Global Thermoset Composites Market Size By Fiber Type, By Resin Type, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Thermoset Composites Market size was valued at USD 46.21 Billion in 2024 and is projected to reach USD 122.48 Billion by 2031, growing at a CAGR of 7.93%during the forecast period 2024-2031.
Global Thermoset Composites Market Drivers
The market drivers for the Thermoset Composites Market can be influenced by various factors. These may include
Growing Needs In The Automotive And Aerospace Sectors Because thermoset composites are strong yet lightweight, they are becoming more and more used in automotive and aerospace applications where durability, performance, and fuel economy are essential.
Growing Demand For Renewable Energy The demand for thermoset composites in this market category is driven by the renewable energy sector, specifically wind energy, which uses them to make strong, lightweight wind turbine blades.
Increasing Infrastructure Development Because thermoset composites are strong, long-lasting, and resistant to corrosion, the construction sector employs them for a variety of applications, including pipelines, bridges, and panels. These qualities are essential for the successful completion of modern infrastructure projects.
Developments In Manufacturing Technologies The potential uses of thermoset composites are growing, and their production costs are decreasing, thanks to ongoing improvements in manufacturing methods including automation, 3D printing, and resin infusion techniques.
Tight Environmental Regulations The adoption of lightweight materials like thermoset composites, which improve fuel efficiency and lower greenhouse gas emissions in the transportation sector and other areas, is being pushed by environmental regulations that aim to promote sustainability and reduce carbon emissions.
Growing Emphasis On Lightweighting The need for thermoset composites is fueled by the growing emphasis on lightweighting in the transportation, aerospace, and consumer goods industries. This is done to increase fuel economy, lower transportation expenses, and improve overall performance.
Growing Demand In Emerging Nations The demand for thermoset composites in a variety of applications, from construction to automotive, is being driven by emerging nations’ rapid industrialization and urbanization as well as their rising disposable income.
Replacement Of Conventional Materials Because of their better mechanical qualities, resistance to corrosion, and adaptability in design, thermoset composites are frequently used in place of conventional materials like metals and plastics in a variety of applications.
Research And Development Expenditures By keeping up the pace of research and development, thermoset composites’ performance, longevity, and affordability are being enhanced, which is spurring innovation and growing their market potential.
Transition To Sustainable And Eco-Friendly Materials As consumer demand for environmentally friendly and sustainable products grows, manufacturers are looking into alternatives like thermoset composites, which have advantages over conventional materials in terms of recycling and carbon footprint reduction.
Global Thermoset Composites Market Restraints
Several factors can act as restraints or challenges for the Thermoset Composites Market. These may include
High Cost Thermoset composites can be more costly than conventional materials like metals or plastics, which may prevent them from being widely used, especially in sectors where cost is a factor.
Processing Difficulties Thermoset composites can be complicated to manufacture and require specialized tools and knowledge, which drives up production costs and extends lead times.
Limited Design Flexibility Because thermoset composites cannot be remelted or reshaped once they have hardened, they usually offer less design flexibility than thermoplastics. This constraint may limit their suitability for use in specific sectors or contexts.
Environmental Concerns Certain thermoset composites are difficult to recycle or contain dangerous chemicals, which raises regulatory concerns and causes environmental problems, especially in areas with tight environmental laws.
Brittleness Although thermoset composites are very strong and stiff, they can be more brittle than metals or thermoplastics. This could make them less suitable for some applications, particularly those that call for impact resistance.
Thermoset Composites Are Up Against Competition from alternative materials including metals, thermoplastics, and natural fibers, which can provide better or comparable qualities at a cheaper cost or with simpler manufacturing.
Disruptions In The Supply Chain The manufacturing and accessibility of thermoset composites can be impacted by supply chain disruptions, such as changes in the cost or availability of raw materials, which can hinder market expansion.
Lack Of Standardization Customers may be reluctant to invest in materials with unknown or unproven qualities, which can impede the general adoption of thermoset composites in the absence of defined testing procedures and performance standards.
Global Thermoset Composites Market Segmentation Analysis
The Global Thermoset Composites Market is Segmented on the basis of Fiber Type, Resin Type, and Geography.
Thermoset Composites Market, By Fiber Type
Carbon Fiber
Glass Fiber
Others
Based on Fiber Type, The market is segmented into carbon fiber, glass fiber, and others. The glass fiber segment accounted for a leading market share in the Global Thermoset Composites Market by fiber type. It is because glass fibers are significantly more cost-effective compared to carbon fiber composites. Glass fibers also have greater strength, resistance to corrosion, low conductivity for electricity, and better strength-to-weight ratio, which contribute to their market demand.
 Thermoset Composites Market, By Resin Type
Polyester Resin
Vinyl Ester Resin
Epoxy Resin
Phenolic Resin
Polyurethane Resin
Others
Based on Resin Type, The market is segmented into polyester resin, vinyl ester resin, epoxy resin, phenolic resin, polyurethane resin, and others. The polyester segment accounted for the largest share of the Global Thermoset Composites Market by resin type. Polyester resins have better resistance to water and chemical corrosion and heat resistance and are also relatively cost-effective. The epoxy resin segment also has a significant market share to compete for the leading position.
Thermoset Composites Market, By Geography
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
So, when we look at the world region by region – like North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America – we can see how the Global Thermoset Composites Market breaks down. The Asia Pacific area really leads the way, mainly because of their strong consumer electronics and construction industries. And let's face it, China is a giant in electronics, thanks to its affordable labor and tech focus. That's why they're also a big deal in the Thermoset Composites Market. But hey, it's not just China! India is growing like crazy, and that's definitely caught the eye of the major players.
Key Players
The major players in the Thermoset Composites Market are
Accurate Plastics Inc.
Advanced Composite Structures Australia Pty Ltd.
C2 Composites
Connora Technologies
PolyOne Corporation
Lingol Corporation
Mar-Bal, Inc.
Owens Corning
JEC Group
Hexcel Corporation
Mitsubishi Chemical Corporation
Teijin Aramid BV
SGL Carbon
Huntsman International LLC
Arkema
PPG Industries Inc
Carbon Mods
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Owens Corning, JEC Group, Hexcel Corporation, Mitsubishi Chemical Corporation, Teijin Aramid BV, SGL Carbon, Huntsman International LLC, Arkema, PPG Industries Inc, and Carbon Mods
SEGMENTS COVERED
By Fiber Type
By Resin Type
By Geography
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