Thermoset Resin Composite Market Size, Share, Growth, And Industry Analysis by Type (Polyester, Epoxy, Vinyl ester & Polyurethane) by Downstream Industry (Automotive, Machinery Manufacturing, Healthcare, Military Industry & Others) and Regional Forecast to 2032

Updated On: 02 September 2024

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THERMOSET RESIN COMPOSITE MARKET REPORT OVERVIEW

The global Thermoset Resin Composite Market is projected to reach USD 10839.4 million in 2032, increasing from USD 8799.4 million in 2023, with the CAGR of 2.11% during the period of 2024 to 2032.

Composites made from thermoset resins are simply polymers with fibres or fillers in them. While thermoplastics can be melted and turned into other things like thermoset resins will not change once they have been created since they react chemically when curing process which means they become hard forever after this reaction happens so you can never add water back into it or anything else which might make it weak . However, curing these thermosets typically involves some form of energy like raising temperature or using an accelerator hence making them so tough compared to other forms thereby maintaining the ability of retaining their forms even if heated or pushed by forces.

There are various factors driving the thermoset resin composite market growth such as, increasing applicability among various industries and increasing demand for lightweight and durable materials. Excellent strength, lightweight, low specific gravity, excellent modulus of elasticity, and high corrosion resistance are some of the properties of thermoset composites.

COVID-19 Impact: Slowdown in Industries due to Pandemic Led To Decreased Demand

The COVID-19 pandemic has been unprecedented and staggering, with mechanical mine clearance systems markets experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

The reduced need for thermoset resin composites was a significant impact of the novel coronavirus pandemic on the market. The aerospace and automotive sectors, along with construction, all experienced standstills in production hence leading to reduced levels of operation which directly affected the amount of these products consumed. In addition to the above mentioned consequences, supply disruptions in circulation worsened the situation by creating delays and causing shortages of raw materials. Despite these challenges, the market is expected to recover as industries resume normal operations.

LATEST TRENDS

"Adoption of Lightweight Material is a Latest Trend"

The adoption of lightweight materials in thermoset resin composites is a big deal, particularly in the automobile and aerospace industries. For these industries, total composite solutions for high performance and light weight are required so as to promote fuel efficiency as well emissions reduction strategies. Reinforcing thermoset resins with carbon or glass fibres results in a combination of lightness and strength appropriate for structural applications and are thus highly competitive owing to the good weight-to-strength relationship they possess. Moreover, it applies to wind energy too.

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THERMOSET RESIN COMPOSITE MARKET SEGMENTATION

By type

Depending on the global thermoset resin composite market given are types: Polyester, Epoxy, Vinyl ester & Polyurethane.

Polyester: Polyester is used in a variety of industries for its properties like durability and resistance. It is available at a low cost.
Epoxy: Epoxy resins offer high strength and environment resistance. They are used in the aerospace and automotive industries.

Vinyl ester: Vinyl ester provides great resistance to the chemicals and water. Hence it is beneficial to use in the marine industry.

Polyurethane: Polyurethane resins are flexible and used in a variety of industries.

By Downstream Industry:

The market is divided into Automotive, Machinery Manufacturing, Healthcare, Military Industry & Others.

Automotive: In the automotive industry the resin offers lightweight and durable components, resulting in the increased effectivity and productivity of vehicle.

Machinery Manufacturing: In the machinery manufacturing industry use of resin reduces the weight of machinery.

Healthcare: In the healthcare industry it is used to make durable medical devices.

Military Industry: The high strength resin components are used in military industry to face harsh weather conditions.

Others: The other industries also use the thermoset resin such as construction, sports & others.

DRIVING FACTORS

"Increasing Applicability Among Various Industries Drive Growth in Market"

The increasing applicability of thermoset resin composites among various industries is one of the reasons driving the thermoset resin composites market growth. They are used in the building of cars, aero planes and buildings because of their exceptional durability, weight and strength properties. They can also be used in healthcare and military industries due to their superior resistance against heat and other chemicals. They are increasingly being sought for improving both performance and ecological acceptability that is why now the need to grow the use of thermoset resin composites in different sectors.

"Increasing Demand for Lightweight and Durable Material Increases the Market Demand"

Another important reason driving the market is the increasing demand for lightweight and durable material. Those materials which have an increased ratio of weight subjected to given level of strength thus making them to be lighter without being fragile are required by sectors like automotive sector, aero industry as well as wind power generation sector. This trend is precipitated by objectives aimed at enhancing fuel consumption rate or enhancing on total productivity while reducing pollution level Thermoset resins meet criteria mentioned earlier making them very suitable for such uses since their composites have high strength compared with their weights hardwood forests cover vast lands in our country therefore this means that its economy relies upon them in a great deal So a rise in demand for sophisticated resources has fostered market expansion.

RESTRAINING FACTORS

"Non-Recycling Properties Hamper the Market Growth"

One limiting factor affecting the thermoset resin composites market is the thermoset resin composite is non-recyclable material. Once they have been cured, thermoset resins are transformed into a permanent, inelastic structure which would remain unchanged under any conditions for an undetermined period thus rendering further remelting or reshaping impossible. This in turn brings about the problem of treating them at a later stage due to their disposal after use, making their disposal process to be quite difficult and thus expensive. The process will require disposing of this product after use and how it would affect the environment as well as regulatory barriers that may lead to hindrance in the growth of this market. Additionally, disposing of thermoset composites often involves the use of specialized methods of disposal, which can be relatively high-costs and complex in terms of their implementation.

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THERMOSET RESIN COMPOSITE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America and Middle East & Africa.

"Asia Pacific to Dominate the Market due to Presence of Established Thermoset Manufactures"

Asia Pacific holds the largest thermoset resin composites market share as well as exhibiting very high profitability and a steep development curve. China, Japan, and India, among others, have developed a sturdy production base for thermoset resins and composites, which is underpinned by advanced manufacturing technologies and large-scale investments in R&D. Furthermore, vibrant automotive, aerospace, and construction industries in the area boost the uptake of the materials. Lower production costs as well as ready availability of raw materials also give it a competitive advantage.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

The thermoset resin composite market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of sleeving options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Polycast Industries (U.S.)
• Dunbar Sales & Manufacturing (U.S.)
• Arkema (France)
• BASF (Germany)
• Copps Industries (U.S.)
• Ashland (U.S.)
• Polynt (Italy)
• The Dow Chemical Company (U.S.)
• Olin Corporation (U.S.)
• AOC (U.S.)
• Solvay (Belgium)
• Huntsman International (U.S.)
• United Resin (U.S.)
• National Pesticides & Chemicals (India)
• Hapco (U.S.)

INDUSTRIAL DEVELOPMENT

August 2019: Teijin Limited acquired Renegade Materials Corporation, a leading North American supplier of highly heat-resistant thermoset prepreg for the aerospace industry. The acquisition will expand its aerospace business to include production capabilities for high-temperature prepreg materials that are used to manufacture engine parts in next-generation aircraft.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.