweight and high corrosion resistance, among others are contributing to their growing applicability across varied end-use industries, such as automotive and construction & infrastructure. Moreover, increasing demand for lightweight and durable alternative materials is expected to boost the adoption of thermoset composites. Furthermore, rising installation of wind turbines due to increased investments couples with increasing research and development proficiencies in wind energy are anticipated to boost the growth of the global thermoset composites market in the coming five years. However, high cost of thermoset composites and issues related to the recyclability and disposal might restrict their market growth.
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The global thermoset composites market is segmented on the basis of fibre type, resin type, manufacturing process, end-user industry, and region. Based on end-user industry, the market has been categorised into transportation, aerospace & défense, wind energy, electrical & electronics, marine, construction & infrastructure and others. In 2021, the wind energy segment dominated the market in terms of both value and volume owing to the increasing usage of thermoset composites for the development of wind turbine blades and spar caps. Asia-Pacific is anticipated to be the fastest-growing region in the thermoset composites market during 2023-2027, owing to the increasing investments by government and private players for installation of wind energy.
Some of the leading players in the global thermoset composites market are Toray Industries Inc., PPG Industries Inc., Owens Corning, Mitsubishi Rayon Co., Ltd., Jushi Group Co. Ltd, Teijin Limited, Chongqing Polycomp International Corporation, SGL Group, Huntsman Corporation, Hexcel Corporation, etc.
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Attribute
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Details
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Historic Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, Volume in Units, CAGR for
2017-2021 and 2022-2027
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Report coverage
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Revenue Forecast, Volume Forecast, Company
Share, Competitive Landscape, Growth Factors, And Trends
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Segments covered
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By Fibre Type
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By Resin Type
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By Manufacturing Process
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By End-User Industry
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Region scope
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Asia Pacific; Europe & CIS; North
America; South America; Middle East & Africa
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Country scope
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China, India, Japan, South Korea, Australia, Singapore,
Malaysia, France, Germany, United Kingdom, Italy, Spain, United States, Mexico,
Canada, Brazil, Argentina, Colombia, South Africa, Saudi Arabia, UAE, Qatar
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Key companies profiled
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Toray Industries Inc., PPG Industries
Inc., Owens Corning, Mitsubishi Rayon Co., Ltd., Jushi Group Co. Ltd, Teijin
Limited, Chongqing Polycomp International Corporation, SGL Group, Huntsman
Corporation, Hexcel Corporation
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Customization scope
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10% free report customization with purchase.
Addition or alteration to regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to
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Delivery Format
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